The Intangible Market

1. FADE IN

2. 
   

3. Act 1

4. 
   

5. INT. LIVING ROOM - 08:30

6. 
   

7. Gray morning light slants through a window. PETER sits on the sofa, maintaining his Duolingo streak in Korean.

8. 
   

9. PETER (V.O.): At the 15th BIP Asia Forum yesterday, I got an update form the keynote speaker on the landscape of intellectual property (IP) financing in South Korea.

10. 
    

11. Pausing.

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13. PETER (V.O.) (Cont'd): I'm surprised to find that the situation remains unchanged from my firsthand experience with Korean IP institutions over 10 years ago.

14. 
    

15. Pausing.

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17. PETER (V.O.) (Cont'd): I also encountered my former HKUST knowledge transfer colleague, Dr Kim, he opined that Hong Kong's IP financing sandbox was a strategically significant action.

18. 
    

19. Peter puts aside his handheld device.

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21. PETER (V.O.) (Cont'd): I'm going to attend Day 2 of the Forum to get an update on IP valuation and data licensing.

22. 
    

23. Pausing.

24. 
    

25. PETER (V.O.) (Cont'd): I feel like solving the puzzle why there has been limited progress in developing a marketplace for intangible assets.

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27. Act 2

28. 
    

29. INT. HKCEC - 09:30

30. 
    

31. Atrium. PROFESSIONALS in suits mingle, holding coffee cups. Peter moves through the crowd. A voice cuts through the mumur.

32. 
    

33. BARRY: Hi Peter! How are you?

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35. PETER: Hi Barry. Do I look okay...It's been too long.

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37. They shake hands firmly.

38. 
    

39. MONTAGE OF PETER'S ENCOUNTER WITH BARRY

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41. A. Tampa, Florida, 2013. Barry and his FRIENDS host a meal for Peter.

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43. B. Hong Kong, 2014. Barry sits in the front as Peter addresses the AUDIENCE.

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45. END MONTAGE

46. 
    

47. As if on cue, HENRY joins them.

48. 
    

49. PETER & BARRY: Hi Henry.

50. 
    

51. MONTAGE OF PETER'S ENCOUNTER WITH HENRY

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53. A. Harvard U, Cambridge, 2006. Peter and Henry take turns speaking at a seminar.

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55. B. Hong Kong Club, 2018. Henry mentions the presence of Peter - the 3rd Director of IP, Hong Kong - during his retirment gathering.

57. END MONTAGE

58. 
    

59. We hear them sharing thoughts on IP financing, behavioural data from Hong Kong's regulatory sandbox, the possible AI-driven collective IP licensing, and the clash between the mindsets of IP owners and IP users - cumulating in Peter's urgent call for a true market for intangible assets.

60. 
    

61. INT. MAIN HALL, HKCEE - LATER

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63. From just behind the VIP section, Peter takes photos of BINYING, addressing the AUDIENCE from the stage.

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65. MONTAGE

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67. A. The Peak, Hong Kong, 1997. Binying takes a photo of Peter with Dr BORSCH, the Director-General of WIPO and his designated SUCCESSOR.

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69. B. Restaurant, Geneva, 2013. Binying hosts a lunch for the China delegation, which includes Peter.

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71. END MONTAGE

72. 
    

73. We hear Binying stating that Hong Kong, China, has proven to be an effective hub for IP trading and an innovation centre, adding that WIPO would continue to partner with it.

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75. PETER (V.O.) (Cont'd): This is WIPO's strategic acknowledgement of Hong Kong, China's critical function within the global IP ecosystem.

76. 
    

77. Pausing.

78. 
    

79. PETER (Cont'd): Such an endorsement should provide Hong Kong, China, the necessary and sufficient conditions for it to become the primier global marketplace for intangible IP assets.

80. 
    

81. Pausing.

82. 
    

83. PETER (V.O.) (Cont'd): Despite the overwhelming economic importance of intangible assets, it's a great paradox of modern economy that it still doesn't have a true, liquid and transparent market.

84. 
    

85. Pausing.

86. 
    

87. PETER (V.O.) (Cont'd): The core hurdle is that IP's economic worth is contextual eg the competitive landscape, and speculative eg will the technology be adopted?

88. 
    

89. Pausing.

90. 
    

91. PETER (V.O.) (Cont'd): The intangible market now is highly opaque ie deals are often private, bilateral and confidential, and understanding the value of IP assets requires deep technical and legal expertise.

92. 
    

93. Pausing.

94. 
    

95. PETER (V.O.) (Cont'd): All these scare away generalist investors and liquidity, keeping the market thin and inefficient.

96. 
    

97. Pausing.

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99. PETER (V.O.) (Cont'd): And an intangible asset's value is only as good as the owner's ability and financial resources to enforce it. Solving deep-rooted economic, social and cultural problems is hard.

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101. Act 3

102. 
     

103. INT. LIVING ROOM - 22:00

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105. Peter uploads a photo depicting a hazy urban skyline at sunset, viewed through a grid of glass panels and metal beams to a draft on his laptop.

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107. PETER (V.O.): The world has to shift from extracting resources from the earth to harness the power of human intellect. The risks are significant, but the potential rewards are even greater.

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109. Thinking.

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111. PETER (V.O.) (Cont'd): Investing in intangible assets reflects an analysis of the present, while it also engages in a dialogue about the future - one that defies easy quantification.

112. 
     

113. Reflecting.

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115. PETER (V.O.) (Cont'd): The intangible market specializes in trading intangible assets. The sandbox data of Hong Kong, China, should enhance transparency and valuation, boosting the confidence of non-traditional capitalists.

116. 
     

117. END

118. 
     

119. FADE OUT