Archive: February 29, 2024

Encourage enterprises to establish regional headquarters to attract capital, companies, and talent holistically

• The Budget for the 2024-25 fiscal year announced a full withdrawal of all demand-side management measures for residential properties with immediate effect, bringing positive factors to the economic recovery.
• KPMG advises the government to conduct a comprehensive review of the tax system, taking into consideration Hong Kong’s future economic positioning, and to make corresponding adjustments to the tax policy.

HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – KPMG welcomes the Hong Kong government’s Budget, recognising it as taking a balanced approach to development, addressing the needs of both citizens and businesses, which will effectively create opportunities and drive high-quality economic development in the city. Despite the forecast fiscal deficit being larger than expected, the government’s fiscal reserves remain healthy.

John Timpany, Head of Tax in Hong Kong, KPMG China, says: “The government proposes various strategies to increase revenue and contain expenditure. For example, the recently announced Productivity Enhancement Program is expected to trim 1% of recurrent government expenditure in each of the next two fiscal years, with the saved resources being reallocated internally. These stringent expenditure control measures are a prudent step. While unlikely to be welcomed, proposals such as resuming the collection of Hotel Accommodation Tax and introducing a two-tiered standard tax rate regime for salaries tax and tax under personal assessment will increase government revenue in the short term without significantly impacting the majority of citizens and businesses.”

Alice Leung, Tax Partner, KPMG China, says: “KPMG previously raised suggestion to the government regarding the profits tax allowances for industrial and commercial buildings and structures. We are pleased to see that the government has proposed optimizations in the Budget, including the removal of the time limit for claiming the allowances. Additionally, we welcome the government’s decision to completely eliminate the demand-side management measures for residential properties. These measures were originally implemented to curb speculative trading, which is no longer a critical concern. Since the Policy Address in October last year, which dialed back the measures, we have not seen a resurgence in speculative activity in the property market. Eliminating these cooling measures could bring positive momentum to the economy.”

Stanley Ho, Tax Partner, KPMG China, says: “KPMG welcomes the measures in the Budget, which aim to attract businesses, capital, and talent. This includes investing in innovative technologies and nurturing talent in the innovation and technology sector. To promote Hong Kong as an international innovation and technology centre, we are pleased to see the government’s continuing support and assistance to enable high value-added technology industries and enterprises to establish a foothold in the city.”

KPMG welcomes the reaffirmation of the government’s commitment to optimising tax incentives for funds and family offices, and recommends that the government launch and implement relevant plans as soon as possible to further promote the development of asset management in Hong Kong. In addition, KPMG recommends that the government comprehensively review the tax system to allow Hong Kong to maintain its competitiveness.

KPMG believes that the government could provide further tax incentives and exemptions to attract global companies to establish regional headquarters in Hong Kong, such as adopting 50% of the normal tax rate (i.e. 8.25%) for profits derived from regional headquarters in the city. Additionally, KPMG recommends introducing special tax loss measures, promoting investment in start-ups and scientific research projects, and easing the current stringent tax deduction conditions for interest payments to enhance the tax system.

Hashtag: #KPMGChina

The issuer is solely responsible for the content of this announcement.

About KPMG China

KPMG China has offices located in 31 cities with over 15,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 144 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.

HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – TUMI, the leading international travel, lifestyle and accessories brand, is venturing further into the world of performance luxury with the launch of a premium collection of golf bags and accessories. An extension of TUMI Sport, the new Golf collection delivers strength and hyper-functionality, fueling peak performance for golf competitors and enthusiasts alike.

Encompassing a total golf-travel solution, the assortment enables players to enjoy the brand’s legacy of flawless functionality, unmatched quality and uncompromising attention to detail both on and off the course. Offered in black and off-white/tan, the collection includes the Golf Cart Bag, Golf Stand Bag, Golf Range Bag and Golf Hardside 2 Wheeled Travel Case as well as duffels, totes, club covers and more. Select items can be monogrammed for an additional element of personalization.

