Bastille's Story: Deloitte's Assistance for Mainland Enterprises to Go Global from Hong Kong

As a member of the GoGlobal Task Force, which assists Mainland enterprises in entering the global market, Deloitte has shared its experience and insights on companies' cross-border market expansion with Bastille Post. Mr. Edward Au, the Deloitte China Southern Region Managing Partner, expressed at the interview that Hong Kong can be regarded as the best testing ground for Mainland enterprises to go global. Through the window of Hong Kong, Mainland enterprises can gain access to international regulations. Over the years, Deloitte China has witnessed many successful examples of Mainland enterprises entering the global market through Hong Kong.

Mr. Edward Au, the Deloitte China Southern Region Managing Partner (left) and Mr. Allen Wong, the Deloitte China Hong Kong Business Managing Partner (right), Photo by Bastille Post

Mr. Au said that the main pain points for Mainland enterprises to go global are, first of all, their unfamiliarity with overseas regulations, such as which countries and regions can offer preferential policies, the feasibility of the market in different countries, etc. Deloitte can assist Mainland enterprises in being acquainted with relevant information and choosing the appropriate market to start business.

Second, their adaptation to the compliance with overseas regulations, which encompasses both financial and operational aspects. For instance, European ESG regulations, carbon reduction requirements, etc. Moreover, the issue of handling cultural differences is also crucial. For example, every industry in Europe and America has its own union. Knowing the right path of handling such issues has a significant impact on the enterprise's possibility of entering the global market.

He said that after Mainland enterprises successfully listed on the Hong Kong Stock Exchange, the funds they have raised can be reserved in Hong Kong, bringing about the convenience of the free flow of funds. In addition, since Hong Kong is a platform for contacting international investors as well as a region that practices common law and shares numerous cultural similarities with the Chinese Mainland, it can be an ideal first stop for Mainland enterprises to go global.

Mr. Edward Au, the Deloitte China Southern Region Managing Partner, Photo by Bastille Post

A Battery Manufacturer Successfully Raised Funds in Hong Kong and Built Factories Overseas

Deloitte has cited several examples of enterprises' success in going global. First is a battery manufacturer that has expanded its market in the Middle East and Africa through Hong Kong. As a secondary listed company in Hong Kong in 2025, the enterprise raised funds to build battery factories in emerging markets. In 2024, the enterprise established an investment fund in Hong Kong to invest in global battery projects, demonstrating Hong Kong's role as an international investment platform. Moreover, the enterprise has also utilized Hong Kong's trade finance services to manage the supply chain capital requirements purchased from Africa, and taken advantage of Hong Kong's legal framework to sign cooperation agreements with enterprises from other countries.

A Fintech Company Expanded Business in 50 Countries from Hong Kong

Second, a fintech company has successfully obtained cross-border fintech licenses in Southeast Asia and the Middle East after establishing a collaboration with supervisory authorities in Hong Kong in 2024. In the future, it aims to further expand the market in Europe and Latin America. Besides, the enterprise has build a collaboration with financial institutions in Hong Kong in payment platform to provide multi-currency payment solutions to small and medium-sized enterprises. Through the platform advantage of Hong Kong, the enterprise has expanded its digital payment to 50 countries. Mr. Au said that Hong Kong's regulatory standards and its advantage of being in line with global market have established credibility for the enterprise.

A Tech Tycoon Built Its Data Center in Hong Kong to Expand Overseas Business

Third, a Mainland tech tycoon that plans to develop global cloud service and artificial intelligence, established a regional data center in Hong Kong in 2024 to focus on the management of cross-border data security. The tycoon has not only leveraged the innovation and technology ecosystem in Hong Kong to support its AI and cloud services in expanding into the markets of European, Middle Eastern and Latin America, but also collaborated with universities and research institutions in Hong Kong to utilize Hong Kong's intellectual property framework to apply for patent protection for their technologies in overseas markets in the aspect of AI technology.

An Electric Vehicle Manufacturer Utilized Hong Kong's Geographical Advantage to Enhance Export Efficiency

An electric vehicle manufacturer has made good use of Hong Kong's geographical advantage to simplify the export process of electric vehicles and related battery products to Southeast Asia and the Belt and Road countries, successfully enhancing the supply efficiency of its international market. In addition, the manufacturer has also utilized Hong Kong's role as an international financial center to obtain international capital.

The "HK LEAP" Strategy Aims to Promote the Transformation of Hong Kong's Economy

Deloitte announced the "Hong Kong Leap" strategy earlier in 2025, investing 500 million HKD to promote Hong Kong's economic transformation and planning to hire 1,000 talents in the coming years. One of the strategy's key focusing points is the development of artificial intelligence to assist enterprises in their AI transformation. Besides, Deloitte believes that inter-disciplinary talents with multiple capabilities would be the wealth that Hong Kong needs in the future. The policies of the government will be conducive to attracting various talents to Hong Kong.

