Speech by FS at AI Global Talents Connect (English only)

Source: Hong Kong Government special administrative region – 4

Following is the speech by the Financial Secretary, Mr Paul Chan, at AI Global Talents Connect today (August 26):
 
Clara (Chief Executive Officer of the Hong Kong Investment Corporation, Ms Clara Chan), Professor Huang (Chairman, Beijing Academy of Artificial Intelligence, Professor Huang Tiejun), Dr Wang (Director, Beijing Academy of Artificial Intelligence, Dr Wang Zhongyuan), distinguished guests and students, ladies and gentlemen,
 
Good morning, and welcome to Hong Kong. It is a pleasure to join you today for the inaugural AI Global Talents Connect, hosted by the Hong Kong Investment Corporation Limited (HKIC) and the Beijing Academy of Artificial Intelligence (BAAI). This landmark occasion brings together some of the world’s most brilliant minds in artificial intelligence – researchers, innovators, entrepreneurs and thought leaders. 
 
AI is fundamentally reshaping industries, economies and societies, and ultimately, the global economy’s competitive landscape. Its impact is both far-reaching and accelerating. Unlike many other technologies, where breakthroughs may take years, advances in AI often unfold within months. And its rapid progress has transformative promise across every sector. At the same time, it presents complex challenges around ethics, governance and responsibility for the society. For example, how can we prevent algorithm bias? How can we address concerns about job displacement? How can we ensure the safe and responsible development of AI, and that the red lines are not crossed? They demand collective wisdom and global co-operation.
 
Given the geopolitical landscape, technological fragmentation is intensifying. Nevertheless, no single country or region can – or should – dominate technological innovation. More breakthroughs will emerge from open dialogue, knowledge exchange and cross-border collaboration among scientists, innovators, engineers, entrepreneurs and businesses.
 
In this context, building an open, collaborative and inclusive community for AI is vital. Not only is it the key to advancing science and technology, it is also essential to attracting and retaining global talent, which is the driving force behind every innovation.  
 
Here in Hong Kong, we are fully committed to that vision. We have prioritised AI as a core industry for future development, a key enabler to upgrading our traditional industries and sectors. And we are leveraging our unique strengths across multiple dimensions.
 
First, in technology. Hong Kong is home to some of the world’s top academic institutions. We take pride that three of our universities rank among the global top 20 in artificial intelligence and data science. These institutions are producing cutting-edge research and nurturing next-generation talent.
 
We have also been making significant, long-term investments in industry research and development. That includes the Hong Kong Artificial Intelligence Research and Development Institute, which we aim to establish next year. It will put emphasis on translating research into real-world applications, in areas such as healthcare, finance, logistics, education, and more.
 
Second, access to capital. As Asia’s premier international financial centre, Hong Kong provides tech start-ups and companies at various stages with a full spectrum of funding options, from angel and venture capital to private equity, patient capital and IPOs (initial public offerings). By connecting global capital with promising and mature projects, we will create a dynamic environment where great concepts and ideas can scale and thrive. 
 
Third, data advantage. Under our “one country, two systems” framework, Hong Kong guarantees the free flow of information and data. At the same time, we will introduce mechanisms for cross-boundary flow of data from the Chinese Mainland to Hong Kong for research and development purposes, under clear safeguards and robust data-security protocols. This will enable Hong Kong to serve as a unique convergence point of Mainland and international data, and a testing field for different applications. These are valuable assets in the age of AI.
   
Fourth, and most important, talent. Hong Kong’s international and cosmopolitan culture, high quality of living, simple and low tax regime, and world-class education system make it an attractive destination for global talent.
 
But to ensure an abundant influx of AI talent, we want to raise our visibility and global standing in AI. That’s why, in this year’s Budget, I proposed the organisation of a young scientist forum on AI. I am delighted to see it come to life today, thanks to the joint efforts of the HKIC and the BAAI. 
 
