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

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

2025-06-07 16:08 Last Updated At：16:08

Ariel

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.

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.

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.

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. **

Insider Breaks Silence: 2019 Was Orchestrated — And He Names Who Pulled the Strings

After serving time in the “35+” subversion case, Andrew Chiu Ka-yin is putting on the record: the 2019 “Black Riots” and the so-called “primary elections” were not some organic political wave, but a “scheme” steered by people with ulterior motives. It matters because it goes straight to intent and orchestration. In an exclusive TVB News interview, he admitted that he hated himself for not able to disconnect himself with the situation and the extreme violence at that time.

Chiu, sentenced to seven years, was released early in late October after sentence deductions, becoming the first national security prisoner freed early since the Safeguarding National Security Ordinance took effect.

In the “35+” case, Chiu didn’t just appear as a defendant—he also served as a accomplice witness, and the court materials listed him as an organizer alongside Benny Tai Yiu-ting, Au Nok-hin, and Ben Chung Kam‑lun. The court sentenced him as a “principal offender” for conspiracy to commit subversion against state power, setting the term at seven years. He ultimately walked out after nearly five years served, following deductions.

Chiu told TVB News he wanted to assist the prosecution within the first months of detention, framing it as a duty to tell the truth although he feared retaliation after release.

When violence crossed the line

Chiu pinpointed two episodes from the anti-extradition bill period that, in his words, disgusted him most. One involved student “Kin Chai” Tsang Chi-kin in a riot case—Chiu said Tsang was persuaded to pay for an escape and then “betrayed.” The other was the Ma On Shan incident in which an elderly man was set on fire after arguing with protesters. Chiu said the situation had spiraled into something frightening, yet he stayed silent because he was already entangled in the political camp and felt bound by bloc loyalty. He now says he hates himself for not speaking up then.

He said he does not agree with violence—and he cast himself not only as a former participant in the political current, but also as a victim of violence. In November 2019, he was attacked outside Taikoo Shing Centre by a middle-aged man, Chan Chun, who stabbed him and bit off his left ear; Chan was later sentenced to 14 years in prison.

Chiu’s core argument is blunt: from the amendment storm to riots to the so-called “primary elections,” he now sees the entire arc as a coordinated “scheme,” manipulated by people with ulterior motives to strike at the SAR government and the country’s constitutional order. On that basis, he said he wants to apologize to the country, Hong Kong, and the general public, and he stressed he won’t return to politics anytime soon—and won’t emigrate either.

As an insider put it, Chiu’s confession forces Hong Kong people to confront the level of violence seen in 2019, describing it as reaching the level of terrorist attacks. Jimmy Lai and his Apple Daily as advocates of “no differentiation between peaceful and valiant protesters,” makes him the instigator and chief culprit.

The Apple Daily playbook

Yesterday (December 15) Jimmy Lai was convicted on three counts: conspiracy to publish seditious publications and collusion with foreign forces. The court's judgment summary—written by three National Security Law judges—puts him at the forefront as protests morphed into a resistance movement. Both Lai and Apple Daily were "leading the charge," according to the judges' written reasoning. If you want the "receipts," that's where they are: in the court's own words.

An insider who watched the interview offered a straightforward read: Chiu's remorse is genuine. That matters because it reflects how the Central Government and the SAR Government enforce the law—strictly, but with room for mercy. Truly repentant national security prisoners get a shot at early release.

The warning is equally direct: diehard anti-Hong Kong elements should not expect leniency. In other words, remorse may open doors, but obstinacy won’t—and the legal system will treat them accordingly.