Hong Kong molders target medical devices

"Hong Kong molders target medical devices | AboutHK.Com - More Information About HK"

Steve Toloken, PLASTICS NEWS STAFF A group of Hong Kong companies, including some large plastic firms, want to see the region become a hot spot for manufacturing medical devices, and one of their leaders is suggesting stepped up efforts are needed to do that. Hong Kong manufacturers, who built their businesses partly by leveraging the low cost of mainland China, have been stung by rising costs in those Chinese factories and the collapse of their traditional export markets in Europe and America. But some of them are now hoping to combine what they see as their strengths in manufacturing consumer electronics and other products for Western markets and join it with Hong Kong’s medical and university centers, to expand into the potentially more lucrative global medical device arena. Hong Kong is traditionally strong in precision manufacturing of plastics, metals and electronics, and needs to find ways to link that with its solid base of university biomedical engineering programs and clinical research to start commercializing new medical technology, according to John Chai, chairman of the Hong Kong Medical and Healthcare Device Industries Association. “What needs to be happening is there needs to be a health care innovation program, to coordinate this innovation activity,” said Chai, who is also an executive with plastic molder and measurement equipment maker Fook Tin Technologies Ltd. “We need someone, probably from the government, not leading itself but organizing all these elements to be put together.” In an interview at the inaugural Hong Kong International Medical Devices and Supplies Fair Nov. 4, he said the city’s medical manufacturing industry “is in its infancy.” Nonetheless, he said exports of medical equipment and health care products from Hong Kong have grown 50 percent since 2004, to US$4.2 billion last year. For too long, Chai said, local firms focused on making consumer electronics, toys and other products for large multinational firms, but they need step into higher-end markets and focus more on product innovation. He suggested the Hong Kong Innovation and Technology Commission could play a stronger role in fostering health care innovation. While Hong Kong-based firms have a long history of exporting to North America, Europe and Japan, they could still face hurdles transitioning to medical devices because of skepticism about whether China is a safe place to manufacture world-standard health care products, according to David Wong, business development president with Hong Kong-based injection molder Mediconcepts Ltd. Mediconcepts, which has worked with doctors to manufacture complete minimally-invasive surgical tools such as tissue removal bags and laparoscopic devices at its factory in Shenzhen, Guangdong province, sometimes finds skepticism when it pitches China as a manufacturing location to American firms worried about risks, Wong said. Still, Hong Kong plastics firms with business in the medical field say it has generally weathered the economic downturn better than other sectors. Vincent Medical Mfg. Co. Ltd., which makes respiratory care products using injection, blow molding and extrusion processes at its factory in Dongguan, Guangdong province, said its export sales are down somewhat but sales to mainland China are “growing exponentially,” according to Calvin Koh, marketing manager. Earlier this year, China announced plans to spend 850 billion yuan (US$125 billion) to significantly expand health care access, prompting firms like Vincent to focus more closely on the domestic China market. Koh said Vincent Medical is also trying do more of its own product development, as its costs to manufacture in China have risen substantially in recent years from the rising Chinese yuan, the country’s labor law revisions in 2008 and higher raw material costs. “It is really hard to make profits” making components or products for other companies, Koh said. Hong Kong firms have the potential to use their Chinese manufacturing base to lower costs for international medical device firms, but the local industry sometimes needs help building up knowledge of regulatory requirements in the medical field, said Albert Lee, vice chairman of the HKMHDIA and CEO of Hong Kong-based injection molder Providence Enterprise Ltd. Providence has about 180 injection molding machines in several Chinese factories. Lee and others said Hong Kong firms will also face increasing competition from mainland Chinese medical device makers, which he said can be cheaper than Hong Kong firms. One of the those potential mainland competitors, Ningbo Advan Electrical Co. Ltd., exhibited at the Hong Kong show, and said sales have doubled in the last year, driven by growth in its injection molded surgical skin staplers to America and Europe. The company has a niche product that cannot be easily copied by other local competitors, said Vivian Liu, sales manager of exports. Lee suggested Hong Kong firms could adopt a strategy similar to how his firm gradually developed its medical business. Providence, which now gets about 25 percent of its US$100 million in annual sales from medical, entered the health care field almost by accident 10 years ago. The company discovered that the motors and precision plastic gears it had been supplying for soft drink dispensers, its core business, suddenly started being used in dental equipment. The company saw an opportunity and began slowly expanding into medical, Lee said. Today, the company makes complete devices like nebulizers for dispending asthma medication in a spray, and its plastic gears and motors go into some of the most heavily-regulated devices in America, such as hemodialysis machines, where the risks from product failure are very dangerous for patients, he said. “A lot of electronics and home appliance makers in Hong Kong are ready to enter into medical devices,” Lee said.

