The fifth round of the Basic Law & National Security Law Test in the 2024-25 school year is scheduled for July 19, the Education Bureau (EDB) announced today.
Applications can be made from 9am on Friday until 5pm on June 12. Limited places for the test will be available on a first come, first served basis.
The target participants for this round of the test are bachelor’s degree holders, or students who will attain a bachelor’s degree in 2025 or 2026, who plan to join or change to another secondary school, primary school or kindergarten to take up a teaching post.
Those who have obtained a pass result in a test organised by the EDB, the Civil Service Bureau, or a recruiting department or grade, will not be accepted to sit for it again.
Three new tropical cyclone names have been added to this year’s list of typhoon names in the western North Pacific and the South China Sea, the Hong Kong Observatory announced today.
They are Bori, Saobien and Tianma.
Bori, from the Republic of Korea, represents barley.
Saobien, from Vietnam, is an echinoderm invertebrate, typically star-shaped.
Tianma, from China, represents a flying horse in Chinese legend.
The United Nations Economic & Social Commission for Asia & the Pacific/World Meteorological Organization Typhoon Committee endorsed the names at the committee’s 57th session. They will replace the names of Doksuri, Saola and Haikui.
The committee will consider retiring names of tropical cyclones which have caused serious casualties and economic losses.
Source: Hong Kong Government special administrative region
LCQ7: Identifying calls from government departments and public organisations Question:
It has been reported that telephone frauds have occurred frequently in Hong Kong in recent years and to avoid being defrauded, quite a number of members of the public prefer not answering calls from non-traditional telephone numbers with prefixes of “3” or “5”, etc, telephone numbers not found in their phone contacts and without caller numbers. However, there are views pointing out that such calls may also include those from government departments and public organisations, such as public hospitals, the Police and Immigration Department, etc, and refusal to answer these calls may result in wastage and ineffective use of some public resources as well as affect the use of public services by members of the public. In this connection, will the Government inform this Council:
(1) of the major prefixes of existing fixed-line telephone numbers of government departments, public organisations and public hospitals, and the respective percentages of telephone numbers with the relevant prefixes;
(2) whether it has examined the actual situation of the effect of frequent occurrence of telephone fraud on the contact made by various government departments and public organisations with members of the public by phone, including the telephone number prefixes which were most affected, the five government departments and public organisations which were most affected, and the estimated number of members of the public who have not been successfully contacted;
(3) regarding the failure of staff of government departments and public organisations to effectively contact members of the public by their office fixed-line telephones, whether follow-up mechanism and guidelines have currently been put in place, including the circumstances under which the responsible personnel are allowed to follow up using their private mobile phones; if so, of the details; if not, the reasons for that, and whether it will formulate the relevant mechanism and guidelines in the future; and
(4) whether consideration will be given to reorganise and centralise the allocation of telephone numbers of government departments and public organisations with specified prefixes, so as to facilitate identification by members of the public and reduce the chance of refusal to answer calls?
Reply:
President,
The Office of the Communications Authority (OFCA) has been devising and implementing a series of preventive measures from the perspective of telecommunications services to assist the Hong Kong Police Force (Police) in combating phone deception at the source. In response to the question raised by the Hon Duncan Chiu, having consulted OFCA and the Innovation, Technology and Industry Bureau, our consolidated reply is as follows:
Government departments and public organisations will enter into commercial service contracts with telecommunications service providers respectively based on their own operational needs for suitable telephone services and obtain office phone numbers. In addition, OFCA has established a mechanism to provide designated telephone numbers for government departments or public organisations in need of hotline numbers or communication with the public. Examples include the Government’s one-stop service hotline 1823, the Police’s Anti-Deception Coordination Centre hotline 18222, the Customs and Excise Department’s reporting hotline 1828080, the Immigration Department’s service hotline 1868, and the Home Affairs Department’s “Care Team” inquiry number 182111. The operational arrangements for these phone numbers and actual interface with the public will be determined by the respective government departments and public organisations in accordance with their mode of operation, service nature and needs for communicating with the public. OFCA does not centrally collect or maintain related data or information.
