Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 295

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 295
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 growth rate of insurance premiums, Hong Kong’s insurance penetration is expected to meet a slight downward trend in the future.

<div align='center'>Hong Kong’s Insurance Penetration Rate (premiums as a percentage of GDP), 2018-2027E

Source: Frost & Sullivan Industry Report</div>

Hong Kong’s GDP per capita

According to Frost & Sullivan, Hong Kong’s GDP per capita growth from HKD 358,117.0 per capita in 2020 to HKD 395,242.1 per capita in 2023, representing a CAGR of 1.2%. In the future, global GDP per capita will maintain steady growth. Global per capita GDP is expected to increase from USD 12,761.9 billion per capita in 2023 to USD 13,822.2 per capita in 2027, with a CAGR of 2.0%. In 2023, the GDP of Hong Kong’s GDP grew by 3.2%, and amounted to around 377 billion USD, at current prices, equivalent to around 2.95 trillion HKD. Moreover, the government forecasts a growth of approximately 2.5% to 3.5% in real terms for 2024.

In 2022, Hong Kong’s GDP per capita failed to continue its strong recovery in 2021, with the growth momentum coming to a halt in Q1 and then slipping into sustained negative growth. the rebound in COVID-19 has led to disruptions in cross-border land transportation between the China and Hong Kong, which has severely impacted private consumption and business investment. With the recovery of the global economy, Hong Kong’s per capita GDP is expected to continue to grow from 2023.

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<div align='center'>Hong Kong’s GDP per capita, 2018-2027E

Source: Frost & Sullivan Industry Report</div>

Analysis of Hong Kong’s Political, Economic, Social, and Technological Factors

Political Factors

According to Frost & Sullivan, Hong Kong has been China’s territory for decades. The policy of “One Country, Two Systems” is the optimal solution to problems carried over from history. The Insurance Authority of Hong Kong (“ IA”) is an insurance regulator independent of the government of Hong Kong and the insurance industry.

The principal function of IA is to regulate and supervise the insurance industry for the promotion of the general stability of the insurance industry and for the protection of existing and potential policy holders. IA took over the supervision of insurance intermediaries