This forum is underpinned by two fundamental elements: openness and cross-disciplinary collaboration. It welcomes scientists, policymakers, investors and entrepreneurs from across geographies, whether they come from the Mainland, Asia, North America, Europe, or beyond. We believe this platform will catalyse intellectual exchanges, spark new ideas, and foster more partnerships in the AI space.
 
I’m pleased to note a further milestone: the Qingyuan Club, one of the BAAI’s most important interdisciplinary initiatives, is being brought to Hong Kong with the support of the HKIC. 
 
The Beijing Qingyuan Club has gathered many of China’s top AI scientists, including leading contributors in large language models and embodied intelligence. The establishment of the Hong Kong Qingyuan Club marks another step forward in our ambition to become a global AI hub.
 
I very much hope that the Club will contribute to Hong Kong’s AI ecosystem in three key areas.
 
First, pioneering frontier technologies. This, of course, includes engaging in more cutting-edge AI research and applications. This will entail more partnerships with academic institutions, investors, start-ups and tech firms so that we build a more vibrant and robust AI ecosystem together.
 
Second, contributing to global exchanges on AI. Technologies and applications aside, it would also be important to participate in the global dialogue about the future of AI, in particular its safe and responsible development.
 
Third, nurturing talent. Leverage your networks to attract, connect and cultivate AI talent, especially young innovators who will shape the future of the industry. 
 
Ladies and gentlemen, I look forward to the discussions, collaborations and partnerships that will emerge from today’s global gathering. Let us work together to build a future where AI transforms societies for the better, and where Hong Kong plays a pivotal role in that journey.
 
Thank you very much.

Speech by SJ at Hong Kong Bar Association – World Justice Project Conference “Absence of Corruption – A Key Requirement for the Rule of Law”

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the Hong Kong Bar Association and World Justice Project Conference “Absence of Corruption – A Key Requirement for the Rule of Law” today (August 26):
 
Dr Plipat (Asia Pacific Regional Director of the World Justice Project, Dr Srirak Pilpat), Mr Justice Macrae (Vice President of the Court of Appeal of the High Court, Mr Justice Andrew Macrae), Mr Maurellet, SC (Chairman of the Hong Kong Bar Association, Mr José-Antonio Maurellet), distinguished guests, ladies and gentlemen,
 
     Good morning. I am very pleased and honoured to have the chance of speaking at today’s conference co-organised by the World Justice Project (WJP) and the Hong Kong Bar Association, which is the first time the WJP organises such an event in Hong Kong. Before we hear from our eminent speakers, let me try to set the scene.
 
     The interrelationship between the rule of law and absence of corruption is universally recognised. In the United Nations Declaration of the High-level Meeting on the Rule of Law dated September 19, 2012, member states recognised the negative impact of corruption, which obstructs economic growth and development, erodes public confidence, legitimacy and transparency, and hinders the making of fair and effective laws, as well as their administration, enforcement and adjudication; at the same time, they also stressed the importance of the rule of law as an essential element in addressing and preventing corruption.
 
     Hong Kong is perhaps one of the best places to hold a conference on this important topic. Ever since 2015, Hong Kong has always been ranked within the top 10 in the factor component of “Absence of Corruption” under the WJP Rule of Law Index. This factor component takes into account three forms of corruption, namely bribery, improper influence by public or private interests, and the misappropriation of public funds or other resources. These three forms of corruption are examined with respect to government officers in the executive branch, the judiciary, the military, the police, and the legislature.
 
     Corruption was widespread and a major social problem in Hong Kong in the 1960s and early 1970s. However, in a few decades’ time, Hong Kong has become one of the least corrupt places in the world. In my view, Hong Kong’s successful transformation in such a short time can be attributed to three main factors: first, our comprehensive legal framework; second, strong and independent law enforcement agencies and judiciary; and third, a deep anti-corruption culture in society.
 
Comprehensive legal framework
 
     First, as to our anti-corruption law, even though bribery has always been a common law offence and the first Hong Kong anti-corruption statute was made back in 1898 namely, the Misdemeanors Punishment Ordinance, the most important development was undoubtedly the enactment of the Prevention of Bribery Ordinance (POBO) in 1971. POBO introduced novel offences and wide powers of investigations. For example, s.10 of POBO creates the offence of “possession of unexplained property”, which imposes upon a public office holder the burden of giving a satisfactory explanation if he maintains a standard of living above that which is commensurate with his present or past emoluments, or if he is in control of pecuniary resources or property disproportionate to his past or present emoluments.
 
