Date Opening Remarks by Mr. Nicholas Yang, Chief Executive Officer of Hong Kong Cyberport Management Company Limited at Digital Entertainment Leadership Forum 2007   Francis, Stephen, distinguished guests, ladies and gentlemen,   Good Morning!  Welcome to Cyberport and welcome to the Digital Entertainment Leadership Forum 2007!   Cyberport is running the Digital Entertainment Leadership Forum for the fourth consecutive years.  In the past Forums, we had invited a number of prominent industry leaders as speakers to share their insights. Today, we are ready to be inspired again by a cast of experts and visionaries in the fields of special effects, digital cinema and animation.   Special effects are widely used in films, TV and digital entertainment industries to realize the scenes that cannot be captured by using standard photographic techniques. Most special effects can be accomplished by digital production nowadays. With the advanced technology and digital tools, we are able to tell stories in ever more incredible and engaging ways.  It is no doubt that “digital story-telling” will be the mainstream in the future.   I am sure you will be thrilled to meet our world-class speakers today. For example, Mr. Scott Ross will talk about the global opportunity and hollywood crisis. Scott got his Oscars for his production “Titanic” and “What Dreams May Come”. Mr Warren Franklin from Rainmaker will share with you the new global digital entertainment business models. We also have a leading local player, Mr Paul Wang from Imagi, to talk about the future of CG Animation. Their 100% Hong Kong-made production “Teenage Mutant Ninja Turtles” will be released near the end of this month. Our closing keynote speaker is Mr. Edward Jones, who will talk about how the merging creativity with technology drives digital cinema in the 21st century. I would like to congratulate Ed for his recent work “Happy Feet” which just won the Oscar Academy Award for the Best Animated Feature Film last month!   In addition to our keynotes, we have excellent panel speakers from all over the world.  Ken Bautista from Canada, Rita Cahill and Lawerence Behrs from USA, Lifeng Wang from Beijing, China, Andrew Senior from UK, Michael Stephens from New Zealand, and our course, our local experts, Lorraine Jusstice and Victor Wong from Hong Kong.   I would say the speakers of this year in DELF 2007 are most powerful ones we ever had in Hong Kong.  They are really the most renowned and respectful individuals in the world of F/X and digital animation!  Thank you speakers and I am proud to have you here today.   I am also very happy to see many old friends and to meet new faces in the global digital entertainment industry. DELF cannot be made possible without your participation and your great passion in digital entertainment.    On behalf of Cyberport, I would like to thank the Hong Kong SAR Government, co-organizers, many supporting organizations and sponsoring companies to make DELF once again the signature event at Cyberport.  I wish every participant an inspiring day ahead, and please join me to experience the Heart of special effects!   Thank you.   21-03-2007 Speech by Mr. Nicholas Yang, Chief Executive Officer of Hong Kong Cyberport Management Company Limited at Cyberport Venture Capital Forum 2006   Francis (Ho), Distinguished Guests, Ladies and Gentlemen:   Good morning to you all, and welcome to Hong Kong Cyberport and to the third Cyberport Venture Capital Forum today!   Cyberport Venture Capital Forum is a unique platform aimed to connect the investors and the entrepreneurs together.  In the past two forums, we invited entrepreneurs-turned-venture-capitalists to give their insights from both the receiving end and giving end of the investment process.  We also presented the unique investor-investee panels, where pairs of venture capitalist and entrepreneur told us how they worked and succeeded together.  Last year, we saw an elite group of non-institutional investors here, telling us how they seek out and execute investment opportunities.  This year, Cyberport collaborated with the Hong Kong Science and Technology Parks to present an innovative seminar called “Finding Your Angels”, in which a panel featuring the angel investors, the angel connector and the angel investee, told a full-house audience how angel investment really works.   In the grand finale today, we are proud to present a cast of world class lady investors and lady entrepreneurs, or both. They come from the Silicon Valley, Singapore, China and Hong Kong.  They have created billions of US dollars in business value, and some have even delivered both financial and social returns, achieving the double bottom line.  Some are known to be expert investors during economic downturn, delivering outstanding returns while their competitions faltered.  