Special Report | Manulife on track to exceed earnings expectations in Asia, driven by creative products and skyrocketing sales

In the third quarter, Asia was the top income generator for the Canadian insurance company, accounting for 44 percent of the company's total profits.

Manulife, the leading insurance firm in Canada, is poised to exceed its profit goals in Asia, owing to the introduction of numerous groundbreaking products that have been enthusiastically received by affluent clients and tourists from the mainland purchasing policies in Hong Kong, as reported by a high-ranking official.

The insurance company based in Toronto disclosed its third-quarter outcomes last week, demonstrating a 17% rise in essential earnings – profits derived from its main business functions – in Asia. The area also emerged as the biggest source of profit, making up 44% of the organization's aggregate earnings. This marks an increase from last year's 37%, moving closer to its goal of deriving 50% of its earnings from Asia by 2027.

"Efforts are definitely advancing to meet our goal of having half or more of our revenue generated from Asia," stated Phil Witherington, Manulife Asia's CEO, in an exclusive discussion with the Post. "We are entirely assured that we will reach this landmark by 2027 or earlier."

The Asian base in Hong Kong has been a key factor in the significant increase in earnings. Yearly premiums from insurance sales skyrocketed 173 per cent year-on-year to US$570 million in the third quarter, due to a surge in mainland visitors persistently purchasing insurance in the city. About 30 per cent of the total came from mainland visitor purchases, while the remaining portion was contributed by local residents.

During the initial six months of the year, the metropolis welcomed 21 million visitors, marking a 64 percent surge compared to the previous year, as per the statistics released by the Hong Kong Tourism Board. The majority of these tourists, about two-thirds, originated from mainland.

Hongkong Land's US$10 billion asset liquidation goal hinges on China and Singapore.

Experts endorse the developer's decision to shift focus, while emphasizing that its effective implementation is crucial for success.

Last month, the developer, who is the largest commercial property owner in Central Business District of Hong Kong, announced its ambition to recycle a total of US$10 billion by 2035. This sum includes US$6 billion from development properties.

In order to achieve their objective, it's probable that Hongkong Land will put 37 of its residential schemes in mainland China up for sale, along with six in Singapore and over 14 throughout Southeast Asia, says Xavier Lee, a stock market analyst at Morningstar.

"Hongkong Land is expected to maintain a certain level of ownership over their high-end commercial properties. We suspect that they may repurpose some of their shopping centers as part of their 'The Ring' series, which caters more to the general public," stated Lee.

The Ring is known for creating premier shopping malls in Chinese metropolises like Chengdu and Chongqing, marking the developer's unique signature.

A Hong Kong-based start-up's AI-enabled intelligent bin aims to address recycling issues. The smart collection bin from Green AI has the capability to segregate trash into four classes – plastic bottles, aluminum cans, beverage cartons, and general waste.

Green AI Technology, a pioneer in Hong Kong for creating an AI-based waste segregation system, is set to introduce an intelligent collection bin by the start of next year. This could significantly enhance recycling efforts in the city.

The start-up, supported by the Hong Kong Productivity Council, announced that the intelligent waste containers would first be aimed at proprietors and occupants of shopping malls, hotels, and commercial structures, a significant number of which are owned by publicly traded companies.

The regulations of the Hong Kong stock exchange mandate that companies reveal information regarding the waste produced from their activities and establish goals for its reduction, as an element of their sustainability reports.

"Businesses need to understand the makeup of their waste for documentation needs, something that can't be achieved with ordinary waste containers," commented Cola Lam, co-founder and CEO. "Intelligent waste bins permit precise waste sorting and improve the worth of the collected waste for recycling purposes."

The containers also come with an electronic weighing system to measure the garbage, and have the ability to condense it to optimize space.

Southeast Asia has become the latest hotbed for Singles' Day activities as its appeal diminishes in China. Advertisements from Chinese online marketplaces are becoming increasingly prevalent in people's everyday lives throughout the region, a place where online shopping is experiencing a significant surge in popularity.