    In addition to POBO, which is general in nature, there are other more specific anti-corruption statutes, such as the Elections (Corrupt and Illegal Conduct) Ordinance, which prohibits corrupt conduct and illegal conduct at elections.
 
    Apart from statutory offences, the common law offence of misconduct in public office (MIPO) is a powerful anti-corruption legal tool. In the judgment of our Court of Final Appeal (CFA) in Hong Kong Special Administrative Region (HKSAR) v Hui Rafael Junior (2017) 20 HKCFAR 264, the CFA held that this common law offence may include solicitation or acceptance of a bride. The following acts and omissions have been held to constitute the offence: failing to disclose a relationship with a company and showing preferential treatment to that company by permitting it to tender for government contracts despite lacking the requisite experience; accepting free sexual favours provided by prostitutes controlled by the owner of a nightclub; obtaining and using the personal particular of patients of a public hospital to advertise the commencement of a private medical practice. The essence of the offence is the abuse of public trust by the officer. Hence, in that case, the CFA upheld the conviction against the defendant who, in anticipation of his appointment to a senior public office, received large sums of money from others as a “general sweetener” for favourable inclination while in office.
 
     Criminal offences, whether under the common law or statutes, are supplemented by causes of action under our civil law, in particular, the law of constructive trusts, which may be used to compel corrupt public officials to disgorge illegal benefits derived from corruption. The common law principle was laid down by the Privy Council in its landmark opinion in AG for Hong Kong v Reid [1994] 1 AC 324, where it was held that bribe money received by a high-ranking government official, and the overseas property acquired thereafter by him and his wife with the bribe money, were held on constructive trust for the Hong Kong Government, and had to be given over to the Government on the ground that an employer obtains a proprietary interest in a bribe received by his employee.
 
     In addition to the general duty to obey the relevant laws, public officers are obliged to comply with relevant codes of conduct in this respect which form part and parcel of their employment contracts. For example, the Civil Service Code requires all civil servants to stay vigilant against corrupt practices, observe the highest standards of conduct and guard against possible breach of POBO and MIPO; they should ensure that no actual, perceived or potential conflict of interest will arise between their official duties and private interests; they should not use their official position to further personal interests or the private interest of others; they should not solicit or accept, directly or indirectly, any advantage of a gift which would influence, or might reasonably be seen to influence, the discharge of their duties and responsibilities. The Code for Officials under the Political Appointment System contains similar provisions; and because they will have access to highly sensitive information, they are also required to declare their investments and interests and such declarations will be made available for public inspection.
 
     Importantly, while the WJP places emphasis on absence of corruption in the public sector, the laws of Hong Kong are equally strict insofar as corruption in the private sector is concerned. Section 9 of POBO makes it an offence for a person to offer an agent, or for an agent to solicit or accept, an advantage in return for him doing an act in relation to his principal’s affairs or business. “Agent” includes any person employed by or acting for another. The Court of Appeal in HKSAR v Fung Hok Cheung [2008] 5 HKLRD 846 rejected the argument that a principal/agent relationship will only arise when a fiduciary relationship exists between those two persons; and held that the word “agent” should be given its natural and ordinary meaning not restricted by the principles of agency developed in the common law of contract. The civil remedies based on constructive trust that I have mentioned a moment ago are equally applicable to agents receiving brides in the private sector.
 
Strong and independent law enforcement agencies and judiciary
 
     Let me turn to the second key factor. No matter how comprehensive the laws are, they can only achieve their intended purposes if they can be, and are in fact, enforced effectively. While many law enforcement agencies are involved, the turning point insofar as the Hong Kong experience is concerned must be the establishment of the Independent Commission Against Corruption in 1974. Apart from being given very wide investigation and related powers, the most crucial feature is its independence. S.5(2) of the Independent Commission Against Corruption Ordinance provides expressly that “The Commissioner shall not be subject to the direction or control of any person other than the Chief Executive.”
 