These ladies are also associated with some of the big start-up and investment successes known to-date, such as Creative Technologies, UTStarcom and Baidu.com, and I am sure that bigger wins are yet to come from the speakers here today.   They are truly the most admired masters in their class.   Let me briefly highlight the background of our two keynote speakers today. Mrs Lore Harp McGovern is a successful entrepreneur, a strategic investor and advisor in many high-tech start-ups and also a member of the famous Band of Angels. She co-founded Pacific Technology Venture Fund, one of the first VC funds targeting at Asia opportunities.    Ms Soo Boon Koh, our other keynote speaker, has over 30 years experience in venture capital investment and international banking. She brought some of the best VC practices from Silicon Valley to Asia.  She is truly a East-meets-West venture capitalist.     Lore, Soo Boon and all the speakers today will inspire us with their insights on how to find unique strategies and execution angles, to create and accelerate values. We are here to learn from the best there is. In today’s globalizing economy and ever growing competition, learning from the best to become one of the best is the key to success for Hong Kong’s entrepreneurs.   Let us thank our key sponsor, The Office of the Government Chief Information Officer of the Hong Kong SAR Government, whose critical support has made today’s event possible.  I would also like to thank our co-organizers: the Centre for Entrepreneurship and the Faculty of Business Administration at Chinese University of Hong Kong, Hong Kong Science and Technology Parks (who is our new co-organizer this year), Hong Kong Venture Capital and Private Equity Association, and the Monte Jade Science and Technology Association of Hong Kong.  Let us also not forget and thank the many organizations and other sponsors for their generous support of the Cyberport Venture Capital Forum 2006.   We have a very exciting program today.  In addition to the two keynote speeches, there will also be two moderated panel sessions dedicated to some of today’s best venture capitalists and entrepreneurs.  A final closing panel, moderated by Ms. Lorraine Hahn, the well-known ex-anchor lady of CNN International, will conclude today’s Forum.  During this final panel, the audience here can participate in a Q&A session with the speakers.  After the Forum, we would like to invite all of you to join a special cocktail reception welcoming the ITU Telecom World delegation.  Please come and network with some of the best players in the world’s ICT industry today.    Last but not least, I hope all of you here will be enlightened by the great speakers today.  I also hope that you will be connected to the fellow participants of the Forum next to and around you, and be inspired to achieve a big win for your business in the future. Thank you.   05-12-2006 Speech by Mr. Howard Dickson, Government Chief Information Officer, at the Digital Entertainment Leadership Forum 2006 Dinner             John (Strickland), Nick, Distinguished Guests, Ladies and Gentlemen:             Good evening. I welcome you all to this reception and dinner after a productive day at the Forum.  You had an excellent and exciting programme for which I must thank our distinguished speakers and panellists for generously sharing their valuable experience and insight with us all.   I regret that I have spent much of the day doing my usual job of trying to help keeping projects somewhere near the track. Nevertheless, I found the presentation of Dr Johnson in the morning very impressive and quite clearly your industry can teach us much about project management.  I like your recognition that movie projects may take years particularly when a wide range of stakeholder expectations and technologies must be dovetailed into a single implementation.  Can you imagine someone trying to write down a film plot and then seek competitive bids before the concept is fully developed?  We would also insist on strict seniority over casting which would be done by the Civil Service Bureau which would ensure that the romantic leads were very experienced and well rounded. I really enjoyed the point that an excellent cast can salvage a mediocre plot but the reverse is never true. We also would prevent anyone who had advised on the plot development from participating in execution of the movie.  And of course we would also select the cheapest execution proposal. It may turn out to be an unintended comedy.   Anyway, John (Strickland) has already spoken about the many talents and successes in our entertainment industry, which I need not repeat.  Hong Kong’s unique advantage is in being at the doorstep and part of the rich cultural heritage of China, and at the same time we are the cosmopolitan city that has access to not only the best talents but also the latest technological capabilities.  