The largest global online shopping event, often referred to as Double 11 due to its initial date on November 11, is gaining new traction in the swiftly expanding Southeast Asian markets. This comes 15 years after Alibaba's Taobao first launched the festival in China, a place where its appeal is currently declining.

Recently, 28-year-old Nattapong Koomuang from Bangkok made a purchase of skincare items valued at 3,600 Thai baht from Shopee, an online retail platform operated by the Singapore-based Sea Group. He managed to save approximately 20% thanks to discounts available on the site, and his order was delivered punctually as expected. If there were any delays in delivery, the company would compensate with extra discount coupons.

"Sales on Double 11 usually offer greater savings than other promotions," Koomuang stated. "It simplifies my decision to buy more expensive items."

He sometimes buys from TikTok Shop as well, but his purchases there are more impulsive, frequently prompted by content that catches his attention.

China's electric vehicle sector attracts new participants, challenging BYD's dominance – a risky venture

New participants are risking it all for a piece of China's lucrative EV market, despite overproduction and fierce pricing battles.

Dreame, a company that rivals international brands such as Dyson and Philips, has assembled a group to create and introduce a hybrid electric vehicle (EV) model post-2026, as per a local news article from the previous month. The business, located in Suzhou in the eastern region of Jiangsu province, also has plans to expand its market to Europe, as indicated by the report.

Rox Motor has ambitious plans following the release of its Rox 01 sport-utility vehicle (SUV) the previous year. The automobile manufacturer has entered into agreements to market and trade its hybrid SUV, named Rox 01 – the only electric vehicle in its lineup to date – in countries such as Kazakhstan, Qatar, Kuwait, Azerbaijan, the Philippines, and Egypt.

The electric vehicle (EV) market within China, the largest globally, is expected to experience a plateau in overall industry revenue over the forthcoming two years. Major players such as BYD, Geely Auto, Xpeng, and Li Auto have successfully delivered over 10 million units this year alone. However, since the introduction of the first of 25 million EVs on the road in 1993, more than a dozen out of approximately 100 competitors have failed.

Car dealerships across the country have suffered almost US$20 billion in losses due to overproduction issues and pricing battles.

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China intensifies support for swapping traditional vehicles for electric ones.

Yuan Zhijun, the chairman of Wuling Motors, has indicated that the shift towards electric vehicles (EVs) is an unavoidable progression in the automotive industry. Wuling Motors, in partnership with General Motor and SAIC Motor, produces a two-seater mini electric vehicle named Hongguang. Zhijun stressed the need to cultivate fresh avenues for growth, and confirmed that they've collectively agreed on making the transition to EVs.

Top businesses in the Automobile Industry are propelling growth in Vehicle Manufacturing and Automotive Sales by closely aligning with Market Trends, Consumer Preferences, and technological advancements. Through investments in Automotive Technology and Industry Innovation, such as electric vehicles and autonomous driving, these companies are meeting eco-conscious demands and ensuring Regulatory Compliance. Effective Supply Chain Management and strategic Automotive Marketing are key in adapting to market shifts and highlighting vehicles' unique features. The Aftermarket Parts sector and Car Rental Services are expanding, offering significant opportunities by catering to diverse consumer needs and preferences. Additionally, the digital transformation in Automotive Sales, the rise in Electric Vehicles (EVs), and the evolving concept of mobility are reshaping the landscape, requiring businesses to adapt to stay ahead. Success hinges on prioritizing customer satisfaction, embracing innovation, and adapting to the evolving demands of the Automobile Industry.