Currently, government departments and public organisations involve hundreds of thousands of telephone numbers and users, with varying nature and requirements for phone services when communicating with the public. If all government departments and public organisations needed to restructure and be uniformly allocated with telephone numbers of designated prefixes, and massively revamp the existing telephone systems as well as hotline/office phone numbers, the whole process would be complex and time-consuming. In particular, there would be a need to put in place transitional arrangements, and all users should be informed of the updated phone numbers. It could instead cause confusion and inconvenience to the public during such a period. Therefore, the suggestion to uniformly allocate telephone numbers with designated prefixes for all government departments and public organisations may not be the most effective way to prevent phone deception. In fact, the tactics of phone deception are ever-changing. Criminals may use other means to impersonate government calls. In this connection, OFCA will continue to work with the telecommunications industry and the Police to mitigate the risk of phone deception on various fronts, including requiring telecommunications service operators to block/suspend suspected fraudulent phone numbers and websites, intercept suspicious calls starting with “+852”, send voice alerts or text messages to all mobile users for overseas calls prefixed with “+852”, and play voice alerts for newly activated prepaid SIM cards, so as to assist the public in guarding against suspicious calls and messages.
To enhance the regulation and security of mobile device usage by government staff members and to effectively mitigate the risk of leaking sensitive government information, the Digital Policy Office has issued the “Practice Guide for Mobile Security” (Guide). Among others, the Guide requires government bureaux and departments, when considering the adoption of mobile devices in their operations, should first assess their needs for mobile devices and evaluate how mobile solutions can support their business operations. In addition, government bureaux and departments should establish a mobile security policy (including specifying the scope of mobile device use, business needs and security requirements) and formulate appropriate procedures to manage the use of such devices.
For privately owned mobile devices, the Guide specifies that, considering the associated security risks and the risk of data leakage caused by device loss, government bureaux and departments should not use privately owned mobile devices for official business in the absence of appropriate protective measures. Issued at HKT 12:30
Source: Hong Kong Government special administrative region
SFST urges Toronto companies to re-domicile He visited two Canada-based insurance companies that have extended their business to Hong Kong. Mr Hui met separately with the President and Chief Executive Officer, Mr Phil Witherington, and the Chief Financial Officer, Mr Colin Simpson, of Manulife; as well as the Executive Vice-President and Chief Financial Officer, Mr Tim Deacon, and the Executive Vice-President and Chief Strategy and Enablement Officer, Ms Linda Doughety, of SunLife. He introduced them to the newly enacted legislation on re-domiciliation of companies, encouraging them to consider re-domiciling their companies to Hong Kong to enjoy the relevant legal and taxation convenience, as well as to lower their compliance costs for satisfying two sets of regulatory requirements. He also mentioned that on the very first day the company re-domiciliation regime came into effect last Friday, an international insurance group immediately announced its plan to re-domicile its company to Hong Kong. This news was the best testament to the regime’s effectiveness in enhancing companies’ operational efficiency, thereby consolidating Hong Kong’s position as a leading international financial centre.
Under the new regime, non-Hong Kong-incorporated companies may apply to re-domicile to Hong Kong if they fulfil requirements concerning company background, integrity, member and creditor protection, solvency, etc, while maintaining their legal identity as a body corporate to ensure business continuity. If the company’s actual similar profits are also taxed in Hong Kong after re-domiciliation, the Government will provide the company with unilateral tax credits to eliminate double taxation.
Mr Hui pointed out that Hong Kong has a strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers. There are vast opportunities for insurance companies in Hong Kong.
At noon, Mr Hui attended a business luncheon organised by the Hong Kong Economic and Trade Office (Toronto), Invest Hong Kong (Canada) and the National Club. He gave a presentation themed “Hong Kong as an anchor of stability amid the changing world” to showcase to the attending financial leaders the stellar figures recorded in the financial market, and banking and monetary markets. He also talked about the Government’s efforts in aligning with international standards and boosting the development of green and sustainable finance and the virtual asset market. He said that, with its competitive advantages and proactive measures, as well as the stability and predictability of its financial market, Hong Kong has been earning the confidence of global investors. Mr Hui also had a fireside chat with the President of the National Club, Mr Arnie Guha, and answered questions from the floor. The luncheon was well received. Participants were attracted by the various new developments in Hong Kong’s financial markets introduced by Mr Hui.
In the afternoon, Mr Hui met with the Chief Executive Officer of the Ontario Securities Commission (OSC), Mr Grant Vingoe, and OSC representatives. The Securities and Futures Commission of Hong Kong entered into a Memorandum of Understanding with the OSC in mid-May to include Ontario of Canada in its list of acceptable inspection regimes for strengthening the regulatory collaboration and exchange of information between the two regulators. Both Mr Hui and Mr Vingoe agreed that in today’s shifting global landscape, collaboration with trusted allies would ensure capital markets remain robust and resilient.
In the evening, Mr Hui had a dinner meeting with the President of the Hong Kong-Canada Business Association (HKCBA) (Toronto Chapter), Mr Joseph Chaung, and board members to brief them on the latest developments and future direction of Hong Kong’s financial market. The HKCBA has members in eight Canadian cities to foster bilateral trade.
