Month: June 2025

Speech by CE at HKEX 25th Anniversary Celebrations (English only) (with video) 
Distinguished guests, ladies and gentlemen,
 
I’m delighted to speak to you in celebrating the 25th anniversary of HKEX.
 
What a grand day this is for HKEX, the fast-beating heart of the financial community that has been instrumental in powering Hong Kong’s rise these past 25 years. With the resounding support of our country, our financial community, which also includes our world-class regulators and the financial and professional services sector, helps to cement Hong Kong’s place as one of the world’s top three international financial centres.
 
For HKEX – for all of us – it’s been a remarkable journey. Since HKEX’s listing in 2000, Hong Kong has emerged as a premier global listings destination, with the number of listed companies here rising from 790 to more than 2 600 today.
 
A few more telling numbers. Over the past quarter of a century, our total market capitalisation has soared six times, while the average daily turnover has increased nine times.
 
Over the years, Hong Kong has become known, worldwide, as a preferred destination for a great many large and high-profile initial public offerings (IPOs).
 
This year has been particularly rewarding. Last month, we welcomed the largest global IPO of the year to date. And Hong Kong leads the world in IPO fundraising, with 29 listings and raising nearly US$10 billion in the first five months of the year. That, ladies and gentlemen, is a seven-time growth, year-on-year.
 
That remarkable surge in IPOs and market turnover also manifests strong global confidence in our financial ecosystem. 
 
HKEX plays a crucial role, too, in facilitating Hong Kong’s rise as a “super connector” and “super value-adder” between our country and the world at large. This past year, it added Abu Dhabi and Dubai to its list of recognised stock exchanges, which now total 20.
 
And then there’s the mutual access programmes linking up the markets between Hong Kong and the Mainland, from the expansion of eligible ETFs (exchange-traded funds) under Stock Connect, and the enhancement of mutual recognition of funds arrangement, to the improvement measures for Bond Connect trading, and the recent announcement of plans to expand products under Swap Connect. 
 
Together, these initiatives have realised deeper, more interconnected financial ties between the Mainland and Hong Kong markets.
 
Despite today’s global challenges, and the economic chaos they’re creating, the Hong Kong SAR (Special Administrative Region) Government is resolutely committed to working with HKEX and our regulators to boost market liquidity.
 
I am grateful to HKEX for its unwavering support of the Government’s policy priorities. In the past year, HKEX has adopted a variety of initiatives, including enhancing the specialist technology listing regime, narrowing the trading spread and launching its technology enterprises channel.
 
Those measures also include maintaining trading under severe weather conditions. That enables investors to manage their portfolios and minimise market risks.
 
Earlier this year, I am pleased to note, the London Metal Exchange, a wholly-owned subsidiary of HKEX, added Hong Kong as an approved delivery point in its global warehousing network. 
 
The approval of seven new warehouses here in just a few months is a clear and compelling statement of Hong Kong’s status as an international financial, shipping and trade centre. It will go a long way to supporting our building of a vibrant commodity trading ecosystem in Hong Kong, and attracting more companies to establish a presence here.
 
Once again, my heartfelt congratulations to HKEX on your silver jubilee – a quarter of a century of outstanding service. Working together, I’m confident we will ensure Hong Kong’s continuing success as one of the world’s surpassing financial centres.
 
Thank you.
Issued at HKT 17:45

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Composite Interest Rate: End of May 2025 
The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 41 basis points to 1.61 per cent at the end of May 2025, from 2.02 per cent at the end of April 2025 (see Chart 1 in the Annex). The decrease in composite interest rate reflected the decreases in the weighted funding cost for deposits and interbank funds during the month (see Chart 2 in the Annex) (Note 2).
 
The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of May 2025 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hkIssued at HKT 17:30

Statistics of payment cards issued in Hong Kong for first quarter 2025 
The payment card statistics (see Annex) include quarterly data on credit and debit cards issued in Hong Kong under the credit and/or debit card schemes of the eight payment card scheme operators (Note 1). The HKMA began to publish the payment card statistics on a quarterly basis in June 2010 to enhance transparency of the payment card industry in Hong Kong, in line with international practice.
 
According to the quarterly statistics, the total number of credit cards in circulation (Note 2) was 21.88 million by the end of Q1/2025. The figure represents a 4.5 per cent increase from the previous quarter and a 9.5 per cent increase from the previous year. The number and value of credit card transactions (including retail sales and cash advances) (Note 3) are susceptible to seasonal factors and the general economic environment, making the trends more prone to fluctuation. The total number of credit card transactions was 332.44 million for Q1/2025, representing a 2.0 per cent decrease from the previous quarter and a 10.0 per cent increase from the same period in 2024. The total value of credit card transactions was HK$274.1 billion for Q1/2025, representing a 1.0 per cent increase from the previous quarter and a 8.4 per cent increase from the same period in 2024. Of the total transaction value, HK$186.1 billion (67.9 per cent) was related to retail spending in Hong Kong, HK$79.0 billion (28.8 per cent) in retail spending overseas and HK$9.0 billion (3.3 per cent) in cash advances.
 