     Having regard to the fact that Hong Kong is an international financial centre, it is worth mentioning that the Securities and Futures Commission, an independent statutory body set up pursuant to the Securities and Futures Commission Ordinance responsible for the regulation of Hong Kong’s securities and futures markets, has a strong focus on tackling corruption, particularly related to market manipulation and other financial misconduct.
 
     The significant contributions made by our strong and independent judiciary must, of course, not be overlooked. The judgments that I have referred to are good examples where our courts developed important jurisprudence in relevant areas of the law, and ensured that they would be fairly and properly applied.
 
Deep anti-corruption culture
 
     The third key factor, namely, a deep anti-corruption culture in society is, in my view, probably the most critical one. Many fellow citizens belonging to the older generations of Hong Kong were once victims of corruption: for example, in the old days, even hospital amahs would ask for “tips” before giving patients a glass of water. Most naturally, they would share their painful experiences with the younger generations. Today, as a result of the tremendous efforts made by the Hong Kong people collectively, Hong Kong has become one of the least corrupt places in the world. Hong Kong’s global competitiveness has risen back to the third place in the IMD World Competitiveness Ranking 2025; and most importantly for the present purpose, Hong Kong’s ranking of “Bribery and corruption do not exist” as one of the criteria under the competitiveness factor “Government Efficiency” is the fourth in the world, and the first in the Asia-Pacific region. Hong Kong people, of course, cherish and are proud of these achievements. We have zero-tolerance to corruption; and are very proactive in reporting and assisting in the investigation of suspected corruption cases. I would venture to suggest that anti-corruption has already become an integral part of the “genetic makeup” of Hong Kong people.
 
The future
 
     While there is no room for complacency, I have full confidence that Hong Kong’s fight against corruption will go from strength to strength in future. Putting aside the fact that the anti-corruption culture is already ingrained in our society, another very important reason is that the comprehensive legal framework as well as our strong and independent institutions are well preserved by the Basic Law pursuant to the fundamental and long-lasting principle of “one country, two systems”. For example, the Basic Law provides constitutional guarantees that the common law system shall continue; the judiciary shall have independent judicial power including that of final adjudication; and the Commission against Corruption shall function independently and be accountable to the Chief Executive.
 
International co-operation
 
     Lastly, let me turn to international co-operation, it is essential in the fight against corruption. The United Nations (UN) Convention Against Corruption is applicable to Hong Kong; and Hong Kong is an active member of relevant international organisations such as the United Nations Office on Drugs and Crime. In the past decade, the Department of Justice has processed over 2 800 mutual legal assistance requests and more than 40 surrender cases that concern offences covered by the UN Convention.
 
     Another important aspect of international co-operation is capacity building and experience sharing. International independent non-government organisations such as the WPJ clearly play an important role in this respect. Today’s conference serves as a prime example and an excellent starting point in our collaboration with WJP in this respect, and I therefore look forward to more collaborations between the WJP and Hong Kong in future. On this note, I wish you all a very constructive and enjoyable conference. Thank you.

New Chinese-style dance drama “Azure After the Rain” to fly high at Chinese Culture Festival with elegance of Song poetry in September (with photos)

Source: Hong Kong Government special administrative region – 4

     The Chinese Culture Festival (CCF) 2025, organised by the Leisure and Cultural Services Department (LCSD), will present the new Chinese-style dance drama “Azure After the Rain” by the Shanghai Dance Theatre in September. As a Shanghai-style work that preserves traditions while embracing innovation, the production reinterprets the unparalleled literary talent and tumultuous life of the famous Song dynasty poetess Li Qingzhao, as well as the artistic elegance of the Song dynasty from contemporary perspectives and art forms. The performances resonate with today’s audiences, allowing them to experience the profound richness and unique allure of fine traditional Chinese culture. This is one of the programmes of the Chinese Performing Arts Hong Kong Season Series.
 