Mr Hui also paid a courtesy call to the Consul-General of the People’s Republic of China in Toronto, Mr Luo Weidong. Both expressed their anticipation that Hong Kong, with the support of the nation and its solid foundation and forward-looking measures in financial areas, will engage in more co-operation with Canada.
On May 28 (Toronto Time), Mr Hui will travel to Ottawa to meet with government financial officials. Issued at HKT 12:26
Source: Hong Kong Government special administrative region
Acting SFST’s speech at HKVCA Greater China Private Equity Summit 2025 (English only) Rebecca (Co-Founder and Managing Director of Asia Alternatives, Ms Rebecca Xu), Conrad (Founder and Chairman of Strategic Year Holdings, Mr Conrad Tsang), distinguished guests, ladies and gentlemen,
Good morning. It is my great pleasure to join you at the HKVCA’s flagship event – the Greater China Private Equity Summit – a global gathering of professionals and industry leaders of the private equity and venture capital sector.
Today, the global economy is confronted by geopolitical tensions and economic fragmentation, and threatened by the rise of unilateralism and protectionism. Against this backdrop, it is all the more necessary to have a stable and predictable “super connector” with an overall conducive business environment.
This is exactly what Hong Kong stands to provide. Earlier this year, the International Monetary Fund has reaffirmed Hong Kong’s position as an international financial centre and recognised Hong Kong’s resilient financial system, as supported by robust institutional frameworks, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System. Indeed, Hong Kong ranked third in the world and first in Asia in the latest Global Financial Centers Index, whilst topping its “investment management” and “finance” matrix globally.
China connectivity
One unique advantage of Hong Kong is our preferential access to the Mainland China market. Last year (2024) marked the 10th anniversary of the mutual market access programmes between the Mainland and Hong Kong financial markets. Various mutual access programmes have been introduced one after another and have thrived over the past few years. The Connect Schemes allow international investors to conveniently invest in the Mainland China market through Hong Kong. At the same time, they enable Mainland investors to diversify their asset allocation through Hong Kong, facilitating the two-way flow of capital between the Mainland market and international markets, as well as the internationalisation of the Renminbi.
The content and scope of mutual access have continued to deepen and expand, now encompassing a wide range of offerings, including stocks, bonds, exchange-traded funds, derivatives for risk management, and more. Real estate investment trusts will also soon be included in the Connect Schemes.
Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is fast emerging as a young and massive consumer market that is increasingly affluent, and has a growing demand for quality financial products and services, and a need for diversified asset allocation. Home to 87 million people with a GDP (Gross Domestic Product) per capita of US$40,000 on a purchasing power parity basis, the GBA presents immense potential in driving the synergistic development of Hong Kong and other GBA cities.
Tapping into the potential of this market, the GBA Cross-boundary Wealth Management Connect (WMC) was launched in 2021 and enhanced in February last year. The WMC provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diversified wealth management products. As of the end of April this year, about 154 000 individual investors in the GBA participated in the WMC, and cross-boundary fund remittances totalled close to RMB112 billion.
Another recent case of our continued endeavour to deepen the mutual access and strengthen financial market development is the enhancements to the Mainland-Hong Kong Mutual Recognition of Funds (MRF) arrangement in January this year. By relaxing sales restrictions and allowing Hong Kong funds to delegate investment management functions overseas, the measures significantly increased the diversity of fund products, enhanced the scale of funds, and brought a positive effect to the distribution of MRF funds.
Asset and wealth management hub
With the your staunch support, we are solidifying Hong Kong’s role as an international asset and wealth management centre. As at the end of 2023, the assets under management (AUM) of the Hong Kong’s asset and wealth management business reached about US$4 trillion, registering a growth of about 30 per cent over five years, and 64 per cent of the capital was sourced from non-Hong Kong investors, underscoring our city’s role as a trusted gateway for global capital seeking access to opportunities across Asia and beyond. Our leadership is further evidenced by our standing as Asia’s largest hedge fund hub and Asia’s largest cross-border wealth management centre.
As of the end of April this year, there were 1 125 limited partnership funds registered in Hong Kong, representing a growth of over 30 per cent on a year-on-year basis. According to an industry report, as of the end of first quarter this year, the AUM of Hong Kong’s private equity business amounted to about US$230 billion, ranked second in Asia, just trailing the Mainland China market.
To drive development on this front, we are welcoming alternative asset funds to list in Hong Kong. The Securities and Futures Commission has recently issued a circular to clarify the regulatory requirements for authorising closed-ended funds that invest mainly in private and less liquid assets, thereby encouraging sizeable alternative asset funds, including those investing in private equity, private credit, and infrastructure equity or debt, to list in Hong Kong.
