Broader market commentary and insights, research ideas, case studies, and other topics worth discussing

Amid the threats of global climate change and supply chain volatility, traditional agriculture has reached a critical tipping point. The core value of Foodtech lies in its ability to decouple food production from specific climatic conditions, thereby addressing food crises and achieving sustainability goals. California-based Voyage Foods is spearheading a transition from 'nature-dependent' to 'tech-driven' production, playing a structural role in the evolution of the Foodtech

In today’s business landscape, arbitration is highly favored for its confidentiality, specialized expertise, and enforceability. However, when a dispute enters arbitration, the core issue often distills down to a single question: 'What is it worth?' At this juncture, the Valuer becomes indispensable. They do more than translate abstract rights and losses into concrete economic figures; they serve a multi-faceted role as technical experts, translators of fact, and guardians of

Among various RWA categories, the tokenization of U.S. Treasuries is growing at the fastest pace, driven by a robust demand for 'on-chain USD yields' and the asset's inherent low-risk profile, which appeals to the crypto and DeFi ecosystems. Treasury-backed RWAs provide stable collateral and interest income, serving as a 'core position' in asset allocation. Real estate RWA also remains a vital category; with its global valuation reaching billions of dollars in 2023, it is pro

In 2025, the global M&A market experienced a significant rebound following the stabilization of high interest rates, cooling inflation, and a 'double bottom' valuation reset. Total deal value in the first half of the year reached approximately $1.5 trillion, a 15% year-on-year increase and a three-year post-pandemic high. The United States remains the global epicenter, accounting for roughly 60% of total volume ($908 billion). A resurgence in mid-to-large-cap transactions (ra

Purchasing land is essentially an acquisition of two core values: cash flow and exit options. While the lackluster tender response for the two industrial sites in the Northern Metropolis may seem like a reflection of weak market sentiment, a closer look at the terms reveals a consistent logic among investors. When the government acts as both the largest 'tenant' and a potential 'sub-landlord'—effectively competing for tenants within the same project—the Internal Rate of Retur

Following the lukewarm response to the tenders for multi-storey modern industrial building sites in the Northern Metropolis, the Government announced the cancellation of two tenders. The Yuen Long site has been reassigned to the Science Park to promote a microelectronics ecosystem, while the Hung Shui Kiu site is under policy review for potential government-led operation as an industrial park. This 'decisive pivot' is commendable, yet it highlights a deeper institutional chal

The 2025 global M&A market experienced a notable rebound as high-interest rates stabilized, inflation eased, and valuations underwent a 'double bottom' reset. In the first half of the year, total deal value reached approximately $1.5 trillion, a year-on-year increase of 15% and a three-year post-pandemic high. The United States remains the dominant force, accounting for roughly 60% of the total ($908 billion). Regarding deal structures, mid-to-large-cap M&A (valued between $2