2nd Annual Hong Kong Wine and Spirits Fair a Big Success

"2nd Annual Hong Kong Wine and Spirits Fair a Big Success | AboutHK.Com - More Information About HK"

November 6, 2009: More than 520 exhibitors from 34 countries and regions took part in the HKTDC Hong Kong International Wine & Spirits Fair, which opened Wednesday and ends today at the Hong Kong Convention and Exhibition Centre. The exhibitor total more than doubled that of last year’s inaugural wine fair. Exhibitors hail from six continents and include France, the fair’s Partner Country this year. In keeping with France’s role, a “French Night” reception will take place tomorrow evening, and a seminar on the “ABC Guide to Bordeaux Wine” will be held 6 November. Wines from Alsace, Bordeaux, Burgundy, Lyon and St Emilion will be featured at the fair, and French wine accessories will be on display at the fair’s Wine Gallery. Thirteen new countries will participate in this year’s fair: Belgium, Greece, Lebanon, Moldova, the Netherlands, Poland, Portugal, Romania, Singapore, Slovenia, Thailand, Tunisia and Uruguay. Exhibitors will showcase a wide range of wine, spirits, beer and other beverages, along with products and services related to production and logistics, accessories and equipment. Wine education, tourism and investment exhibitors are also represented, and buyers will be offered free corkage at about 100 downtown hotels and restaurants. Wine and Spirit Competition Fair highlights include the inaugural Cathay Pacific Hong Kong International Wine & Spirit Competition, run in partnership with the prestigious London-based International Wine & Spirit Competition. Attracting some 1,300 entries, it has emerged as the largest wine competition in Asia. A voting game will allow visitors to help select “The Most Beloved Wine & Spirits,” while a separate competition will determine “The Most Appealing Wine Label for the Mainland Market.” There have been more than 50 special activities, including wine-tasting sessions, master classes and seminars. The Asia Top Sommelier Summit featured Andreas Larsson, Best Sommelier of the World, and Élyse Lambert, Best Sommelier of the Americas, together with other sommeliers and a variety of industry leaders. Wine Conference A wine-industry conference, “Hong Kong – Asian Wine Hub,” featured speakers from around the world, including Michel Bettane, CEO of Bettane & Desseauve and a noted wine critic, James Miles, Director of London’s Liv-ex Ltd, and David Wrigley, the International Development Director of the United Kingdom’s Wine & Spirit Education Trust. The Conference keynote address will be given by Yvonne Choi, Permanent Secretary for Commerce & Economic Development (Commerce, Industry & Tourism). Hong Kong is steadily emerging as a wine-trading hub for Asia, where consumption of the beverage is expected to grow by 10 per cent to 20 per cent a year for the foreseeable future. Hong Kong alone saw wine imports soar by 40 percent in the first nine months of 2009, due largely to the scrapping of wine duties. Results from wine auctions held in Hong Kong this year are also encouraging. Industry players are predicting that Hong Kong may well become the world’s second-largest wine auction centre, surpassing London and trailing only New York. Public Opening The fair is opened to the public on its final day, giving consumers a chance to sample wine, interact with winemakers and browse the Wine Gallery, which will showcase a wide variety of merchandise, including wine glasses, corkscrews, oak barrels and books on wine. In addition, the winning products of the Cathay Pacific Hong Kong International Wine and Spirit Competition, along with the winning entries in The Most Appealing Wine Label for the Mainland Market competition and all entries in The Most Beloved Wine and Spirits voting game will be on display at the Wine Gallery.