I am sure this is a move welcomed by the industry, with benefits to investors that are multifold. On one hand, investors have broadened investment choices for diversification. On the other hand, investors may tap into opportunities previously only available to institutional and professional investors. Those with a long-term investment horizon may potentially achieve higher returns and a more stable valuation.
Another welcome move, I believe, is our proposal to enhance the tax incentives for funds, single family offices and carried interest. These proposals aim to expand the scope of qualifying funds to include vehicles such as pension and endowment funds, while also increasing the range of eligible asset classes for tax concessions including emerging instruments like carbon credits, emission derivatives, insurance-linked securities, private credit investments, and virtual assets. In addition, we plan to enhance the tax concession arrangement on the distribution of carried interest by private equity funds by removing the existing HKMA (The Hong Kong Monetary Authority)’s certification requirement and eliminating the reference to a hurdle rate. We have completed the industry consultation and we are now formulating the relevant enhancement measures with financial regulators based on the feedback received. We target to work out the details of the proposals this year and submit the legislative proposals to the Legislative Council for consideration next year. If approved, the relevant measures will take effect from the year of assessment 2025/26, which begins on April 1 this year.
Another focus area of ours is the family office sector. The growth of family offices has been particularly noteworthy, with over 2 700 single family offices operating in Hong Kong as of the end of 2023. More than half of them are managing portfolios exceeding US$50 million, and in particular, over 30 percent are managing portfolios over US$100 million, reflecting Hong Kong’s appeal to ultra-high-net-worth individuals (UHNWIs) and institutional investors alike. Backing this claim is a market report last year that ranked Hong Kong first in Asia and second in the world in terms of the population size of UHNWIs in 2023 among global cities. This is a testament to our city’s potential and capacity to attract and nurture wealth, further solidifying our position as a global wealth management and family office hub.
Targeting this segment with promising growth potential, we have been implementing a series of policy measures to support the development of the family office business after we issued the Policy Statement on Developing Family Office Businesses in Hong Kong in 2023. Among others, we are fostering collaboration, networking and knowledge sharing across the family offices from around the world via the Hong Kong Academy for Wealth Legacy for the current and next generation of wealth owners.
We also launched the New Capital Investment Entrant Scheme in March 2024 where Limited Partnership Funds are included as Permissible Investment Assets. As of the end of April this year, 1 257 applications have been received, potentially bringing in an investment amount of over HK$37 billion to Hong Kong.
Closing
Ladies, and gentlemen, Hong Kong is well-positioned to maintain and enhance its status as a leading international financial centre, notable for our certainty, transparency, and predictability. Our ongoing efforts to establish new ties, attract new capital and foster innovation will ensure our continued strength as a “super connector” in an ever-changing world.
As we continue to bridge global investors with opportunities in the international and Mainland markets, we look to the HKVCA and other professionals alike to foster industry development through leveraging on our distinct advantages.
On this note, I would like to thank the HKVCA again for hosting today’s event and your continued contribution to the industry. I wish you all an enjoyable and rewarding summit today. Thank you. Issued at HKT 12:00
Source: Hong Kong Government special administrative region
No. 3 alarm fire in Tin Shui Wai (2) Two persons felt unwell and were sent to Tuen Mun Hospital and Tin Shui Wai Hospital for treatment respectively. Issued at HKT 11:35
Source: Hong Kong Government special administrative region
EDB announces arrangements for fifth round of Basic Law and National Security Law Test in 2024/25 school year The target participants for the fifth round of the test are persons with a bachelor’s degree or those who will attain a bachelor’s degree in the 2024/25 or 2025/26 academic year and are planning to join or change to another secondary school, primary school or kindergarten to take up a teaching post. Applications can be made through the EDB’s online application system (www.edb.gov.hk/en/blnst Issued at HKT 11:32
Source: Hong Kong Government special administrative region
New names introduced for tropical cyclones in 2025
Name According to convention, the Typhoon Committee will consider retiring the name of a tropical cyclone which has caused serious casualties and economic losses. Super Typhoon Doksuri hit the Philippines in late July 2023, causing at least 25 deaths. Over 2.45 million people were affected and the economic loss exceeded PHP5.4 billion. During its passage in China, around 2.95 million people were affected and the economic loss exceeded RMB14.7 billion. Super Typhoon Saola brought torrential rain and squalls to the northern part of the Philippines in late August 2023, causing at least two deaths. More than 1.16 million people were affected and the economic loss exceeded PHP2.4 billion. Severe Typhoon Haikui hit China in early September 2023, affecting more than 1.59 million people and resulting in economic loss exceeding RMB5 billion.