In the high-speed lane of the global economy, the automobile industry stands out as a pivotal force driving advancements in technology, shaping consumer preferences, and steering economic growth. Within this vast and intricate sector, automotive businesses – spanning from vehicle manufacturing giants to nimble aftermarket parts suppliers – are the engines propelling society forward, ensuring that individuals and organizations alike stay mobile and connected. Whether it's through the sale of the latest electric car model, the meticulous art of automotive repair, or the convenience offered by car rental services, these businesses touch nearly every aspect of daily life. Yet, thriving in the automotive sector is no leisurely cruise. It demands an acute understanding of market trends, an unwavering commitment to customer satisfaction, and the agility to navigate the ever-evolving landscape of automotive technology, regulatory compliance, and consumer expectations. This article will shift gears to explore how top automotive businesses are not just surviving but accelerating in this dynamic environment. From "Revving Up Success: How Top Automotive Businesses Drive Growth in Vehicle Manufacturing and Sales" to "Navigating the Road Ahead: Trends and Innovations Shaping the Future of Car Dealerships and Aftermarket Parts," we'll take a closer look at the strategies fueling their journey, the innovations setting them apart, and the roadblocks they're overcoming. Join us as we delve into the core components of success in the automobile industry, highlighting the key players and practices in vehicle manufacturing, automotive sales, aftermarket parts, car dealerships, vehicle maintenance, and beyond.

• 1. "Revving Up Success: How Top Automotive Businesses Drive Growth in Vehicle Manufacturing and Sales"
• 2. "Navigating the Road Ahead: Trends and Innovations Shaping the Future of Car Dealerships and Aftermarket Parts"

1. "Revving Up Success: How Top Automotive Businesses Drive Growth in Vehicle Manufacturing and Sales"

In the fast-paced world of the automobile industry, top automotive businesses have mastered the art of driving growth in vehicle manufacturing and sales by closely aligning with market trends, consumer preferences, and technological advancements. These industry leaders understand that success hinges on more than just the quality of their vehicles; it's about delivering a comprehensive automotive experience that resonates with consumers across the globe.

A key factor in the acceleration of growth within the vehicle manufacturing sector is the emphasis on automotive technology and industry innovation. Top manufacturers are investing heavily in research and development to introduce electric vehicles (EVs), autonomous driving features, and enhanced connectivity options, catering to the eco-conscious consumer and those who prioritize cutting-edge tech in their rides. This forward-thinking approach not only sets the pace for automotive sales but also plays a crucial role in maintaining regulatory compliance, as environmental standards become increasingly stringent worldwide.

Supply chain management is another critical area where top automotive businesses excel. By streamlining operations and adopting just-in-time inventory practices, these companies can reduce costs, improve efficiency, and respond more swiftly to shifts in consumer demand. This agility is particularly important in a market characterized by rapid changes in consumer preferences and the ongoing global chip shortage impacting vehicle production.

In the realm of automotive sales, car dealerships remain at the frontline, serving as the critical link between manufacturers and consumers. Successful dealerships leverage automotive marketing strategies that emphasize the unique value proposition of their vehicles, whether it's superior performance, safety features, or fuel efficiency. Through digital marketing, social media, and personalized customer service, dealerships can enhance their visibility and attract a broader customer base.

The aftermarket parts segment also presents a lucrative opportunity for growth, as vehicle owners seek to customize and maintain their cars post-purchase. Offering high-quality aftermarket parts, coupled with exceptional vehicle maintenance and automotive repair services, allows businesses to tap into a market of enthusiasts and consumers looking to extend the lifespan of their vehicles.

Additionally, car rental services have adapted to changing consumer preferences by including electric and luxury vehicles in their fleets, catering to both environmentally conscious drivers and those seeking a premium driving experience. This adaptability not only boosts rental service appeal but also encourages the trial of new vehicle technologies among a wider audience.

Lastly, automotive businesses that excel in this competitive landscape are those that prioritize customer satisfaction above all. By ensuring a seamless customer journey—from the initial vehicle search and purchase process to ongoing maintenance and support—businesses can foster loyalty and encourage repeat business, which is invaluable in driving long-term growth.

In conclusion, top automotive businesses achieve growth in vehicle manufacturing and sales by staying ahead of market trends, embracing technological innovations, optimizing supply chain management, and ensuring high levels of customer satisfaction. As the automotive industry continues to evolve, these key strategies will remain pivotal for businesses aiming to rev up their success in an ever-changing market.

