Daily Update: Hong Kong Leads Wealth Hub Rankings; Trek Secures Azure Capital Investment; OKP Wins S$165M LTA Contract; SoftBank Plans Debt Retirement; JICA & KCGF Bonds to List on SGX

HONG KONG RISES TO WORLD NO.1 CROSS-BOUNDARY WEALTH HUB: BCG

Hong Kong has overtaken Switzerland as the world’s top cross-boundary wealth management centre, according to the latest Global Wealth Report 2026 published by the Boston Consulting Group.

Hong Kong’s cross-boundary wealth rose 10.7% in 2025 to US$2.9 trillion, driven by Chinese Mainland flows and a vigorous stock market that delivered significant IPO activity and strong gains in benchmark-heavy internet platforms, according to the report.

It also projected that, from 2025 to 2030 the cross-boundary wealth managed by Hong Kong will grow by 9% on average annually and maintain first place globally, fully affirming Hong Kong’s position as a world-leading cross-boundary wealth management centre.

Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government (HKSARG), highlighted that China’s National 15th Five-Year Plan clearly supports Hong Kong in strengthening its functions as an international asset and wealth management centre, which is also a key component of Hong Kong’s ‘Finance +’ development strategy.

“Over the past few years, the Government has worked closely with the financial sector to continuously improve the financial infrastructure and ecosystem, expand the range of investment products and risk management tools, and deepen the connectivity with capital markets around the world.

“Leveraging the advantages of ‘one country, two systems’, complemented by free, open, transparent, and predictable economic policies as well as a stable and secure investment environment, and cross-market connectivity, Hong Kong is attracting more and more ultra-high-net-worth individuals and family offices to establish a presence and invest in the city,” Mr Chan said.

Christopher Hui, Secretary for Financial Services and the Treasury of the HKSARG, noted that the Government had issued the Policy Statement on Developing Family Office Businesses in Hong Kong in March 2023 and has since implemented various measures to encourage family offices to operate in Hong Kong. Such initiatives, he said, include providing profits tax concession to family-owned investment holding vehicles managed by eligible single family offices and introducing the New Capital Investment Entrant Scheme.

“The Government will introduce legislative proposals into the Legislative Council next month (June 2026) to further enhance the preferential tax regimes for funds, single family offices and carried interest, so as to further enhance the competitiveness of the tax regimes, and attract more funds and family offices to set up and operate in Hong Kong,” Mr Hui said.

TREK CLOSES STRATEGIC INVESTMENT DEAL FROM AZURE CAPITAL

Trek 2000 International, Singapore-based technology company which offers interactive consumer solutions, wireless, antipiracy, compression and encryption to enterprise, said Thursday that Azure Capital, a licensed fund management company in Singapore, has emerged as a direct substantial shareholder of Trek following the acquisition of little over 22 million ordinary shares in the Company, representing approximately 7.3% of Trek’s total issued share capital.

Trek said it has developed patented wireless memory technologies that integrate NAND and DRAM systems for high-speed, data-intensive applications. “These technologies underpin the Group’s strategic partnership with Aboard AI, announced in October 2025, to co-develop an AI-powered aviation solution that is expected to generate in excess of US$15 million in revenue through FY2027,” it added.

For FY2025, Trek reported net profit attributable to owners of US$4.6 million, while gross margin expanded to 12.1% with the Group’s Artificial Intelligence of Things accounting for 93.2% of the sales revenue in FY2025. The company said it will intensify its efforts to enhance its core storage and AIoT solutions with a continued focus on the development and marketing of its solutions in the Artificial Intelligence Renewable Energy Solutions business segment, particularly in the area of Artificial Intelligence.

OKP SECURES S$165.3 MILLION CONTRACT FROM LTA FOR COMMUTER INFRASTRUCTURE WORKS ACROSS SINGAPORE

OKP Holdings, Singapore-based publicly held infrastructure and civil engineering company, Thursday said it has secured a 48-month contract worth approximately S$165.3 million from the Land Transport Authority (LTA) for the design and construction of lift shafts and associated commuter infrastructure at pedestrian overhead bridges (POB) across Singapore.

Under the contract, OKP’s wholly-owned subsidiary, Or Kim Peow Contractors, will undertake the design and construction of lift shafts at 30 existing POBs islandwide, as well as associated commuter infrastructure works. These include lift lobbies, link bridges, covered linkways and high covered linkways, roof covers to existing bridges, and other accessibility enhancements to improve connectivity for pedestrians and commuters.

The scope also includes enhancement works at certain existing POBs, addition and alteration works to existing lift shafts, and the construction of a new covered POB with lift access and covered linkways across the Tampines Expressway.

The Group’s order book stands at S$760.7 million, with projects extending to 2031.

Group Managing Director, Mr Or Toh Wat said, “We are deeply honoured to be awarded this new contract. We look forward to continuing our support for Singapore’s transport infrastructure development through innovative engineering solutions and strong project execution.”

SOFTBANK TO RETIRE $669 MILLION DEBT, AFTER PLANS TO RAISE $1.6 BILLION FRESH DEBT

Japan-headquartered Softbank Group, which has $165 billion funds in management as a global investor in the technology sector, said Thursday it is retiring a little over $669 million in debt which was due to mature by first of July 2026.  The fund manager said it will redeem all of its outstanding USD-denominated 4% Senior Notes due July 6, 2026 issued on July 6, 2021, at par on June 9, 2026.

This move comes within days of SoftBank’s move to raise $1.6 billion debt through an issuance in Japan of hybrid notes, which will have an optional interest payment deferral provision.

This fresh issue will be a long term bond of 35 years with an interest rate between 4.8% and 5.6%, which will be determined at a later stage.  The interest rate will be fixed for the first five years from the issue date and floating rate thereafter, Softbank said. 

The offering period is between June 8 to June 18, 2026 and the issue date will be June 19, 2026. Softbank is hoping to raise this debt through a public offering in Japan to mainly individual investors. 

Softbank said that the fresh debt raise will be partly used for the replacement of USD-denominated hybrid notes that will reach the 1st voluntary call date in July 2027.

JICA’S $1 BILLION SUSTAINABILITY BONDS, KCGF’S $300 MILLION ISSUE TO LIST ON SGX FROM MAY 29

Japan International Cooperation Agency (JICA) said on Thursday that its $1 billion, 4.375% guaranteed sustainability bonds, due May 28, 2031, will be listed on the Singapore Exchange from May 29, 2026.

The bonds are not eligible for registration with Singapore’s Central Depository, limiting participation to institutional and wholesale investors. But they have been recognised under the SGX Sustainable Fixed Income Initiative, JICA added.

The agency issued its 11th global U.S. dollar bond offering, guaranteed by the Government of Japan, on May 20, 2026. Daiwa Capital Markets Europe, Barclays Bank, Goldman Sachs International and HSBC Bank were lead managers for the five-year bonds. 

The bonds are rated A1 by Moody’s and A+ by S&P.

JICA said net proceeds from these sustainability bonds will not be knowingly allocated to coal-fired thermal power projects and will be used to finance newly committed or ongoing eligible projects under its finance and investment operations.

In a separate issuance, Korea Credit Guarantee Fund’s KODI Global said its $300 million, 4.591% guaranteed senior unsecured bonds due 2029 will list on SGX from May 29, 2026.

These bonds are also not eligible for registration with Singapore’s Central Depository.