Hong Kong Highpower Technology to Report Third Quarter 2009 Financial Results

"Hong Kong Highpower Technology to Report Third Quarter 2009 Financial Results | AboutHK.Com - More Information About HK"

Hong Kong Highpower Technology, Inc. (NYSE Amex: HPJ), a developer, manufacturer and marketer of nickel-metal hydride (Ni-MH) and lithium-ion (Li-ion) batteries and related products, today announced that it will release financial results for the third quarter ended September 30, 2009, on Thursday, November 12, 2009. The Company will host a conference call that day at 8:00 a.m. Pacific time/11:00 a.m. Eastern time to discuss those results and answer questions. Individuals interested in participating in the conference call may do so by dialing 800-891-5765 from the U.S., or 702-696-4830 from outside the U.S. Those interested in listening to the conference call live via the Internet may do so by visiting the Investor Relations section of the Company's Web site at www.haopengbattery.com or www.InvestorCalendar.com. A telephone replay will be available for 48 hours following the conclusion of the call by dialing 800-642-1687 from the U.S., or 706-645-9291 from outside the U.S., and entering reservation code 40001543. A webcast replay will be available for one year. About Hong Kong Highpower Technology, Inc. Hong Kong Highpower Technology develops, manufactures and markets rechargeable nickel metal hydride (Ni-MH) and lithium-ion (Li-ion) batteries and related products for use in a variety of electronic devices. The majority of Hong Kong Highpower Technology's products are distributed worldwide to markets in the United States, Europe, China, Hong Kong, Southeast Asia and Taiwan. For more information, visit www.haopengbattery.com. To be added to the Company's email distribution for future news releases, please send your request to HPJ@finprofiles.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Company news can also be found at http://ir.haopengbattery.com/en/introduce028.html. Media and Investor Inquiries: Henry H. Ngan Chief Financial Officer +1-917-887-0614 Email Contact Financial Profiles, Inc. Tricia Ross +1-310-277-4711

Walmart.com offers top 10 pre-order DVD movie titles at $10

"Walmart.com offers top 10 pre-order DVD movie titles at $10 | HdBluDVD.Com - More HD-DVD, Blu-Ray, DVD Info"

Reuters

Wal-Mart Stores Inc is offering its top 10 pre-order DVD movie titles at just $10 and free home delivery on its entire assortment of DVD and Blu-ray titles in another move to win holiday sales.

Walmart.com said on Thursday the offer includes popular movie titles such as "Harry Potter and the Half-Blood Prince", "Night at the Museum: Battle of the Smithsonian" and "Julie and Julia".

The entire list of $10 pre-order DVD titles is available on walmart.com/movies.

The world's largest retailer has already lowered prices on items ranging from flat-screen TVs to popular toys and groceries as it tries to woo shoppers ahead of Thanksgiving and the holiday shopping season.

(Reporting by Dhanya Skariachan, editing by Maureen Bavdek)

Hong Kong workers receive lowest pay rises in four years

"Hong Kong workers receive lowest pay rises in four years | AboutHK.Com - More Information About HK"

Hong Kong workers received an average pay rise of 0.6 per cent in the first 10 months of this year - the lowest rise in four years, a survey revealed Thursday. The survey by the Institute of Human Resource Management , which is Hong Kong's largest professional human resource association, showed pay rises were 3.3 percentage points lower than the 3.9-per-cent rises awarded in 2008. The survey tracked 103 companies employing 135,000 workers from January to October. Of these, 36 per cent gave employers pay rises while the remainder chose to freeze pay as the global recession hit Hong Kong. Annual bonuses, traditionally paid at the end of the year, were also expected to fall to their lowest level in seven years with the average payout predicted at 1.09 months of pay compared with 1.57 months of pay the year before. Lai Kam-tong, co-chairman of the institute, said that during the period of uncertainty brought about by the economic crisis, companies fighting to survive were choosing to reward employees delivering outstanding performance. 'Moving away from the traditional pay system towards a pay-for-performance model will help build a fair and motivating reward strategy, more pay for employees when the enterprise succeeds and a more sustainable base-cost structure in leaner times to mitigate the impact of any downturns,' Lai said. Lai said companies were expected to remain prudent with pay adjustments next year. However, most business sectors were forecasting better pay rises to come with the average being 2 per cent next year.

