China's National Games unite Hong Kong, inject fresh momentum into growth

Hong Kong is experiencing a surge of public enthusiasm and economic activity as the 15th National Games unfold, with officials saying the event is strengthening community unity and advancing regional integration.

As National Games competitions such as track cycling and rugby sevens continue to heat up, a vibrant sports atmosphere has spread across the city, attracting strong engagement from all sectors of society.

"The National Games serve as an important platform to unite the people and foster solidarity. We participated in many aspects of the event, including offering volunteer services, and arranging workers to watch the competitions. This spirit also helps drive social development," said Stanley Ng Chau-pei, president of the Hong Kong Federation of Trade Unions.

"Hong Kong has been looking forward to the National Games for a long time. Walking into the stadium, you can see that everyone is united, cheering together, with a shared belief that Hong Kong will continue to improve, advance steadily with the sustained practice of 'One Country, Two Systems,' and shine even brighter in the future," said Cheng Cheung-ling, president of the Hong Kong China Friendship Association.

"Co-hosting the 15th National Games carries major significance for Hong Kong. It supports Hong Kong's development and has a profound impact on the Greater Bay Area integration and the practice of 'One Country, Two Systems.' The Games bring residents from the mainland, Hong Kong, and Macao to travel across cities to watch and spend, boosting Hong Kong's hotel, catering, and retail sectors. It also allows Hong Kong, as a global metropolis, to showcase its diverse appeal and inject fresh momentum into its high-quality economic development," said Sze Ching-lau, a member of the National Committee of Chinese People's Political Consultative Conference (CPPCC).

The event has also opened up new cooperation opportunities across the Guangdong-Hong Kong-Macao Greater Bay Area, accelerating regional integration.

"I believe the National Games mark an excellent start. Looking ahead, there is enormous potential for cooperation within the Greater Bay Area, like in economic growth, professional services, and social governance," said Irons Sze Wing-wai, member of the CPPCC National Committee Standing Committee.

"This edition of the National Games is jointly hosted by Guangdong, Hong Kong, and Macao. We hope to highlight Hong Kong's unique characteristics and further strengthen the integration of the Guangdong–Hong Kong–Macao Greater Bay Area, which is crucial," said Rosanna Law Shuk-pui, Secretary for Culture, Sports and Tourism of Hong Kong.

China's National Games unite Hong Kong, inject fresh momentum into growth

Mergers, acquisitions, and reorganizations in China's A-share market have picked up markedly since the start of the year, with deals disclosed in the first quarter up over 80 percent year on year, led by strong momentum in hard-tech sectors.

Data from Wind Information, a China financial data provider, showed that by Tuesday, listed companies had announced 829 merger, acquisition, and reorganization deals, with 224 on the ChiNext board and 94 on the STAR Market. By sector, "hard technology" sectors, represented by semi-conductor and smart manufacturing, have emerged as the most active areas.

"Hard-tech sectors typically feature rapid technological iteration, heavy research and development investment and long industrial chains, with significant economies of scale. Given these features, industrial mergers, acquisitions, and reorganizations have been a key tool for hard-tech companies to strengthen supply chain resilience and competitiveness. In addition, China's related policies, dubbed 'Six Measures for Mergers and Acquisitions,' explicitly support listed companies in carrying out mergers, acquisitions, and reorganizations around strategic emerging industries and future industries, while moderately increasing regulatory tolerance for unprofitable assets. This has created more favorable institutional conditions and a better market environment for listed companies in the hard-tech sectors to accelerate industrial upgrading and strengthen independent innovation," said Chen Jie, head of Mergers and Acquisitions Group at the investment banking division of China International Capital Corporation.

Chen also noted that the surge in mergers, acquisitions, and reorganizations has been reshaping valuation dynamics in the A-share market. As integration and synergies take time to materialize, investors are increasingly shifting their focus from short-term sentiment to long-term value based on business logic. At the same time, sustained mergers and acquisitions activity is expected to support the revaluation of leading companies.

"Through consolidation and expansion, leading A-share firms are likely to see their core competitiveness and long-term growth prospects become more evident. This will help the market better recognize their intrinsic value, offering higher valuation, and contribute to a more rational and mature valuation system overall," said Chen.

China's A-share sees mergers, acquisitions, reorganizations pick up,led by hard-tech sectors