This gives us immense opportunities at a time when entertainment has become a constantly changing and enriching experience, where we call it Digital Entertainment.  Not too long ago, we learnt that sounds and images could come through as digital multimedia, which gave us much better quality and efficiency.  The speed with which technological advancements is bringing the Internet, TV network and phone network together and blurring the distinction between the TV set, the computer and the mobile phone, challenges us to keep coming up with innovative ways of creating the more enticing consumer experience.  It also leads us to search for new business models, digital rights management and ensuring security.  We would not be able to keep up with such changes without the ability to tap the best of minds.   The Digital Entertainment Leadership Forum did exactly that.  Cyberport has brought together the best brains in the various key disciplines, from Hong Kong and all over the world, to give us a full day of brainstorming and experience sharing to breath fresh inspiration into our artists, professionals and entrepreneurs.  I am sure many in the audience will go back to their studio and laboratories tomorrow with a lot of ideas that will help them capture the next round of the most celebrated awards. If there is one message I’d like to leave with you, it is that Digital Entertainment content is going to be one of the main driving forces in bringing out the best of broadband and mobility.  Hong Kong is positioned well to thrive in all three areas – and I’m sure the relevant industry players will find lots of opportunities for collaboration and synergy.   Having had a full day of feeding the mind, I should not keep you from enjoying the excellent food of this fine Cyberport restaurant now.  But before I finish, I would like to congratulate and thank Cyberport, particularly Nick Yang and his team, and all co-organizers, supporting organizations and sponsors of DELF 2006, for yet another successful international event in Hong Kong.  The government is committed to facilitating the growth of the digital entertainment industry in Hong Kong by creating the infrastructure and atmosphere for digital creativity to flourish and by nurturing technological excellence.  I’m sure you agree with me that today’s event is taxpayers’ money well spent and I look forward to seeing more of this high-quality exchange in future.   Thank you very much. 21-03-2006   Speech by Mr. Francis Ho, JP, Permanent Secretary for Commerce, Industry and Technology (Communications and Technology), Commerce, Industry and Technology Bureau, The Government of the Hong Kong Special Administrative Region, at the Digital Entertainment Leadership Forum 2006   Good morning,   I welcome you all to the Digital Entertainment Leadership Forum 2006. We have a very good programme today and I am grateful in particular to all the speakers for sharing with us their experience and insight.   We are committed to promoting technology here in Hong Kong. We firmly believe that technology is an integral part of a knowledge economy. Quite apart from its many manifestations in products and services opportunities, technology enhances the innovative capability of our community and fosters a new breed of dynamic entrepreneurship that we are seeing in the Greater China region.   Hong Kong always competes on its strengths. These are: l               First, ours is a free market and a sophisticated service economy; l               Second, the largest market in the world, viz. the Mainland of China, is at our doorstep, with which we have strong cultural linguistic affinity; l               Third, our legal and judicial system effectively enforces contracts and protects intellectual property; l               Fourth, we have competitive universities and a growing pool of young talents; l               Fifth, we are one of the most efficient financial and capital markets in the world; l               Sixth, we have a strong track record for being entrepreneurial and risk taking.   As a government we are committed to facilitating technological development. Back to today’s theme: broadband, content and mobility, I think Hong Kong will have a lot to offer. We have the second highest broadband penetration in the world, only after South Korea. And our mobile communications market is probably the most competitive in the world with six operators providing voice, data and multimedia services on a variety of platforms. And we are exploring the latest additions such as broadband wireless access, WiMax to name one, and other forms of mobile digital platforms. On the content side we also have an extremely competitive broadcasting market with multi-channel free or pay TV programme services. I should not like to bore you at the beginning of this exciting forum with a rather dry marketing pitch. The first class infrastructure that you see this morning here at the Cyberport bears a strong testimony to our commitment and determination.   