With the continued growth of the consumption of Bordeaux wine in Asia, Hong Kong positioned as the center will be the birth place for the first exchange of its kind for fine wines in Asia, which will contribute to the expansion of fine wines throughout the entire region, as well as the advancement of the wine culture.
The export destination of Bordeaux wines based on purchase amount begins with Hong Kong/China which has become the world's #1 market, Japan tied in 7th place, furthermore if Korea, Taiwan, Singapore and other Asian countries within the top 15 are combined to calculate the Asian market share, as of 2011, exports to Asia makes up 1/3 of all exported Bordeaux wines. Additionally if the potential for growth in Vietnam, Malaysia, Indonesia, and Thailand is considered, the future for further growth in the Asia Market can be anticipated.
In HKOWCEX, Sellers and Buyers transact under anonymous names for all transactions as it is a B to B market, thereby guaranteeing the anonymity of Seller and Buyer.
All wines transacted on HKOWCEX are wines only shipped from Bordeaux, France, with clear traceability, of high quality, and in OWC condition (Original Wooden Case).
Since HKOWCEX is the transacting counterparty for both Sellers and Buyers for all transactions, it is not necessary to directly correspond with an unknown counterparty because the safety of cash payment and delivery of the wine are guaranteed by HKOWCEX according to the HKOWCEX's Membership Agreement, Terms and Conditions of Exchange, and Terms and Conditions for Sellers.
Actual transactions will be carried out on a new trading system developed by HKOWCEX which provides a platform for accurate pricing, trade quantity provided real-time, and 24 hour trading.
The enhanced "My Page" functionality allows Members to view their trading history and various statements enabling meticulous management of their transactions.
The post-transaction flow is also very simple. Sellers after confirming receipt of their sales proceeds only have to deliver their sold wine within one week to a bonded warehouse located in a Bordeaux suburb for the account of HKOWCEX along with the required documents. Buyers after settling the cash payment do not need to deal with the troublesome shipping arrangements, and approximately 1 and a half months later, can receive their purchased wine at the bonded warehouse located in Shenzhen along with the required documents for each country's customs clearance.
A Call Center will be set up in Hong Kong and Europe to respond to questions on transactions, the trading system, and work flow, which will be able to handle questions in various languages such as English, Chinese (Mandarin), Cantonese, French, and Japanese to support smooth trading among members.
