Utilize the input text as a context reference, choose the right relationship between PARKnSHOP and Hong Kong from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

So you will notice that if you look at the way it happens, 55% of that is in Europe, 8% in China and 4% in Hong Kong, and it came up this year because the Hong Kong operation, Hong Kong Telecom and of course PARKnSHOP investment will be affected by the COVID-19 in Hong Kong.

Answer: headquarters_location