Hong Kong Proposes Allowing Class Actions After Lehman Losses

"Hong Kong Proposes Allowing Class Actions After Lehman Losses | AboutHK.Com - More Information About HK"

Bloomberg Hong Kong’s Law Reform Commission proposed allowing class-action lawsuits in cases such as the losses thousands of investors in the city suffered on notes guaranteed by failed Lehman Brothers Holdings Inc. If there was misrepresentation in the advertising or prospectuses for such unlisted securities, investors could be able to litigate as a group, the chairman of the commission’s sub-committee on class actions, Anthony Neoh, said yesterday. “This would be an additional weapon” for people without the financial ability to seek damages, he said. The value of an estimated $1.8 billion of Lehman-backed products known as “minibonds” sold to more than 40,000 investors collapsed after Lehman’s bankruptcy, sparking street protests. Hong Kong banks in July offered to pay at least 60 cents on the dollar to them after regulatory and legislative investigations. “The need for a new approach to handling multiparty claims has long been recognized,” said Nigel Francis, Asian disputes head at Minter Ellison in Hong Kong. Consumer-related claims might be more suited to class actions than complex misrepresentation claims involving securities, he said. “Such claims, while they may involve a single product and some common issues, will each ultimately be decided on their own facts,” Francis said. Class actions allow a representative of several people with a common complaint to litigate on the group’s behalf, with an aim of helping lower the costs for each individual. Restrictive, Inadequate A class action regime is appropriate for “a society that has become more advanced,” Neoh said today. Hong Kong currently only allows multiparty proceedings under rules the city’s chief justice criticized as restrictive and inadequate in 2004. Yesterday’s proposals were published after three years of study by Neoh’s committee, which invited public comment until Feb. 4, 2010. Neoh said he then hopes to make final recommendations for the necessary changes to the law by November next year. The 314-page consultation paper doesn’t recommend allowing lawyers to take cases on contingency, or being paid only if they win money for their clients. It also said that allowing litigation funding companies would require adequate supervisory measures to be in place. “Lawyers shouldn’t have a financial interest in the outcome of a case,” said Neoh, a lawyer who acted for a retired couple who sued DBS Group Holdings Ltd. for failing to comply with securities laws while selling minibonds. Allocating Risk There are no concrete proposals on how to fund class actions and to allocate the risk of losing them if they were to be allowed, so the likelihood of a regime coming into effect in the next few years is low, said Gareth Thomas, Hong Kong commercial litigation head at Herbert Smith. As of Oct. 28, 97 percent of the minibond investors eligible for compensation have accepted the settlement offer, according to the Hong Kong Monetary Authority. The notes were guaranteed by Lehman and linked to debt of Hong Kong companies like Hutchison Whampoa Ltd. and Sun Hung Kai Properties Ltd. Among buyers were elderly and poorly educated people as well as mentally ill individuals, according to an investigation by the city’s central bank that was made public by lawmakers on April 28. To contact the reporter on this story: Douglas Wong in Hong Kong at dwong19@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it

The Mouse’s Surprise - Hong Kong Rival

"The Mouse’s Surprise - Hong Kong Rival | AboutHK.Com - More Information About HK"