2. "Navigating the Road Ahead: Trends and Innovations Shaping the Future of Car Dealerships and Aftermarket Parts"

In the fast-paced world of the Automobile Industry, car dealerships and aftermarket parts suppliers are at a pivotal juncture. As they navigate the road ahead, several key trends and innovations are reshaping their futures. From advancements in Automotive Technology to shifts in Market Trends and Consumer Preferences, these entities are adapting to thrive in an ever-evolving landscape.

One significant trend affecting both car dealerships and aftermarket parts suppliers is the increasing emphasis on digital transformation. Automotive Sales are no longer confined to traditional showrooms. Online platforms and digital showrooms are becoming top choices for consumers, offering convenience and a broader selection. This shift necessitates a robust online presence and effective Automotive Marketing strategies for businesses looking to stay competitive. Digital tools and platforms are also streamlining Supply Chain Management, allowing for more efficient operations and inventory control.

Another area of rapid development is the integration of advanced Automotive Technology into Vehicle Manufacturing and maintenance. Electric vehicles (EVs), autonomous driving features, and connected car technologies are becoming more prevalent, influencing Consumer Preferences and the types of vehicles and parts in demand. Car Dealerships and Aftermarket Parts suppliers must stay abreast of these innovations, ensuring they can cater to the maintenance and customization needs of these modern vehicles.

Sustainability and regulatory compliance are also shaping the industry. With environmental concerns on the rise, there is a growing demand for eco-friendly vehicles and parts. This shift is driving innovation in the sector, with companies investing in sustainable Vehicle Manufacturing processes and eco-friendly aftermarket parts. Regulatory Compliance related to emissions and vehicle safety standards further necessitates that businesses adapt their practices to meet these evolving requirements.

Furthermore, the rise of Vehicle Maintenance and Automotive Repair services tailored to the needs of newer, more technologically advanced vehicles is evident. As vehicles become more complex, specialized knowledge and tools are required for maintenance and repair, offering opportunities for businesses in these areas to differentiate themselves through specialized services.

Lastly, the concept of mobility is undergoing a transformation, impacting Car Rental Services and the broader automotive market. The rise of car-sharing and subscription models offers consumers flexible alternatives to vehicle ownership, prompting dealerships and rental services to innovate and diversify their offerings.

In conclusion, the future of Car Dealerships and Aftermarket Parts suppliers is being shaped by a combination of technological advancements, evolving consumer expectations, and a shifting regulatory landscape. Success in this dynamic environment requires a forward-thinking approach, embracing Industry Innovation, and adapting to the changing preferences and needs of consumers. By staying informed and agile, businesses within the automotive sector can navigate the road ahead, capitalizing on new opportunities and driving towards continued growth and success.

In conclusion, thriving in the competitive landscape of the automobile industry demands more than just a passion for vehicles; it necessitates a comprehensive grasp of vehicle manufacturing, automotive sales, aftermarket parts, and the entire spectrum of services that make up the automotive business. From car dealerships focused on enhancing customer experience to repair shops investing in the latest automotive technology, success hinges on several pivotal factors. These include staying abreast of market trends, understanding and catering to consumer preferences, ensuring regulatory compliance, and optimizing supply chain management.

As we've explored, industry innovation and automotive marketing play crucial roles in driving growth within vehicle manufacturing and sales. The future of car dealerships and aftermarket parts will undoubtedly be shaped by these trends and innovations, making it imperative for businesses to adapt and evolve. Vehicle maintenance and automotive repair services must also rise to meet the challenges of new technologies and changing consumer demands.

Moreover, car rental services and other facets of the automotive industry must continuously refine their operations and offerings to stay competitive. The ability to anticipate and respond to the dynamic needs of the market, coupled with a commitment to quality and customer satisfaction, will set the top automotive businesses apart.

In this era of rapid technological advancement and shifting market dynamics, those within the automotive sector must leverage every tool at their disposal—from automotive marketing strategies to cutting-edge industry innovations—to secure their place on the road ahead. By doing so, they will not only contribute to the vibrant ecosystem of the automobile industry but also ensure their growth and sustainability in an ever-evolving landscape.

