Expanding horizons from Greater Bay Area to other Asian markets
The reopening of borders in mainland China has revived the sense of optimism surrounding the Guangdong–Hong Kong–Macau Greater Bay Area (GBA) among the business community. According to the DBS SME Pulse Check Survey this year, more than half of small and medium-sized enterprises (SMEs) will accelerate their GBA expansion plans in the coming 12 months. Also, more than 75% of SMEs foresee business growth associated with border reopening, as they look to further enhance their branding, marketing, e-commerce and business development.
As the market is expressing strong expectations towards the GBA’s future, it will take more than a positive outlook to benefit from the rising opportunities. While the government is focusing on implementing interconnectedness initiatives to facilitate operations, DBS Hong Kong has also been leveraging various digital solutions to support existing and emerging businesses looking to expand their footprint in the GBA, China and beyond.
The sky’s the limit for Skyworth Group and DBS Hong Kong
Founded in 1988, Skyworth Group’s key businesses include smart TV operating systems and their value-added services, smart system technologies, smart appliances, as well as new energy projects. Headquartered in Shenzhen with two smart manufacturing bases in the GBA, Skyworth Group has been committed in its vision to deliver industry-leading standards in terms of technologies, product quality,, efficiency, customer centricity, services, employees relations and achievement sharing for decades. Skyworth Group has been among the top 100 electronics companies in China.
For more than a decade, DBS Hong Kong has been partnering with Skyworth Group as its major offshore operating, lending bank as well as solutions provider, helping Skyworth Group to tackle many challenges along its expansion journey.
Fuelled expansion to Northeast Asia
When looking into diversifying business into overseas, many companies encountered challenges in financing and market penetration.
Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. As a leading financial services group in Asia with a presence in 19 markets, DBS’ strong and reliable regional network has been an effective support for companies from mainland China and Hong Kong in expanding their business opportunities in Asia and overseas markets. DBS has been earned strong trust from customers, as we were accorded the Safest Bank in Asia for 14 consecutive years#.
In 2021, Skyworth Group completed a successful partnership with a Korean conglomerate by completing a structured trade financing deal in collaboration with DBS offices in Hong Kong, China and Korea. By leveraging DBS’ extensive network in the region and its trade financing solutions, the Group was able to take a big leap forward in its expansion plans from GBA. Also, DBS has been supporting Skyworth Group in terms of bank account management in Southeast Asia.
Trusted capital market solutions
When it comes to raising capital, dealing with regulators and compliance in different markets can be difficult. In 2020, DBS Hong Kong successfully engaged in company share buyback transactions with Skyworth Group, enhancing its overall EPS (earnings per share), NAV (net asset value), and share prices. DBS’ experienced team provided the expertise needed for the Group to handle complicated financial situations across various geographical locations.
Mr. Eric Lam, Executive Director of Skyworth Group, said, “DBS’ strong credit ratings and professional knowledge are among the many reasons why it is our top bank of choice. On top of enjoying streamlined processes with DBS’ digitalised platform, we have been particularly impressed by the team’s pertinent advice on financing, FX (foreign exchange), and payments. Leveraging our solid partnership with DBS over the years, we are confident on our future market expansion from the GBA to overseas. We look forward to continue working closely with DBS, and discover the exciting opportunities ahead.”
Mr. Wallace Lam, Managing Director and Head of Institutional Banking Group at DBS Hong Kong, said, “As Skyworth Group’s banking partner for over a decade, we are pleased to have been able to support its business from end to end and witness its growth both within and outside the GBA. Moving forward, DBS Hong Kong is dedicated to helping more of our clients realise their initiatives, addressing their financing, trade and cash management, treasury, and business expansion needs on- and offshore.”
Ready to seize opportunities in the GBA? Find out how DBS can help your business here.
DBS – Best Bank in Hong Kong:
# By Global Finance 2009-2022