Tai O rope-ferry in Hong Kong ends service after 100 years – SCMP archive
This article was first published on September 30, 1996. New footbridge ends 100 years of rope-ferry service by Shirley Kwok The century-old rope-ferry between Lantau and Tai O saw its years of service come to an end yesterday (September 29, 1996) with the opening of a new $15 million pedestrian bridge between the islands. Until yesterday, the ferry was the only means of crossing the 15-metre Tai…
The Hong Kong government plans to expand its intellectual property (IP) financing sandbox scheme after seven corporate users experienced lower borrowing costs during a nine-month trial. Carmen Chu, executive director of banking supervision at the Hong Kong Monetary Authority, stated that this expansion would refine the IP ecosystem, enhance valuation practices, lower professional service costs, and strengthen market awareness.
The scheme aims to support key industries such as hi-tech, logistics, and education in the Northern Metropolis megadevelopment, providing financing for their future needs. The seven successful pilot cases involved sectors like electronics, construction, toy manufacturing, and medical devices, with loan amounts ranging from HK$1 million to HK$39 million.
The initiative, announced in last year's policy address, creates a collaborative, risk-controlled environment for banks, enterprises, and professional service organizations to test the financing life cycle based on IP assets, allowing them to secure larger loans at lower interest rates. Banks now consider IP valuations when assessing creditworthiness and accept valuations as collateral, reducing credit risk.
As a result, enterprise loan amounts increased by 25 to 50 percent, and interest rates decreased by 25 to 150 basis points. The Hong Kong government plans to invite more banks, enterprises, and professional institutions to participate, without setting a fixed timeline or targets for the number of participants. Helen Chung, deputy secretary for commerce and economic development, emphasized the scheme's role in addressing lending challenges for companies with high-quality IP but lacking physical collateral, describing the trial as a solid start.
They aim to observe market responses, learn from experiences, and consider expanding the program in the next phase, hoping for a more diverse range of participating enterprises across various industries. Additionally, the government launched the two-year Pilot Patent Valuation Support Scheme, offering one-off funding of up to HK$80,000 to support small and medium-sized enterprises in commissioning qualified service providers to value their patents and other IP assets.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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