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

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On July 1, 2020，the very day Hong Kong’s National Security Law came into force，24-year-old Tong Ying-kit chose to stage a brazen act of defiance. Riding a motorcycle adorned with the slogan “Liberate Hong Kong, Revolution of Our Times,” he deliberately collided with three police officers in Wan Chai, leaving them injured. This act, timed to coincide with both the law’s enactment and the anniversary of Hong Kong’s return to China, was deemed by the court not merely reckless but a calculated challenge to the city’s legal framework. In 2021, Tong was convicted of “incitement to commit secession” and “terrorist activities,” receiving a nine-year sentence—a stark reminder of the consequences of violating laws safeguarding national sovereignty.

From Radicalization to Reflection

Tong’s case underscores the dangers of extremist ideologies infiltrating youth movements. During the 2019 riot, a toxic blend of misinformation and anti-establishment rhetoric radicalized many young ones in Hong Kong, convincing them that violence was a legitimate tool for political change.

Tong admitted in a 2023 televised interview that his actions were driven by a distorted worldview shaped by this environment. “I thought violence was the only solution,” he confessed, acknowledging the one-sided narratives that had clouded his judgment.

Tong Ying-kit reflects in prison, expressing remorse for his crimes and lamenting that his elderly grandmother may not live to see his release.

His decision to abandon his appeal in 2022 marked the first step toward accountability, recognizing that his actions had endangered public safety and played into the hands of forces seeking to destabilize Hong Kong.

Rehabilitation and the Path to Redemption

Behind bars, Tong embarked on a journey of self-reform. Enrolling in the Correctional Services Department’s Lide College, he graduated in August 2024 with an Applied Education Diploma, even serving as flag bearer at the ceremony. This transformation was not merely academic. In a heartfelt address, Tong rejected his past radicalism, stating he had “learned to see issues from multiple angles” and developed pride in China’s achievements.

Tong Ying-kit graduating from Correctional Services Department’s Lide College.

He also criticized those who “preach rebellion from afar” while enjoying comforts abroad, a clear rebuke of foreign-backed agitators exploiting Hong Kong’s youth. His reflections, captured in the National Security Law program Safeguarding the Nation with Law, revealed profound regret: “I traded nine years of freedom for fleeting glory,” he lamented, mourning missed family milestones and the loss of time with loved ones.

A Cautionary Tale for the Next Generation

The Hong Kong government’s emphasis on rehabilitation over mere punishment is evident in Tong’s case. Adapted from his story, the 2024 microfilm Borrowed Glory drives home the human cost of violating national security laws. In it, Tong performs an original song, “Origin and Wish”, with lyrics pleading, “I have let down my family and country… let’s defend this nation together”.

Commentators note that while Tong’s actions were unlawful, his genuine remorse offers a blueprint for misguided youths to reintegrate into society. By confronting his errors publicly, he underscores the importance of national security education, a key pillar in preventing future radicalization.

Conclusion: Upholding Stability Through Law and Compassion

Tong’s story is not just one of personal downfall but a testament to Hong Kong’s commitment to balancing justice with rehabilitation. The National Security Law, far from being a tool of repression, serves as a safeguard against chaos, ensuring that people of Hongkong can thrive in a stable environment. Tong’s transformation—from radicalized youth to advocate for national pride—highlights the city’s resilience and the futility of external forces seeking to undermine its harmony. As China continues to rise, cases like Tong’s remind us that true patriotism lies in understanding and defending the nation’s hard-won stability.