Corporate Treasury Centres In Hong Kong 2016-Books Pdf

Corporate Treasury Centres in Hong Kong 2016
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CGN Huasheng 8, COSCO Shipping 12, Hitachi Capital 16. Kerry Logistics 24, LyondellBasell Industries 28, Newell Brands Inc 32. About HKMA 40, About InvestHK 41, Acknowledgements 42. Asia has become a key source of growth and value creation for many multinational corporations. thanks to the region s economic potential A growing number of global corporates are extending. their reach in Asia while many Asian corporates are also actively investing globally to diversify. their Asia centric business operations In particular the Mainland Chinese corporates are adopting. a going out strategy by expanding their footprints into international markets The launch of. the Belt and Road Initiative further enhances international trade and investments across more. than 60 economies in Asia Europe and Africa Corporates are exposed to numerous new business. opportunities but at the same time need to navigate in a complex environment with multiple. currencies regulatory and interest rate regimes In areas such as obtaining capital managing. liquidity and risks and processing transactions an increasing number of corporates are using. corporate treasury centres to simplify and centralise their treasury activities. Over the years Hong Kong has been an ideal hub for corporate treasury activities Its strengths. include the largest offshore renminbi market deep capital markets an extensive network of. banks free flow of capital a sound legal system a favourable tax environment and an abundance. of professionals Corporates have always been an important end user of our financial services. A higher level of corporate treasury activities in Hong Kong will in return further develop our. strengths in these areas as well as bolster our status as an international financial centre and deepen. our capital markets In addition the development of Hong Kong as a hub of corporate treasury. centres complements the headquarters economy in Hong Kong To encourage a greater level of. corporate treasury activities the Government has amended the Inland Revenue Ordinance to. allow under specified conditions the deduction of interest expenses in calculating profits tax for. the intra group financing business of corporations and reduce profits tax for specified treasury. activities by 50 for qualifying corporate treasury centres The Inland Revenue Amendment. No 2 Ordinance 2016 was gazetted and came into operation on 3 June 2016. This case study booklet illustrates a wide spectrum of corporate treasury activities being conducted. in Hong Kong across different industries Among the nine corporates featured in the case study. series each of them has their own considerations and went through a unique journey to build their. own treasury operation Through these stories we anticipate more corporates will be inspired to. make use of Hong Kong s platform to create their own successful stories in treasury management. Vincent Lee JP Francis Ho, Executive Director External Acting Director General. Hong Kong Monetary Authority InvestHK, Treasury management.
activities are going to be, more technology driven. because new trends, like in house banking, electronic bank account. management and shared, service centres have to be, supported by technology. Angus Lai Treasury Officer of, Avnet Asia Pacific, Avnet Treasury operation goes tech. Avnet is one of the world s leading global distributors of electronic components computer. products and embedded technology serving more than 100 000 customers in more than. 125 countries It was founded in 1921 in the United States Today it has grown to be a company. with a global revenue of over USD 26 2 billion in 2016 and it ranked 380 in the Fortune Global. 500 list for the same year, In Asia Pacific Avnet has its regional headquarters in Singapore which supports markets in over.
14 countries and regions To support its design chain and supply chain services Avnet has seven. design centres and eight logistics hubs across Asia including Hong Kong China Singapore. Taiwan Japan and India, Treasury Management in Asia Pacific analysis and FX exposure management while. functions of cash management include cash, Avnet has a corporate treasury centre in. flow forecasting cash concentration and short, Hong Kong to support the regional treasury. term financing and investments, requirements According to Angus Lai Treasury. Officer of Avnet Asia Pacific the treasury The treasury operation in Hong Kong began. operation of Avnet can be split into two parts 10 years ago Since then as the business. FX management and cash management The expanded constant upgrades on the functions. functions of FX management include FX risk and processing capabilities of the treasury. operation have also been made to meet the has become a key consideration for the company. changes in the macro environment and from a treasury management perspective. needs in financial risk management These, Today most FX management activities from.
included the implementation of its Treasury, Asia Pacific are conducted in Hong Kong While. Management System TMS 1 in Asia Pacific, some deals still require manual processing. a year ago Thanks to the use of TMS the, due to local regulations most trades can now. treasury operation of Avnet is highly automated, and centralised which brings financing cost be completed by the dedicated FX trading. savings productivity gains process efficiency platform The trade information will be. higher transparency in cash availability better automatically fed into the TMS and Enterprise. compliance with audit requirements and Resource Planning ERP 2 system for post trade. decision making Lai said the TMS created processing including settlement reconciliation. absolute benefits for our treasury activities creating accounting entries reporting and. for example cash positioning financing and analysis The highly automated operating model. investment management data processing and allows Avnet to efficiently manage the complex. FX settlement On top of that to support FX requirements in the Asia Pacific region with. FX trading activities Avnet centralises all the just a small treasury team in Hong Kong. FX activities in Hong Kong and has a dedicated, platform to connect Avnet with different Cash Management.