I stress however one point. To take innovation and technology to the market and to fully realize their opportunities, we need to support entrepreneurs and start-ups effectively. It is not just a matter of return on investment, but from our point of view also the societal value that goes with successful entrepreneurs and its social and economic impact, building the innovative endowment of society and creating benefits for citizens and consumers. I am very glad that to this end we will benefit from today’s forum.   The Digital Entertainment Leaders Forum is becoming a signature event of the Cyberport. I would like to congratulate Nick and his team at the Cyberport for building up this event in the last three years and doing such a splendid job in bringing together a very distinguished group here this morning. I wish this forum success and I am sure that all of you will find it fruitful and enjoyable.   Thank you.  21-03-2006   Speech by Mr. Nicholas Yang, Chief Executive Officer of Hong Kong Cyberport Management Company Limited, at the Digital Entertainment Leadership Forum 2006     Francis, Howard, Mr. Strickland, distinguished guests, ladies and gentlemen, Good Morning!  Welcome to Cyberport and welcome to the Digital Entertainment Leadership Forum 2006!   This is the third time Digital Entertainment Leadership Forum is held at Cyberport.  In the past two Forums, the audiences were enlightened by speakers from the creative platform such as on-line games, and by winner of the Oscar Academy Award.  Today we are here to be inspired again by experts and visionaries in the Broadband, Content and Mobility areas.  Digital entertainment, or should I just say entertainment, will not be the same again with the evolutions and changes in Broadband connectivity, creative Content development, and the omnipresence of the Mobile devices.      I am sure you will be thrilled to meet our heavy weight speakers today.  For example, Dr. Michael Johnson from Pixar Animation Studio will talk about one of the most successful creative content development achievement in the world to-date.  Everyone here must have seen one or more of the mega-buster films from Pixar.  Mr. Chris Reitermann from Ogilvy will share his insights with the audience on the emergence of digital marketing, which is really a popular form of digital entertainment.  We are also honored to have Mr. Todd Miller of Sony Pictures Television International to talk about the future in mobile television.  The speaker line-up today is one of the strongest and best ever assembled here in Hong Kong in the field of digital entertainment.   I am happy to see many old friends here today, but I am equally thrilled and encouraged to see so many new faces who represent the new blood of global digital entertainment industry.  We are here today because we all have great passion in digital entertainment.    On behalf of Cyberport, Hong Kong's digital entertainment hub, I would like to thank the Government of Hong Kong SAR and many of the supporting and sponsoring organizations to make Digital Entertainment Leadership Forum 2006 once again the signature event at Cyberport, and a part of the Entertainment Expo Hong Kong.  I wish every one here an inspiring and enlightening day ahead, and ride the next wave of digital entertainment to success in the future!   Thank you. 21-03-2006                                             Speech by Ms. Mary Hofstetter, President & CEO of The Banff Centre, at the Signing Ceremony of MOU between Cyberport and The Banff Centre  The Banff Centre is proud to partner with Hong Kong Cyberport and Alberta Innovation and Science to foster innovation in digital media. The mountains of Alberta are a long, long way from the towers of Hong Kong. Today's agreement will reduce that distance to the click of a mouse button and provide a direct connection between two world-leading centres of new media creativity.   The Banff Centre is a catalyst for creativity and a globally respected post-secondary educational institution and conference facility. For almost 75 years, the Centre has developed potential and transformed careers. Our multi-disciplinary programs enable emerging and established individuals in the arts, sciences, business, and the environment to create and showcase new work, to push boundaries, to share knowledge, and to develop new ideas and solutions. Based in Banff, Alberta, our work is inspired and informed by the spectacular Canadian Rockies which surround our campus.   