“At TUMI, we are committed to perfecting customers’ journeys as they pursue their passions. We know a lot of our customers are avid golfers, whether conducting business outside of the boardroom or enjoying the challenge of the game. We wanted to ensure all the details and qualities that draw people to TUMI are encompassed in a golf collection that is as durable and functional as any of our travel pieces, without sacrificing the luxury that is emblematic of the sport,” said Victor Sanz, Global Creative Director of TUMI.

Featuring ultra-protective FXT Ballistic Nylon and a multitude of interior and exterior organization pockets, TUMI’s Golf bags are designed with all the game-enhancing features golfers need and more. The Golf Cart Bag fits up to 14 clubs with room for additional golf essentials. The utility-driven design includes a variety of pockets for gear, drinks, valuables, a USB-C charging port, and protective rain cover.

For the golfer who walks or carts the course, the Golf Stand Bag comes equipped with removable padded backpack straps for comfortable one-shoulder or dual-shoulder carry. With room for 14 clubs, it provides ample organization and USB-C charging capabilities.

When traveling, the Golf Hardside 2 Wheeled Travel Case accommodates the Cart or Stand Bag with room to spare for additional apparel or accessories. The ultra-durable polycarbonate shell absorbs impact while the top and side grip handles make it easy to transport. Other highlights of the collection include the Golf Duffel, which also converts to a backpack, and the 3 Pack Golf Club Cover Set made to fit a Driver, Wood and Hybrid club – perfect for gifting with their premium packaging and monogrammable capabilities.

In a testament to TUMI’s ongoing commitment to providing quality products for the world’s top athletes, along with the launch of the Golf collection the brand has been named the “Official Luggage” of the PGA TOUR and the LPGA. The multiyear partnerships with the world’s premier golf organizations follow TUMI’s affiliation with other leading sporting groups such as Premier League club Tottenham Hotspur, McLaren Racing and the Professional Tennis Players Association.

Golf enthusiasts and TUMI fans alike can experience the full Golf collection from February 29 to March 3, 2024 at the LPGA Tour’s HSBC Women’s World Championship at the Sentosa Golf Club in Singapore. TUMI will be hosting its first-ever on-site experience at the tournament featuring product previews, VIP and influencer appearances, and additional on-site programming.

“We are thrilled to partner with the PGA TOUR and the LPGA to support their organizations and athletes in pursuit of excellence. With TUMI being an international lifestyle brand, we value these two global partnerships and it gives us great pleasure to be involved with the LPGA’s HSBC Women’s World Championship in Singapore, as well as other global events around the world in the future. We are committed to empowering our customers and athletes alike with the best in performance luxury wherever their journeys take them,” said Jill Krizelman, Senior Vice President of Global Marketing and eCommerce at TUMI.

Shop the new Golf collection at TUMI stores worldwide and at TUMI.com. Keep up with TUMI on Instagram and Facebook.

Hashtag: #TUMI

The issuer is solely responsible for the content of this announcement.

About TUMI

Since 1975, TUMI has been creating world-class business, travel and performance luxury essentials, designed to upgrade, uncomplicate and beautify all aspects of life on the move. Blending flawless functionality with a spirit of ingenuity, we’re committed to empowering journeys as a lifelong partner to movers and makers in pursuit of their passions.

For more about TUMI, visit TUMI.com. TUMI and TUMI logo are registered trademarks of Tumi, Inc. © 2024 Tumi, Inc.

HONG KONG SAR – Media OutReach Newswire – 29 February 2024 – DYXnet, a wholly-owned subsidiary of VNET Group (NASDAQ: VNET), is pleased to announce the launch of its new point-of-presence (PoP) in Dubai, United Arab Emirates. This strategic undertaking endeavours to expand its global network coverage to the Middle East regions. The new PoP will provide enterprise customers with comprehensive and integrated “Network, Cloud, Security” services, enabling them to capitalize on emerging markets and satisfy their vigorous needs for global expansion.

