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"China is wise to continue its opening up ... And the world has benefited greatly from China's opening up," he said.

"By entering China via Shanghai, we expect to expand quickly in the country and have a good market share," Facco said.

"By exposing Cathay to healthcare and us to innovation in a global context, such an investment will be beneficial to us in the future."

"China market is vast and fast changing and there is still a lot of space for new comers if they are able to differentiate and win through either efficiency or better customer experience," he added.

"China is expected to leverage data to build an industrial internet platform as soon as possible for the next step. The past years have witnessed a rising number of enterprises considering digital transformation. This trend has accelerated after the epidemic," he said.