Today's memorandum of understanding will enable The Banff Centre and Cyberport to jointly explore prospects for research collaboration, educational and professional exchange, and new technological and business partnerships. Thanks to the connections fostered by Alberta Innovation and Science, the Centre and Cyberport will develop opportunities for Alberta and Asia companies to participate in business exchange residencies and research projects at BNMI – the Centre's Banff New Media Institute.   The BNMI Accelerator Program provides Alberta's digital content and technology companies with support to drive innovation. The primary goal of the program is to connect the commercial activities of the digital media industry with BNMI's research, knowledge, and networks. The Accelerator program recognizes the unique value that the Centre's arts and cultural programming can offer to the development of a stimulating and progressive new media industry. In addition to residencies and research, collaboration between BNMI and Cyberport may also include: Networking and mentoring; Skills enhancement seminars and professional development training; Access to prototyping, testing, and product co-development services; Applied research opportunities and partnerships; Commercialization of digital technology and creation of business opportunities; Development and delivery of new media education and training; Joint organization of conferences and special events; Joint promotion of Cyberport and The Banff Centre; and Joint access to the Asia and North American markets. The Banff Centre is excited about this opportunity to foster projects of mutual benefit both in Alberta, Canada and in Hong Kong and China. Our thanks to Alberta Innovation and Science, and in particular to Minister Doerksen, Mel Wong, Assistant Deputy Minister, Innovation Implementation Division, and Robert Lai, Branch Head, ICT Industries for making this agreement possible. At Cyberport, our thanks also go to Cyberport CEO Nicholas Yang, David Chung, Senior Manager, Information Technology Operations, Lester Chan, Digital Media Centre Manager,  Zoe Ng, Training & Business Development Manager. The people of Alberta are true pioneers. Just last year, we celebrated our province's 100th anniversary, and our history demonstrates that Albertans are eager to accept new challenges and break new ground. We share that pioneering spirit with Hong Kong, where innovation and entrepreneurship have shaped one of the world's most vibrant cities.   Working together, our future is indeed bright. And thanks to this new partnership between The Banff Centre and Cyberport, you can now see the mountains of Alberta from downtown Hong Kong.   19-01-2006 Speech by Mr. Nicholas Yang, CEO of Hong Kong Cyberport Management Company Limited, at the Signing Ceremony of MOU between Cyberport and The Banff Centre   Minister (Victor) Doerksen, Ms (Mary) Hofstetter, Howard (Dickson), Distinguished Guests, Ladies and Gentlemen,   Good afternoon and Welcome to Cyberport! Today is a big day for Cyberport IncuTrain Centre, the digital entertainment incubation and training centre funded by the Innovation and Technology Commission of the Hong Kong SAR government.  The Cyberport IncuTrain Centre is signing its very first international collaboration agreement with the renowned Banff Centre from Alberta, Canada.   Canada is well-known for technology innovation and development.  The government of Alberta has made Alberta Innovation and Science a leader of such grand efforts.  In particular, the Banff Centre has become an important part of Alberta's innovation system, excelling in the area of digital media. I would like to express my gratitude to Alberta Innovation and Science and the Banff Centre for their efforts to forge this alliance between Canada and Hong Kong, dedicated to the development of digital new media and digital entertainment.   The MOU signed today will provide a collaboration framework for the companies of the Banff Centre and of the Cyberport IncuTrain Centre, in building technology and business partnerships.  I shall look forward to the many win-wins achieved under this MOU. Last but not least, may I take this opportunity to wish you all a joyful and prosperous Year of the Hound.  Kung Hei Fat Choy!  Thank you. 19-01-2006 Speech by Mr. Samuel Tsien, Director of Hong Kong Cyberport Management Company Limited, at the Cyberport Venture Capital Forum 2005 Dinner   Francis (Ho), Distinguished Guests, Ladies and Gentlemen,   Good evening to you all.  I am Sam Tsien, a non-executive member of the board of the Hong Kong Cyberport Management Company, the co-organizer for today's event. My paid job during the day is the President and Chief Executive for Bank of America (Asia).   I am very pleased to host tonight's reception and dinner to mark the closing of the Cyberport Venture Capital Forum 2005. The Forum was made successful only because of you and the many distinguished speakers who attended the event and shared their views, visions and experiences with the entrepreneurs of Hong Kong. Cyberport is indeed proud to be the co-organizer and the venue of this Forum.   