KEITH BRADSHER As Mickey Mouse heads north from Hong Kong to Shanghai, he runs the risk of being followed by his Asian nemesis: Whiskers the Sea Lion. Whiskers is the mascot of Ocean Park, a 32-year-old Hong Kong theme park that was widely expected to wither with the opening of Hong Kong Disneyland four years ago. But Ocean Park has unexpectedly thrived instead and is now reviewing requests for franchised theme parks from cities across Asia and the Middle East — including Shanghai, where the Walt Disney Co. has just obtained permission to open its next theme park. Hong Kong Disneyland has stumbled repeatedly, starting as Disney’s smallest theme park and disastrously miscalculating the dates of the Chinese New Year during a promotion. Disney even took the unusual step of forgoing some fees at the theme park, a joint venture with the Hong Kong government, when attendance fell short of expectations. Ocean Park has emphasized its Hong Kong and Chinese ties and gained attendance even in the first year after Mickey Mouse arrived in Hong Kong, when it had budgeted for a 25 percent slump in visitors. “I wasn’t really trying to kill the Mouse, but I think they didn’t really understand the culture and got it wrong,” said Allan Zeman, the 61-year-old chairman of Ocean Park, who has repeatedly grabbed the spotlight from Hong Kong Disneyland with stunts like d being shot out of a cannon. Cities in Saudi Arabia, the United Arab Emirates, Malaysia and across China have asked Ocean Park to open theme parks, Mr. Zeman said. Ocean Park is less likely to consider Shanghai until after the new Disneyland has been built and its performance can be assessed, he added. Overseas expansion of Ocean Park would also require the Hong Kong government to change an ordinance governing the park, which was built for the city by a local nonprofit group. The government is reviewing the ordinance. Disney is already taking steps that suggest it has learned lessons from its experience in Hong Kong. The Shanghai theme park is slated to be enormous when it opens — 400 hectares, or 1,000 acres — instead of starting small and gradually adding one or two attractions a year, as Hong Kong Disneyland has done. The Shanghai park also has a somewhat less remote location than Hong Kong Disneyland — although neither can rival Ocean Park, a 10-minute drive from the Hong Kong business district. A spokeswoman for Hong Kong Disneyland said that design work for the new Shanghai theme park, announced late Tuesday in Burbank, California, would probably be done separately from Hong Kong Disneyland. She declined to discuss competition with Ocean Park. When Hong Kong Disneyland opened in September 2005, it had an image as the Wal-Mart of theme parks — the American Goliath that would put local competitors out of business. But organizers of mainland Chinese tour groups complained that the park was expensive, while Hong Kong residents groused that the park was aimed mainly at very young children. It has only one fairly large roller coaster, Space Mountain, while Ocean Park has three and is building more; Hong Kong Disneyland does not have animal attractions like the dolphin shows at Ocean Park or its four giant pandas. Hong Kong Disneyland’s most memorable miscue came when it failed to allow for the full length of the mainland’s Chinese New Year holiday five months after it opened and made it possible to use discount tickets on the last three days of the holiday. Faced with throngs of visitors who were flooding the park, Disney security guards shut the front gates so quickly to halt the flow that a very unhappy young child was separated from his family and passed by the crowd over the green spikes atop the gate. The scene replayed over and over on local television. Ocean Park had 3.68 million visitors in 2004, the last full year before Hong Kong Disneyland opened, and 5.03 million last year. Hong Kong Disneyland does not report annual figures but said it had seen over 17 million visitors from its opening through the end of May 2009 — or an average of about 4.5 million visitors a year. Ocean Park has stressed its combination of exhibits of pandas and other Chinese wildlife and more exciting rides than Hong Kong Disneyland’s. National Geographic Kids magazine rated Ocean Park several years ago as the second “wildest” theme park outside the United States, trailing only a rival in Queensland, Australia. “Ocean Park is more fun — Disneyland is more for kids,” said Frankie Tong as he admired the pandas at Ocean Park on Wednesday morning while celebrating his 38th birthday at the park with his wife, Mandy Ma. “Disneylands are more or less the same in places all over the world — Disney is more American.” But Disneyland continues to enthrall the very young. Sam Wong, a 40-year-old civil servant, took his 5-year-old son, Keith, to Ocean Park because he thought it would be educational. Keith Wong said he would rather go to Disneyland, adding wistfully, “Disney has Mickey Mouse.”