Mr. Allen Wong, the Deloitte China Hong Kong Business Managing Partner, said that 2025 policy address proposed the aim of turning Hong Kong into a "super connector" and a "super value-adder" between the Mainland and the rest of the world as well as building the city into an international financial center and an international innovation center, which would be a development opportunity for Deloitte. Taking this into consideration, Deloitte has planned to invest 500 million HKD in related strategic deployments. As for the strategy plan, the 500 million HKD investment and 1,000 positions will mainly be allocated in three aspects: 1. Artificial intelligence, 2. Financial technology, 3. Capital market.

Mr. Allen Wong, the Deloitte China Hong Kong Business Managing Partner, Photo by Bastille Post

Committed to Assisting Clients in Their AI Transformation

In terms of artificial intelligence, Deloitte would mainly focus on assisting clients in their AI transformation. Mr. Wong stated that many enterprises are aware that AI can enhance efficiency and reduce efforts, but they are unsure how to use it efficiently. As for such a condition, Deloitte will assist clients in their AI transformation, including structural transformation. Currently, one of the obstacles for enterprises to use AI is the structural problem: How can AI and humans cooperate with each other? Nowadays, the application of artificial intelligence is still rather superficial, such as asking some questions to the AI. However, what AI can actually do is far more than that. For instance, AI can be utilized to assist enterprises in earning more money and improving their income statements. He believed that Hong Kong could achieve more fruit in the application of AI. Therefore, Deloitte has established an AI institution to study cases of enterprises using AI and provide feasible solutions to clients. Mr. Wong disclosed that Deloitte has provided artificial intelligence service assistance to dozens of clients up to now.

As for fintech. He said, in the aspects of Stablecoins, RWA (Real-World Assets), etc., Deloitte will formulate fintech strategies for different enterprises and institutions, including applying for licenses and due diligence, conducting independent evaluations. In the eyes of Mr. Wong, fintech would be an important factor for promoting future development.

As for the capital market, Deloitte would focus on the aspect of initial public offering (IPO), which is a field where a large number of talents would be needed, according to Mr. Wong.

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Up to now, Deloitte has accumulated a considerable number of related cases. Mr. Wong said that Deloitte's work in the above three aspects is not starting from scratch, but has a certain foundation instead. What Deloitte aims to conduct in the future is to transform the existing resources into a more systematic layout.

He stated that Deloitte has established partnerships with many institutions all along. Considering the geopolitical challenges Hong Kong is facing nowadays, Deloitte is collaborating with Standard Chartered to study how to rebalance clients' investment portfolios. In terms of family offices, Deloitte is cooperating with Bloomberg to obtain the newest information. As for the cooperation with the government, Deloitte has established a partnership with the Office for Attracting Strategic Enterprises (OASES) to assist in attracting foreign enterprises to Hong Kong and bringing in more partners in different fields.

MINNEAPOLIS (AP) — Daniel Hernandez's grocery store in south Minneapolis has served Latino families for over 5 years, but he says it's on the verge of closing due to lasting economic damage from the nation’s largest immigration enforcement crackdown.

Many of Hernandez’s customers have continued to stay home or drastically reduce their spending, and 10 of the 12 Latino small businesses that rent space from him remain shuttered, he said in an interview Friday. Even though President Donald Trump's administration scaled back the crackdown earlier, and the president fired Kristi Noem as homeland security secretary on Thursday, many are still feeling the ripple effects.

Hernandez, an immigrant from Mexico, said only one business, an Ecuadorian ice cream shop, has been able to reopen since December, when the immigration crackdown began.

“I don’t know if my business will survive, being honest,” Hernandez said. “The amount of damage is so big that I am afraid.”

Noem was pushed out amid mounting criticism over her leadership, including her handling of the crackdown and the aftermath of the shooting deaths of two Minneapolis residents by federal officers, Renee Good and Alex Pretti.

It’s not clear how many Immigration and Customs Enforcement and other federal officers are left in Minnesota after peaking around 3,000 at the height of the surge. Noem put the number at 650 in her congressional testimony this week.

But U.S. Sen. Amy Klobuchar told Minnesota Public Radio that White House border czar Tom Homan called her to say that total was incorrect, and they’ve cut back to their original number of a little over 100 ICE officers, plus some additional agents working on fraud investigations.

ICE and Homeland Security officials did not immediately respond to emails seeking details Friday.

Like Hernandez's Colonial Market, many businesses owned by immigrants or that cater to them are still struggling from sharp drops in sales.

