ReleaseWire

In a move that is designed to boost its presence in the Asia Pacific region, AP Moller Maersk has entered into an agreement to buy the logistics business of Hong Kong-based Li & Fung. The value of the deal comes in at somewhere around $3.6 billion and it will deliver a significant upgrade for AP Moller Maersk's network in this part of the world, adding about 40% capacity and resulting in an increase to 549 facilities globally for the shipping giant.

The outlook for 2022 is considerably brighter than the previous 12 months, despite the ongoing impact of the pandemic. Risk management data from 2021 has revealed that there is cause for optimism across Hong Kong and that recovery is underway. The financial outlook, for example, has been boosted by ongoing economic resurgence throughout 2021 with an increase in real GDP and a reduced unemployment rate.

Figures from the end of last year show record financial technology funding in South East Asia during 2021. Funding levels spiked more than three times in the first nine months of the year, reaching $3.5 billion, which is a record amount. About $2 billion of this can be attributed to 13 mega rounds i.e. those rounds that raise upwards of $100 million.

It has been announced that Ali Baba Group's Cainiao Network is expanding outside Mainland China for the first time - into Hong Kong. The move is going to significantly grow the network in the Asia Pacific region, creating 10 Cainiao Post stations and 60 designated collection points. As a logistics platform with a well-established presence in China, this is a significant step for Cainiao Network (and Ali Baba) - and comes as eCommerce sales in Hong Kong are forecast to continue to rise and the drive for digitisation continues.

Singapore's Land Transport Authority has awarded a civil contract for the construction of CR1, which is the city state's eighth MRT line. When CR1 is finished it will include 12 stations, from Bright Hill to Aviation Park and run for a total of 29km. Part of the reason for the expansion is to support a number of key developments currently happening (and due in the near future) in the eastern, north-eastern, and western corridors.

The tech investment platform Angelhub has secured new funding to accelerate its deployment in tech companies, expand the corporate partnership ecosystem of its sister company Whub, and drive growth on a global level. In total, the platform has managed to raise $3 million from Animoca Brands and its existing investor Kharis Capital. Animoca Brands is based in Hong Kong and is focused on improving democratisation of investment in blockchain companies. The partnership between Angelhub and Animoca Brands is designed to help generate a higher volume of blockchain investment opportunities through the platform.