Hong Kong Lands Manulife: Corporate Hunt Pays Off as More Expected to Follow

Hong Kong’s Companies (Amendment) (No. 2) Ordinance 2025 which facilitates corporate re-domiciliation came into effect on May 23.  Secretary for Financial Services and the Treasury Hui Ching-yu, made a timely visit to the headquarters of two insurance companies, Manulife and Sun Life, in Toronto, Canada, and lobbied them to redomicile to Hong Kong where both companies have significant operations.

The New Rules of the Game

Just days later, Manulife announced on the 6^th of May that Manulife Life Insurance (International), upon approval from relevant regulatory authorities, will officially redomicile from Bermuda to Hong Kong starting in November this year under the Hong Kong government's newly introduced company re-domiciliation regime.

Manulife Life Insurance (International) will officially redomicile from Bermuda to Hong Kong starting in November.

The company stated that this decision reflects its firm confidence in Hong Kong's status as an international financial centre and demonstrates its commitment to providing better services to customers. All policyholders' policies and coverage will remain completely unchanged, with existing arrangements – including policy terms and conditions as well as contractual rights – remaining unaffected.

Mission Accomplished

Manulife indicated it will continue operating under the supervision of the Hong Kong Insurance Authority, maintaining high service standards. As the company strengthens its Hong Kong operations, customers can expect even higher-quality services and more innovative insurance solutions.

At the end of last month, Secretary for Financial Services and the Treasury Hui Ching-yu embarked on his visit to Canada. On May 25, while in Toronto, he visited two insurance companies headquartered in Canada with operations in Hong Kong, meeting with Manulife Financial's President and CEO Phil Witherington and Chief Financial Officer Colin Simpson, as well as Sun Life Financial's Vice President and Chief Financial Officer Tim Deacon and Vice President and Chief Strategy & Talent Officer Linda Dougherty.

Hui Ching-yu received a personal introduction from Manulife's President and CEO Phil Witherington (right) about promotional materials related to the company's Hong Kong operations over the years. (Government Information Services photo)

 The Canadian Charm Offensive

During these meetings, Secretary Hui introduced the newly effective company re-domiciliation ordinance and lobbied them to consider redomiciling their companies to Hong Kong to enjoy related legal and tax conveniences, while also reducing compliance costs that companies must bear to meet dual regulatory systems.

Hui particularly mentioned that on the first day the company re-domiciliation regime took effect, an international insurance group immediately announced plans to redomicile to Hong Kong, fully demonstrating the regime's strong appeal for enterprises to enhance operational efficiency. Under the new mechanism, non-Hong Kong incorporated companies that meet requirements regarding corporate background, integrity, protection of members and creditors, as well as its solvency, can apply to redomicile to Hong Kong while preserving their legal corporate identity to ensure business continuity. After re-domiciliation, if companies face taxation on comparable profits in Hong Kong, the government will provide unilateral tax credits to eliminate double taxation.

Secretary Hui also noted at the time that Hong Kong has a solid foundation in investment and trade, making it absolutely an ideal location for global enterprises seeking insurance, reinsurance and risk management services, as well as establishing captive insurance companies. For insurance companies, Hong Kong represents a market with tremendous development potential.

Hui Ching-yu attended a business luncheon for financial leaders in Toronto, delivering a speech titled "Hong Kong as a Stable Foundation Amid Global Changes."

Additionally, during his time in Canada, Hui Ching-yu met with local financial sector representatives, Securities and Exchange Commission officials, and chamber of commerce representatives. He also met with Canada's Deputy Minister of Finance and federal senators, mentioning that Fitch, S&P, and Moody's – all three rating agencies – recently unanimously gave Hong Kong a "stable" rating outlook, reflecting Hong Kong's resilience to move forward steadily amid increasing global economic and financial uncertainty. He emphasized Hong Kong's efficient policy mechanisms and robust financial markets as reliable partnership assets for Canada under the current uncertain global political and economic landscape.

Why This Matters

An expert commented that Manulife's decision to redomicile to Hong Kong demonstrates the success of senior SAR government officials visiting overseas to "tell Hong Kong's story well" and attract enterprises. Under the new mechanism, more companies headquartered overseas are expected to redomicile to Hong Kong, further consolidating Hong Kong's leading position as an international financial centre.

Ariel

** The blog article is the sole responsibility of the author and does not represent the position of our company. **

The Jimmy Lai trial ripped the mask off "Stand with Hong Kong." Courts heard how Lai and his operatives weaponized this so-called advocacy group to pursue their "international line"—code for colluding with foreign forces to destabilize national security. But even after ringleaders Andy Li Yu-hin and Chan Tsz-wah got arrested and locked up, Stand with Hong Kong keeps on running. Someone's still pulling the strings.

Born in the chaos of the anti-extradition bill period, "Stand with Hong Kong"—also known as the "lam chau team" (SWHK)—adopted the scorched-earth slogan "If we burn, you burn with us". They've always claimed to be independent, grassroots, funded by crowdsourcing. That story fell apart in court. Evidence showed Lai bankrolled their global ad campaigns and international lobbying—specifically their push to get foreign countries to sanction China.

After the implementation of the Hong Kong National Security Law, Stand with Hong Kong still did not restrain itself. It keeps churning out anti-China content online, publishing report after report. Just last month, they handed the European Union a hit list—14 Hong Kong SAR government officials and police officers they want sanctioned for alleged "human rights violations" and "abuse of force" during 2019.

A Web of Anti-China Allies

Stand with Hong Kong doesn't work alone. They team up constantly with other anti-China outfits, issuing joint statements, lobbying Washington, London, and Brussels to slap sanctions on Hong Kong SAR officials. They've publicly demanded the British government intervene to free Jimmy Lai. They've organized multiple protests in London opposing construction of the Chinese embassy in the UK.

The operation is aggressive, the activities extensive. Yet the key players hide in shadows. Where's the money coming from?

In recent years, the team's gone underground. They operate mainly through online publications and mobilization, coordinating with overseas individuals and organizations. Their website and social media? No contact persons listed. No one claiming responsibility.

The Crowdfunding Fairy Tale

They claim they "rely on crowdfunding to maintain operations". But since their last crowdfunding drive in May 2020, Stand with Hong Kong hasn't published a single shred of public information showing any subsequent fundraising activity.

So where does the cash come from? Informed sources suggest looking at Stand with Hong Kong's overseas network for answers.

Organizations working hand-in-glove with Stand with Hong Kong include the Committee for Freedom in Hong Kong Foundation—run by Mark Clifford, former Next Digital Group director. There's Hong Kong Watch, funded by Mark Simon and operated primarily by Benedict Rogers. There's the Hong Kong Democracy Council, fronted by fugitive national security suspect Anna Kwok. And since 2023, Stand with Hong Kong has served as secretariat for the UK's All-Party Parliamentary Group on Hong Kong.

These "friendly organizations" form a network with crystal-clear political objectives. Through overseas advocacy and coordinated actions, their primary target is attacking the Central Government and the SAR government.

In other words: Jimmy Lai may be behind bars facing trial, but the organizations and individuals Stand with Hong Kong maintains close contact with all have direct or indirect ties to Lai. Whether this team—which brands itself a "grassroots organization"—receives operational funding and other support within this anti-China network remains the billion-dollar question.