“Instead of spending $150, now they spend $30, $40,” Hernandez said.

Other customers stopped coming in altogether — either because they were afraid of being detained, regardless of their legal status, or because money is tight from being unable to work.

Minneapolis Mayor Jacob Frey said last month that small businesses have collectively lost tens of millions of dollars in revenue. He estimated the federal immigration operation cost the city’s economy $203 million in January alone and led 76,000 people to experience food insecurity.

“We warn our community that the fight is not over,” said Jaylani Hussein, a Somali American who is executive director of the Minnesota chapter of the Council on American-Islamic Relations, at a news conference Friday. “It is a good day to say good riddance to Kristi Noem. But it’s not a good day to walk away from the fight.”

The sense among many activists is that the intense community organizing against the surge played a decisive role in the administration backing down. And they say it sparked the formation of strong neighborhood networks that will live on and continue to push for social justice.

Minneapolis resident Patty O’Keefe, who was detained in January for following a federal officer’s vehicle, said she’s happy to see Noem go but it will take more to bring about real change.

"It’s a sign that we’re winning, that the Trump administration feels like they have to make a change to save face because they’re losing public support and losing the narrative,” she said. “And I think it’s a testament to the hard work of Minnesotans who fought back against this war of political retribution and xenophobia that has been and continues to be waged against us.”

Brandon Sigüenza, who was detained with O’Keefe, said the mood isn’t celebratory because the crackdown is ongoing.

“I don’t think Minneapolitans are necessarily dancing in the streets. Because there’s still no justice for Renee Good, there’s still no justice for Alex Pretti,” Sigüenza said.

Minneapolis psychologist Lucy Olson helped organize a covert grassroots network that swelled to 2,000 volunteers assisting around 500 immigrant families with legal matters, shelter, food and rent assistance. She said that after the crackdown, the mutual aid systems that formed will continue to respond to community needs.

“For those of us who had the honor of participating as volunteers, I think we will never be the same,” Olson said. “I think there’s been cross-cultural friendships, the opportunity to build out neighborhood networks that have changed the face of our city."

Nekima Levy Armstrong, a local civil rights activist and lawyer, said at the news conference with Hussein that Noem should have been fired after the deaths of Good and Pretti.

Levy Armstrong, an ordained nondenominational Christian reverend, is also one of 39 people indicted for their alleged roles in a protest in January at a St. Paul church where a pastor, David Easterwood, is a top local ICE official. She said that she'd been praying for a day like Thursday when Noem was fired.

“So while we celebrate the fact that this woman has been removed from her high perch — where she thought she was untouchable, she thought she could literally allow these agents to get away with murder — we recognize that this system is very broken,” Levy Armstrong said.

Brenda Lewis, superintendent of Fridley Public Schools in suburban Minneapolis, said Noem’s firing “doesn’t really matter” because the safety of children in her school district is still impacted.

Fridley, which has students from many Somali and Ecuadorian families, has been the site of heightened ICE activity over the past two months. Federal vehicles were found in neighborhoods near the schools and at the homes of school board members.

Of the around 2,700 students in the district, more than 112 have unenrolled, Lewis said. Another 400 are in virtual learning. The district has also lost $130,000 in revenue because of lower participation in meal programs.

“It’s not a Democrat or a Republican issue,” Lewis said. “It’s about children’s safety, and we need to really come together and ensure that this absolute removal of safety for school children by a federal agency can never ever happen again in the state or the country.”

While the state's top Republican leaders had generally supported Noem's leadership of the surge, they've been mostly silent on her downfall. A message seeking comment from U.S. House Majority Whip Tom Emmer — the state's most powerful Republican — was not immediately returned Friday.

But GOP state Sen. Jim Abeler, a moderate from suburban Anoka, noted that he wrote Noem in January expressing “grave concerns” about actions by some of her officers in Minnesota.

"With her departure, I hope that what happened in Minnesota won’t happen anywhere else,” Abeler said in a statement.

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Brook reported from New Orleans, while Raza reported from Sioux Falls, S.D.

Homeland Security Secretary Kristi Noem, center, with her husband Bryon Noem, right, seated behind her, appears for an oversight hearing before the Senate Judiciary Committee, at the Capitol in Washington, Tuesday, March 3, 2026. (AP Photo/J. Scott Applewhite)

Minnesota civil rights activist Nekima Levy Armstrong, center left, and Jaylani Hussein, executive director of the Minnesota chapter of the Council on Islamic-American Relations, speak at a news conference in Minneapolis on Friday, March 6, 2026, on the ouster of Kristi Noem as secretary of the Department of Homeland Security. (AP Photo/Steve Karnowski)