FX dealers in the market, Today the TMS plays a key role in Avnet s. FX Management cash management operations in Hong, Kong especially in cash positioning cash. From Lai s point of view FX management is the, concentration cash flow forecasting and short. prime focus of Avnet s treasury centre in Hong, term investment and financing These are all. Kong Avnet has definitely been a world class, highly automated.
technology distributor of electronic components, and services and any adverse FX fluctuation Avnet adopts a multi layered cash pool. may erode profit Therefore FX management where techniques such as notional pooling. A Treasury Management System TMS is an integrated software package that contains various modules tailored for. various treasury management requirements basic ones including financial reporting banking investments hedging. cash and payments forecasting and liquidity debt and credit and risk and compliance Corporates depending on. their requirements can customise their systems for more complex activities In most cases TMS is provided by an. independent service provider from the transacting parties thus allowing corporates to integrate the system with. various financial institutions, Enterprise Resource Planning ERP system is a system of integrated applications for corporates to manage business. and automate back office functions like accounting and human resources In terms of payments ERP system provides. automated processes to generate files of payment instructions based on the prior procurement processes and through. an encrypted channel between the ERP system and bank systems delivers the payment files to the banks electronically. This provides great efficiency gain to corporates which are required to manage a large number of payments. local physical pooling and regional physical side of our work Lai said I foresee that. pooling are applied depending on regulatory treasury management activities are going to. restrictions in different countries be more technology driven because new trends. like in house banking electronic bank account, By using the TMS Avnet can handle its cash. management and shared service centres have to, positioning and inter company transaction. be supported by technology, recording through SWIFT messages The.
automatic process saves time and improves Looking back at Avnet s one and a half year. accuracy In the past we handled the process journey in setting up TMS in Hong Kong Lai. manually which was time consuming To ensure believes the professionals in Hong Kong were. accuracy we had to keep checking the figures one of the key reasons for their success because. with the accounting team Now we no longer during the implementation stage Avnet s banks. have to worry about inter company balance and advisors gave Avnet the necessary support. the interest and the withholding tax because in areas such as tax management system. they are handled by TMS Accordingly the integration banking product and structure. treasury team can focus more on the strategic selection. After the implementation if Avnet came across centralising management is that it is very easy. any issues in operations that required support to locate the relevant experts to support our. these professionals were a reliable go to for needs whether in the consulting field or in the. Avnet Lai said Although we have dedicated banking field. bank officers in every country the nice part of, What is your advice to new comers setting up treasury centres. A corporate treasury centre with a high degree of automation using electronic platforms in treasury. management can reduce operating costs increase efficiency and assist further development So. when you go automation you have to choose the system very carefully because you are going to use. it in the next 5 to 10 years And here are some advices. 1 Gather and confirm the necessary bank account information in each country before you start. the project because they may be updated from time to time This can be done by having close. communication with the banks or advisors, 2 Understand the strengths and limitations of each system and see how it meets the company s. requirements, 3 Choose the most flexible system because expansion plans and directions of development may. vary from time to time However you should strike a balance between flexibility and user. friendliness, A corporate treasury centre, needs to create value in the. process apart from simply, concentrating funds, LU Gang Director and General Manager of.
CGNPC Huasheng Investment Limited, CGN Huasheng A professional. robust and efficient in house bank, serving global businesses. China General Nuclear Power Corporation CGN is a large state owned enterprise directly. supervised by the State owned Assets Supervision and Administration Commission SASAC. under the State Council of China with a business focus on clean energy CGN was formed in. September 1994 and by the end of 2015 the total asset of CGN exceeded RMB 430 7 billion There. are four major business sectors in CGN Nuclear Power Nuclear Fuel New Energy and Financial. General Services The group has three companies listed in Hong Kong and actively deploys the. going out strategy to expand into overseas markets with businesses all over the world today. CGNPC Huasheng Investment Limited CGN Huasheng is CGN s only offshore cash management. centre and the group s major overseas financing vehicle As of end of 2015 CGN Huasheng managed. assets amounting to around RMB 24 9 billion, The overseas in house bank for CGN to Mainland China the capital markets in. Hong Kong are very market oriented and there, Today CGN Huasheng provides a wide range. is an abundance of banks here The cost of, of financial services to the group s overseas.
fund is low and allows the group to reduce its, companies including settlement cross border. financing cost CGN first issued its renminbi, payment financing and investments LU. denominated bond in Hong Kong back in 2012, Gang Director and General Manager of CGN. as the second mainland corporate issuing, Huasheng said We have two goals when. renminbi denominated bond in Hong Kong, setting up this treasury centre One is to reduce.
After that CGN also issued renminbi and, operating costs another one is to facilitate. USD denominated bonds multiple times Lu said, transaction processes. We found that the cost of fund is relatively low in. On the one hand as Lu suggested compared Hong Kong In addition through the process of. debt issuance we built connections with the local to use CGN Huasheng s services but without. investors and intermediaries in the market and giving any directive Lu explained Our. found that the market is very transparent open operation is very market driven and needs to. and without much restrictions create value to group companies The reason. is if we choose the other path and rely on, At the same time there is no limit on foreign. the headquarters authority in the overseas, exchange and flow of capital which is convenient. competitive environment we will face a lot of, to CGN s acquisition activiti.
corporate treasury centres to simplify and centralise their treasury activities Over the years Hong Kong has been an ideal hub for corporate treasury activities Its strengths include the largest offshore renminbi market deep capital markets an extensive network of banks free flow of capital a sound legal system a favourable tax environment and an abundance of professionals Corporates

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