The 2024 FBS gathering concluded with discussions on ASEAN, scientific studies, Europe, and US-China relations. The second session of the exclusive event started with a conversation about potential prospects in ASEAN, with Malaysia leading the way.

The 2024 Family Business Summit (FBS) in Hong Kong has wrapped up, with key representatives from over 100 affluent families engaging in discussions on a variety of subjects with esteemed speakers from diverse sectors.

The invite-only event's second day commenced with a conversation on possibilities within the Association of Southeast Asian Nations (Asean) as Malaysia gears up to take on the rotating leadership of the regional group. The discussion was led by Zuraidah Ibrahim, the Executive Managing Editor of the Post, and included prominent figures such as Anthony Loke, Malaysia's Minister of Transport, and Tony Fernandes, the CEO of Capital A Berhad, the company behind AirAsia, Southeast Asia's leading airline.

Two pioneering scientists from the Chinese University of Hong Kong's Medical Faculty led a discussion regarding Hong Kong's contribution to advanced scientific research. Both are globally recognized experts in their individual specialties.

A discussion concerning Europe's future safety was held prior to lunch. The conversation was led by Filippo Gori, who co-heads global banking at JPMorgan. The panel consisted of former European Commission president, Jose Manuel Barroso, former Spanish Foreign Affairs Minister, Arancha Gonzalez, and Maurice Gourdault-Montagne, who has served as the French ambassador to China, Japan, the UK, and Germany in the past.

The initial group of wealthy business people in China are beginning to retire. Is the next generation prepared to take over?

As the pioneers of Chinese entrepreneurship enter their twilight years, their businesses are facing challenges related to leadership transition and a changing commercial environment.

The passing of Zong Qinghou, once China's wealthiest individual, in February at the age of 79, sparked a rapid and intense struggle for control over his Hangzhou Wahaha Group. The ensuing conflict mirrored the plot of the popular HBO series, Succession.

Kelly Zong had to defend herself against opposition from others in Wahaha, in a complex conflict that kept the public in suspense for weeks.

The event highlighted the impending dilemma that China's business families are grappling with. The pioneer generation of Chinese entrepreneurs is now aging, and their offspring are faced with the intimidating responsibility of stepping into their parents' shoes – managing some of the globe's most prosperous businesses in the world's second biggest economy.

From 2017 to 2022, approximately 75% of the nation's family-run businesses have experienced problems with succession, as per studies conducted by a research group affiliated with the All-China Federation of Industry and Commerce.

Stock Connect's 10th Anniversary: Initiated with scribbles on a tablecloth – what does the next decade hold?

The trading connection between Shanghai and Hong Kong became operational on November 17, 2014.

The humble beginnings on the teahouse tablecloth have now transformed into a gateway for global investors to tap into China's US$10 trillion domestic stock market. Similarly, it also provides an opportunity for their mainland counterparts to broaden their investment horizons by dealing in stocks listed in Hong Kong.

The connection is particularly crucial as, unlike Hong Kong and other global developed markets, China's capital accounts are not completely accessible, with limitations on both incoming and outgoing security investments.

Despite several triumphs since 2014, investors wagering on Chinese stocks via the programme would have seen more financial gains had they invested in the S&P 500 in the last ten years. Additionally, the Stock Connect is confronting multiple challenges due to Donald Trump's re-election as US president.

The trading connection, activated on November 17, 2014, has surpassed the Qualified Foreign Institutional Investor (QFII) scheme, establishing itself as the main mechanism for international traders to access China's yuan-based stocks. The QFII program, launched in 2002 when China's market was starting to become globally accessible, necessitates extensive documentation and burdensome government authorizations before investments can be initiated.

Beijing is set to establish a 12-inch wafer fabrication facility, investing $4.6 billion in a government-supported chip initiative. Beijing Yandong Microelectronics is expected to hold a dominant role with a 25 percent share. Additional investors encompass display manufacturer, BOE Technology.