The total number of debit cards in circulation is not available due to overlapping of debit card brands in a single card. Like the number and value of credit card transactions, the number and value of debit card transactions in relation to retail sales and bills payments (Note 4) are also affected by seasonal factors. On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments decreased by 1.8 per cent to 54.48 million while the total value increased by 1.1 per cent to HK$73.8 billion in Q1/2025. When compared to the same period in 2024, the total number increased by 12.8 per cent and the total value dropped by 2.0 per cent in Q1/2025.Issued at HKT 17:30

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Statistics of Stored Value Facilities Schemes issued by SVF Licensees 
As compared with the end of Q1/2024, the total number of SVF accounts in use at the end of Q1/2025 was up by 9.9 per cent, and the total float and SVF deposit was up by 11.6 per cent. The total number and value of SVF transactions during Q1/2025 were up by 5.4 per cent and 43.3 per cent respectively year-on-year. 
Note 2: “Total number of SVF accounts in use” refers to the total number of SVF accounts that can be used as at the end of the reporting period. Issued at HKT 17:30

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Hong Kong Customs arrests male owner of wedding decoration company suspected of engaging in unfair trade practices in sale of servicesIssued at HKT 17:15

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Man convicted and jailed for engaging in illicit cigarette distribution activities (with photo)Issued at HKT 17:00

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Government appoints HKEX Risk Management Committee members 
     “Ms Kwok and Mr Sun are experienced professionals with profound knowledge in the financial services sector. We believe that they will continue to provide insightful advice to the RMC and contribute to formulating appropriate risk management policies for the HKEX,” the spokesman said.
 
     The RMC was established in March 2000 with the role of formulating policies on risk management matters relating to the activities of the HKEX and its subsidiaries for submission to the Board of the HKEX for consideration.
 
     The RMC is chaired by the Chairman of the HKEX, Mr Carlson Tong Ka-shing. Other serving members are Mrs Susan Chow Woo Mo-fong, Mr Hugo Leung Pak-hon, the Executive Director (Supervision of Markets) of the Securities and Futures Commission, the Executive Director (Monetary Management) of the Hong Kong Monetary Authority, and the Chairman of the Hong Kong Interbank Clearing Limited.
Issued at HKT 17:00

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Employment and vacancies statistics for March 2025 
Employment statistics
 
In March 2025, the selected industries as a whole employed 2 714 400 persons. The import and export trade engaged 349 800 persons, followed by professional and business services (excluding cleaning and similar services) engaging 314 000 persons, financing and insurance 232 700 persons, retail trade 230 800 persons, and food and beverage services 218 900 persons.
 
Movements in the employment in different surveyed industries varied when compared with a year earlier. Increases were mainly observed in the industries of accommodation services (4.0% or 1 500 persons), human health services (3.9% or 6 000 persons), and real estate (3.7% or 5 100 persons). On the other hand, employment decreased mainly in the industries of retail trade (-4.6% or -11 100 persons), wholesale (-3.4% or -1 700 persons), information and communications (-3.3% or -3 600 persons), and food and beverage services (-2.8% or -6 300 persons). Employment figures for selected major industries are shown in Table 1.
 
Vacancies statistics
 
Among the 55 170 private sector vacancies in March 2025, 5 660 were from the industry of education, 5 050 from professional and business services (excluding cleaning and similar services), 4 950 from residential care and social work services, 4 860 from food and beverage services, and 4 660 from financing and insurance.
 
Vacancies decreased in all the selected industries in March 2025 over a year earlier. Decreases were more notable in the industries of transportation, storage, postal and courier services (-5 080 or -58%), human health services (-2 760 or -43%), professional and business services (excluding cleaning and similar services) (-1 670 or -25%), education (-1 660 or -23%), and arts, entertainment, recreation and other services (-1 550 or -31%). Job vacancies figures for selected major industries are shown in Table 2.
 
Analysed by major occupation category, private sector vacancies were observed mainly in the categories of service and sales workers (20 200 vacancies), professionals (10 120 vacancies), and associate professionals (8 390 vacancies). Job vacancies figures by major occupation category are shown in Table 3.
 
Seasonally adjusted statistics
 
For discerning the latest trend in employment and vacancies in the private sector, it is useful to look at changes over a three-month period in the respective seasonally adjusted figures. Compared with December 2024, the seasonally adjusted total employment and total vacancies in the surveyed industries increased by less than 0.05% and decreased by 7.3% respectively in March 2025. The changes over three-month periods in the seasonally adjusted series of employment and vacancies are shown in Table 4.
 
Other information
 
The above employment and vacancies statistics were obtained from the Quarterly Survey of Employment and Vacancies and the Quarterly Employment Survey of Construction Sites conducted by the C&SD. In the former survey, some economic activities (e.g. those dominated by self-employment, including taxi operators and hawkers) are not covered. Therefore, the respective employment and vacancies figures relate only to those selected industries included in the survey. In the latter survey on construction sites, employment and vacancies figures relate to manual workers only.
 
A detailed breakdown of the above statistics is published in the following reports:
“Quarterly Report of Employment and Vacancies Statistics, March 2025”
(www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050003&scode=452″Quarterly Report of Employment and Vacancies at Construction Sites, March 2025″
(www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050004&scode=452 
Users can browse and download these publications at the website of the C&SD.
 
Enquiries on more detailed employment and vacancies statistics can be directed to the Employment Statistics Section of the C&SD (Tel: 2582 5076 or email: employment@censtatd.gov.hkIssued at HKT 16:30