I see a great deal of commonality among our distinguished speakers today. You are experts in either technology, financing, or in many cases, both. All our speakers today are also leaders who are capable of turning their visions into successful businesses.   Hong Kong has always thrived because of the prominence of entrepreneurship. Hong Kong people are known for their entrepreneurial spirit and their ability to turn promising ideas into commercial successes.   To quote you a non-technology story, I attended a small dinner party last Wednesday. It was a delightful evening, with a great host, good food, wine and company. The String Quartet of the Hong Kong Philharmonic Orchestra was there and delivered a first-class pre-dinner performance. And, the most interesting part of the story was that the event took place in an underground bunker in Shouson Hill. Now, don’t mistaken it to be a drug party of some sort. The venue was indeed a bomb shelter, but it has been converted to a wine cellar for storage of wine by customers. Now, bomb shelters have been there for over 50 years, since the second world war. But it took the entrepreneurial spirit and imagination of a businessman, who in this case is in his very successful relocation and records management business, to commercialize it and turn it into a revenue generating business.   There is no lack of vision and creativity here in Hong Kong – whether in wine storage, consumer products or digital entertainment. While Hong Kong may not have the scale of Mainland China in terms of market size, entrepreneurs from Hong Kong have been able to leverage their achievements to bigger successes across the Asia region and globally. With more of these forums, Hong Kong will, no doubt, continue to make its mark in creating new visions and values in the digital entertainment industry. Tonight, we are here at the Cyberport. This IT flagship is about vision. Its vision is to become an IT and digital new media hub in Asia through the creation of a strategic cluster of companies specializing in IT, information services and digital new media.   Today, Hong Kong Cyberport is still the most advanced broadband- connected intranet community in the world. Everyone at Cyberport can enjoy the advantage of being the first to experience how broadband internet connectivity can transform our way of living and create new horizon. You may not be aware that the internet penetration rate in Hong Kong is expected to reach 80% in three years, by 2008, and that is indeed impressive. Prior to returning to Hong Kong in the 90's, I headed up Bank of America’s high technology group based in San Francisco. I saw first hand imaginations evolved to become ideas, ideas nurtured into businesses, and businesses developed into major corporations.   I have therefore always believed that putting trust in the market, in the enterprise of the business people and the wisdom of the investors have proven to be the ultimate winning formula for success.  And Cyberport is the agent for this formula.   In addition to the pleasure of meeting with the legends of the venture capital and investment industry, I hope that the Forum today has helped investors and entrepreneurs find each other and pave the way towards building a win-win partnership. And, in the process - - I hope Cyberport has successfully provided you with the facilities and the facilitating role.     Thank you once again for your contribution today at the Cyberport Venture Capital Forum.  My best wishes to you all. Thank you. 06-12-2005 Speech by Mr. Nicholas Yang, Chief Executive Officer of Hong Kong Cyberport Management Company Limited, at the Cyberport Venture Capital Forum 2005   Francis (Ho), Distinguished Guests, Ladies and Gentlemen:   Good morning to you all, and Welcome to the second Cyberport Venture Capital Forum!   As an engineer and businessman, I feel obligated to give some statistics about the Forum today.  Well, I did a rough calculation of the amount of money controlled and invested by the invited speakers and their firms.  The total comes to about 39 billion US dollars!  That is really a big and impressive number.  What is even more impressive is that the speakers we have here today are among the best in business value acceleration.  I shall not single out specific speaker but several of the speakers here have been able to realize more than 20 times gain on their investments in just two years.  I am quite sure that such fantastic return-on-investment record will be broken again and again in the future by the speakers here today.   After the statistics, let's talk about the theme of this year's Forum, which is building win-win entrepreneur-investor partnership in the digital new media and digital entertainment industries.  