Beijing plans to invest 33 billion yuan (around US$4.6 billion) in constructing a 12-inch wafer fabrication plant. This project, spearheaded by state-run businesses and financial resources, signifies further progress in China's mission to enhance local semiconductor manufacturing.

Prominent companies participating in the new facility encompass Beijing Yandong Microelectronics (YDME), a firm listed on the Shanghai Star Market, and BOE Technology, the leading display producer in China.

On Saturday, YDME announced its plans to inject 4.99 billion yuan into Beijing Electronics IC Manufacturing, a subsidiary of the government-owned Beijing Electronics Holding responsible for the wafer fab project. As per a corporate document, this investment will grant YDME a dominant role in the project, possessing a 24.95% stake, backed by a cooperative agreement.

On the same day in a different report, BOE, listed in Shenzhen, revealed that they would contribute 2 billion yuan to gain a 10% share in the project.

Additional contributors encompass associates of Beijing Yizhuang Investment, Beijing State-owned Capital Operation and Management, and ZGC Group. Altogether, the stakeholders will chip in 20 billion yuan, while the rest of the funds will be procured through debt financing.

YDME indicated in its documentation that it anticipates China's combined circuit (IC) industry to expand its local production capacity to 21.2 per cent by 2026, a notable increase from 16.7 per cent in 2021. It also foresees a notable gap between supply and demand for mature nodes, particularly those with features sized 28 nanometres or larger, and a monthly production capacity of 370,000 wafers by 2027.

2024 Family Business Summit: Hong Kong meeting focuses on AI, global politics, and markets

Over the weekend, the exclusive 2024 Family Business Summit in Hong Kong saw a gathering of more than 100 business proprietors.

Over 100 of the globe's richest entrepreneurs convened in Hong Kong over the weekend, with the city intensifying its efforts to become the premier wealth management and family office center in the Asia-Pacific area.

Entrepreneurs from the United States, Europe, the Middle East, Southeast Asia, and mainland China converged with their colleagues in Hong Kong at the exclusive 2024 Family Business Summit. The event was coordinated by the South China Morning Post and Blue Pool Capital, with JPMorgan taking the lead as the main sponsor.

"Family enterprises serve as the pillar of Asia's economy and significantly contribute to the region's growth," stated the Post's CEO Catherine So at the Island Shangri-La Hotel.

"As a worldwide news company with a wealthy monthly readership of 35 million, we believe it's our duty to offer a unique platform for leading family business owners to interact and share knowledge with each other for the continued prosperity of these generational dynasties."

The private meeting, lasting one and a half days, commenced on Friday with a dinner at the Four Seasons Hotel. Attendees were indulged with a seven-course meal crafted by the triple Michelin-starred eatery, Lung King Heen.

The inaugural day of the conference was filled with dialogue sessions showcasing leading specialists in diverse domains, ranging from artificial intelligence to the South China Sea.

The cost of electric vehicle insurance in Hong Kong is expected to decrease, although third-party liability could stay elevated. As the prices of electric vehicles go down, insurance premiums are projected to follow suit. However, due to the frequency of accidents and the cost of repairs, third-party liability insurance is likely to stay high.

An industry executive has indicated that as the costs of electric vehicles (EVs) in Hong Kong decrease, the insurance premiums for these vehicles will also reduce. However, this might not necessarily result in a reduction in the cost of coverage for third-party liability.

Eric Hui, the CEO of Zurich Insurance in Hong Kong, advises EV owners in both China and Hong Kong to consider purchasing more than the minimum legally required insurance coverage in mainland China to match the standard in Hong Kong.

Full coverage auto insurance provides protection against third-party claims and pays for the policyholder's medical costs in the event of an accident. Additionally, it covers the cost of repairs, damages not caused by a collision, and theft.

According to legislation in Hong Kong, every car owner is legally required to have insurance that includes third-party liability coverage for a minimum of HK$100 million (US$12.8 million). In contrast, the legal requirement in mainland China is just 200,000 yuan (US$27,745). Typically, those who own older, less valuable cars choose to purchase only third-party coverage.