At this historic moment when Hainan Free Trade Port is entering the final 100-day countdown to full customs closure, enterprises from Hainan and Hong Kong are joining hands to create new momentum for cross-regional cooperation.
Hainan Longpan Oilfield Technology Co., Ltd. has officially formed a strategic partnership with Hong Kong Zanneng Machinery Engineering Co., Ltd. and Situ Electromechanical Maritime Engineering Consultant Chengli Engineering Co., marking a new chapter in Hainan–Hong Kong collaboration.
On September 9, 2025, during the Hainan Free Trade Port Promotion Conference at the Hong Kong Convention and Exhibition Centre, the three companies signed a strategic cooperation framework agreement. The partnership will focus on exploring innovative cooperation models in areas including bonded repair and remanufacturing of marine engines, diesel generator sets, and natural gas generator sets, as well as talent and technical collaboration.
By leveraging shared resources and complementary strengths, the three parties aim to enhance market competitiveness, expand international business, and jointly promote high-quality development within the Hainan Free Trade Port.
The event, hosted by the People’s Government of Hainan Province under the theme “Hainan–Hong Kong Cooperation for Mutual Benefit and Win-Win Development”, attracted more than 400 attendees, including officials from the Hong Kong SAR Government, representatives of central organizations in Hong Kong, and leaders from various sectors.
As the full customs closure of the Hainan Free Trade Port approaches—scheduled for December 18, 2025—the Hainan Provincial Government held this high-profile promotion event in Hong Kong.
Hainan Provincial Party Secretary Feng Fei delivered the keynote address, emphasizing that with central government approval, the full customs closure will mark a new phase in the development of the Hainan Free Trade Port.
Once customs closure is implemented, the Free Trade Port will adopt more open and preferential policies.
According to Guan Jirong, Deputy Secretary-General of the Hainan Provincial Party Committee and Executive Deputy Director of the Deep Reform Office, the proportion of tariff-free goods for “first-line” imports will increase from 21% to 74%.
Hainan Finance Department Director Cai Qiang stated that the preferential 15% corporate income tax and personal income tax policies will continue after customs closure, covering modern services, high-end manufacturing, and other key industries.
The value-added processing exemption policy will also be optimized: goods produced by encouraged industrial enterprises in the Free Trade Port that achieve over 30% value-added processing using imported materials will enter mainland China exempt from import duties.
Hong Kong is Hainan’s largest source of foreign investment—accounting for over 70% of actual utilization—and also its largest services trade partner.
Edward Yau, Secretary for Commerce and Economic Development of the Hong Kong SAR Government, emphasized the importance of cooperation between Hainan and Hong Kong. He noted that more than 700 Hong Kong enterprises were newly established in Hainan last year, with direct investment exceeding RMB 15 billion.
He added that Hong Kong will continue to leverage its unique strengths to promote synergy between the Guangdong–Hong Kong–Macao Greater Bay Area and the Hainan Free Trade Port, attract international projects to Hainan, and support Hainan enterprises in expanding overseas.
Taking advantage of the opportunities created by this promotion conference, Hainan Longpan Oilfield Technology Co., Ltd. reached a strategic cooperation with Zanneng Machinery Engineering Co., Ltd. (Hong Kong) and Situ Electromechanical Maritime Engineering Consultant Chengli Engineering Co.
The cooperation among the three companies reflects the high complementarity between the economies of Hainan and Hong Kong—Hainan Free Trade Port provides policy and geographical advantages, while Hong Kong enterprises bring international experience and professional expertise.
Through this cooperation, the three parties will jointly leverage the convenience and differences of the policies in both regions, optimize business processes, reduce operating costs, improve service efficiency, and jointly expand the bonded repair, remanufacturing, and inspection service market for marine generator sets, achieving mutual benefit and win-win results between Hainan and Hong Kong.
Note: The images related to the Hainan Free Trade Port Policy Promotion Conference in this article are reproduced from “Hong Kong News – DotDotNews” and the official Hainan Free Trade Port WeChat account.