Hollywood entertainment is famous for the Happy Ending.  In the Forum today you will see how investor and entrepreneur found each other in courtship.  And then get married to form a partnership.  Both the investor and the entrepreneur want to see the partnership to have a Happy Ending, not a divorce.    In addition to meeting some of the legendary venture capitalists and private investors, I would hope that the Forum today will help many investors and entrepreneurs find each other and work toward building a win-win partnership.   I would like to express my gratitude to our co-organizers, including Office of the Government Chief Information Officer, the Centre for Entrepreneurship and the Faculty of Business Administration at Chinese University of Hong Kong, Hong Kong Venture Capital and Private Equity Association, and Monte Jade Science and Technology Association of Hong Kong, for their support throughout the preparation of the Forum.   Last but not least, I hope you will all enjoy today's Forum.  May I also remind everyone to silence or turn off your mobile phones?  I am sure everyone here is not here today for a ring tone concert.    Now let's get ready to be enlightened by the masters of value acceleration. Thank you. 06-12-2005 Speech by Mr. Gordon Leung, Deputy Commissioner for Innovation and Technology, at the Cyberport Digital Entertainment IncuTrain Programme Kick-off Ceremony (Please click HERE to read the full version of speech in Chinese) 30-09-2005 Speech by Mr. Francis Ho, JP, Permanent Secretary for Commerce, Industry and Technology (Communications and Technology), Commerce, Industry and Technology Bureau, The Government of the Hong Kong Special Administrative Region, at the Cyberport Venture Capital Forum 2005   Good morning,   I welcome you all to the Cyberport Venture Capital Forum 2005. We have a very good programme today and I am grateful in particular to all the distinguished speakers for sharing with us their experience and insight. We are committed to promoting technology here in Hong Kong. We firmly believe that technology is an integral part of a knowledge economy. Technology manifesting itself as products, services, processes and infrastructure is vital for our economic development; and the intelligent application of technology with its product or service opportunities promotes and sustains entrepreneurship. It also enhances the innovative capability our community, thereby helping our transformation towards an innovation driven economy. This is where our future lies. We are indeed making the most of our strengths to support technological development in and from Hong Kong. We always compete on our strengths. These are: First, Hong Kong is a free market and a sophisticated service economy; Second, Hong Kong has a formidable industrial, manufacturing base in the Pearl River Delta and to a lesser extent in the Yangtze River Delta; Third, the largest market in the world, viz. the Mainland of China, is at our doorstep, with which we have strong cultural linguistic affinity; Fourth, our legal and judicial system effectively enforces contracts and protects intellectual property; Fifth, we have competitive universities and a growing pool of young talents; Sixth, we have an excellent infrastructure, particularly as we are one of the most efficient financial and capital markets in the world; Seventh, the entrepreneurial, risk taking tradition represent the spirit of this city; and Finally, as a government we are committed to facilitating technological development. In this context, we provide first class infrastructure exemplified by the excellent facilities you are seeing this morning here at the Cyberport, as well as the Hong Kong Science Park in the New Territories. We support applied R&D with a $5 billion Innovation and Technology Fund and we provide seed funding for start-ups under the small entrepreneur research assistance scheme of the Innovation and Technology Fund, just to name a few examples. There is of course a major element that I have not included in the above list. To take innovation and technology to the market and to fully realize the opportunities afforded by innovation and technology, we need to support entrepreneurs and start-ups effectively. Venture capital plays the role of a vital catalyst in this process. I know I am preaching to the converted. It is not just a matter of return on investment, but from our point of view also the societal value that goes with successful entrepreneurs and its social and economic impact, building the innovative endowment of society and creating benefits for citizens and consumers. We believe that Hong Kong, with its legal and financial infrastructure, economic freedom and entrepreneurial spirit, have a significant role to play in the capital markets of Greater China and Asia. I am very glad that to this end we will benefit from today's forum.