Seizing Business Opportunities in the Emerging UAE Market

The UAE presents unprecedented opportunities and advantages for economic growth, driven by its young population, high internet penetration rate of up to 99%, and per capita GDP ranking among the highest in the world. According to data from the Southeast Asia Research Center of the Industrial and Commercial Bank of China, the UAE’s per capita GDP reached $53,700 in 2022, ranking 17th globally. The country’s multifaceted advantages have attracted significant investments from companies across the globe, including notable investments from China. In fact, Chinese companies’ investment flow into the UAE reached $1.61 billion in 2022, representing an 80% year-on-year increase.

As a leading one-stop network, cloud, and security service provider in the Greater China region, DYXnet, in synergy with its parent company VNET Group, is committed to addressing the needs of enterprises seeking cross-border business development in the UAE and the neighbouring Middle East region. With robust infrastructure, resources, and services, DYXnet empowers customers to effectively seize the enormous opportunities of fast-growing markets.

Integrating Services with AI Technologies and Empowering Digital Transformation and Global Expansion

DYXnet’s global network currently spans over 200 network PoPs in more than 100 cities worldwide, with several upgraded to SASE PoPs in core cities, offering advanced security features. Leveraging its robust backbone network infrastructure and abundant resources, DYXnet delivers a full spectrum of integrated network, cloud, and security services across over 700 cities across continents. To cater to the diverse demands of enterprises expanding into the UAE and neighbouring countries, DYXnet provides a comprehensive set of ICT solutions, including SD-WAN enterprise networks, SASE security services, and cloud connectivity. Enterprises can enjoy reliable and stable connectivity, alongside elevated levels of security, by connecting to DYXnet’s backbone through any nearby PoP. Additionally, DYXnet offers a full range of support services, including project planning and implementation, as well as managed services, such as the Network Operations Center (NOC) and Security Operations Center (SOC). These services assist enterprise customers in formulating long-term development strategies and achieving successful overseas expansion.

Furthermore, DYXnet diligently integrates AI technologies with its solutions and services to meet the rising demand for AI tools to achieve intelligent upgrades. DYXnet has developed next-generation services, including self-developed InsightNet intelligent networks, SASE AI security capabilities, and DYXnet ChatV AI assistant. With its abundant backbone resources, DYXnet will continue to drive intelligent innovation in various business scenarios and domains, taking enterprise customers’ digital transformation to new heights.

This year marks the 25th anniversary of the establishment of DYXnet. The launch of the Dubai network PoP not only signifies the expansion of DYXnet’s service coverage in the Middle East region but also represents a significant milestone in its global presence. In line with the global trend of expanding business in emerging markets, DYXnet is committed to strengthening its infrastructure in other Middle Eastern countries and neighbouring areas and accelerating the integration of AI with its network, cloud, and security services, establishing a solid foundation for intelligent transformation, and bringing competitive advantages to enterprise customers entering the Middle East markets.
Hashtag: #DYXnet

The issuer is solely responsible for the content of this announcement.

About DYXnet

Established in 1999 in Hong Kong and later becoming a wholly-owned subsidiary of VNET Group (NASDAQ: VENT) in 2014, DYXnet is a prominent ICT service provider in Hong Kong and the Asia Pacific region. It offers innovative technologies and solutions to enterprises of all sizes, enabling them to fully embrace digital transformation. With a comprehensive service portfolio that includes enterprise networks (MPLS and SD-WAN), cloud solutions, data center services, and cybersecurity solutions, DYXnet empowers businesses to unlock their true potential.

As a pioneer in the field, DYXnet was one of the first ICT service providers in the region to obtain prestigious ISO certifications, including ISO/IEC 27001, ISO/IEC 20000-1, and ISO 9001. Additionally, DYXnet is one of the first official members of the China Cross-border Data Telecommunications Industry Alliance and has played a significant role as one of the initial SD-WAN service standard drafting units.

To learn more, please visit DYXnet’s website at: https://www.dyxnet.com.