By Cannix Yau

Copyright scmp

Hong Kong’s only fixed-base operator for private jet support services is betting its newly expanded terminal building will help it cash in on a boom in initial public offerings (IPOs), a surge in mega-events and rising Middle Eastern investment.
The Hong Kong Business Aviation Centre (HKBAC) unveiled the upgraded building, part of a HK$500 million (US$64.1 million) expansion plan, at the city’s airport on Wednesday.
Transport minister Mable Chan said Hong Kong’s mega-event economy would receive a boost from the facility’s tailor-made luxury services for private jet passengers.
A single flight by chartered private jet for about 12 people from Hong Kong to Tokyo costs around HK$700,000, for example.
“HKBAC has handled over 30 business aircraft flights in the first half of this year for conducting IPO affairs … Apart from attracting business travellers, HKBAC has also received many international football teams,” Chan told the opening ceremony.
“We hope that through your services, it can help boost our mega-event economy by attracting more similar athlete stars to come here.”

The new facility features a first-in-Asia 26-metre sky canopy stretching from the terminal to the apron and upgraded one-stop customs and immigration clearance services, allowing a processing time of three minutes.
The airport lounge project, certified as Muslim-friendly, is also designed to appeal to premium travellers from the Middle East.
HKBAC chief executive Vivien Lau Man-yee said the new terminal would double the centre’s handling capacity to more than 19,000 private jet trips per year.
She said passenger numbers would further grow this year due to an influx of IPO applicants, the contined boom in mega-events and the rising numbers of inbound Middle Eastern investors looking for private-jet services.
The latest data shows that HK$107 billion was raised through 42 IPOs in the first six months of the year, putting Hong Kong’s exchange in first place globally for funds raised. More than 200 companies have submitted listing applications.
“So far, there have been only 30 IPO-related flights coming via HKBAC. With the other 200 applicants coming in line, we expect to register further growth in this aspect,” Lau said.
“Apart from these travellers, we also aim to attract passengers looking to travel with their pets.”
The number of Middle Eastern travellers arriving in Hong Kong via the centre this year had been double that of 2019, HKBAC chairman Allen Fung said.
Raymond Kwok, chairman of Sun Hung Kai Properties, a major shareholder of HKBAC, said its service had attracted many senior executives in the city.
“A rough estimate shows that half of the top 30 largest Hong Kong-listed companies by market value have their senior executives choosing HKBAC for private jet travel,” he said.
“Additionally, over half of the visiting football teams during the international matches in July and the Saudi Super Cup in August used HKBAC’s facilities and services, underscoring HKBAC’s contribution to Hong Kong’s mega-event economy.”
The centre has signed up more than 100 jet operators at Hong Kong International Airport, with services covering 387 destinations.
More than 7,000 private jet trips involved the city last year, representing 90 per cent of pre-pandemic levels.
The second part of the centre’s expansion covers the refurbishment of the old terminal to cope with growing demand from chartered and group travel flights, as well as the creation of extra offices for business aviation stakeholders. It is set to open early next year.