     “Azure After the Rain” unfolds through 15 titles of “cipai” (classical poetic song tunes), weaving Li’s life journey with dance interpretations of her iconic verses. It begins with Li’s early literary fame captured in “Struggling to get out, struggling to get out, I startled a whole sandbar of egrets into flight”, then depicts her love at first sight with her first husband Zhao Mingcheng during the Lantern Festival. The upheaval of the Catastrophe of Jingkang ignites Li’s patriotic defiance with “In life be a hero among men, in death be a champion among ghosts”, while mournful widowhood finds expression in “Searching, hunting, seeking, looking, so chilly and yet so clear, distressed, dismal, and forlorn”. After remarrying the deceitful Zhang Ruzhou during the southern migration, her betrayed heart inspired “The objects are right, the people wrong, everything is over now! About to speak, tears first flow”. The finale transcends personal sorrow as she gazes upon war-torn lands, expressing “Take my blood-stained tears to those hills and rivers, and sprinkle them on a clod of East Mountain soil”. Li resolved to compile and critique the “Catalogue of Inscriptions on Metal and Stone”, and to continue the Chinese literary legacy.
 
     The creative team of the production has chosen Ru porcelain as the key motif embodying Li’s life journey, as the cracks that emerge during the firing process – from smooth glaze into a web of intricate fissures – mirror the trajectory of her life. The shift in her poetic style, from lyrical tenderness to bold intensity following the Song dynasty’s migration to the south of the Yangtze River, is also reflected in the choreography of the dance drama. By blending the cadence of classical dance with modern dance’s innovative expressiveness, the production conveys the literary essence and patriotic sentiments embedded in Li’s verses, while showcasing the cultural aesthetics of the Song dynasty, intangible heritage and folk traditions. For instance: the duet between Li and Zhao upon their first encounter ingeniously incorporates the classical dance technique “xiaowuhua” (a fluttering hand movement), to convey the timid yet profound connection. Meanwhile, the “rolling lantern dance” segment integrates performance elements of rolling lantern (gundeng) traditions from across China, revitalising the cultural vitality of this intangible heritage.
 
     This dance drama, embodying the refined elegance of Shanghai-style culture, draws inspiration from the aesthetic essence of the Song dynasty. Its stage design is minimalist yet sophisticated, emphasising the artistic use of negative space. Through set pieces such as moon gates, lattice windows, chairs and tables, scholar’s desks, inkstones, brushes, Ru porcelain, incense burners, tea sets and chessboards, it sketches an elegant tableau of Song-era living aesthetics. As Li spent the latter half of her life in Jiangnan (south of the Yangtze River), the work incorporates the region’s garden architecture, structural motifs and folk customs. Many props are meticulously sourced from classical paintings and historical texts using 3D printing technology, bridging modern technology with fine Chinese traditional culture to revitalise its legacy.
 
     In terms of stage choreography, the production seamlessly blends dancers’ movements with dynamic colourful interplay, and extensively employs traditional Chinese hues. For instance, the serene celadon (azure after the rain) tone of Ru porcelain serves as the dominant tone for Li, while her introspective solos adopt cooler shades. Bustling market and court scenes burst with vibrant colours, and the Lantern Festival sequence dazzles with vine-yellow (tenghuang) and flower-blue (huaqing) tones to evoke festive exuberance. For music, the ethereal melodies of Song-era tunes intertwine with the rhythmic textures of Jiangnan silk-and-bamboo music, subtly infused with Western elements, creating a multidimensional homage to the charms of the Song dynasty and Jiangnan.
 
     The creative team boasts an all-star lineup: Shanghai Dance Theatre’s director Wang Yan serves as producer and artistic supervisor, joined by acclaimed choreographers Zhang Disha and Liu Xiaohe as chief directors, with renowned playwright Yu Rongjun, composer Guo Haowei, set designer Hu Yanjun, and more, which is a collaboration of industry luminaries and emerging talent. The production stars the troupe’s chief dancer Zhou Xiaohui, and chief dancer with honour and glory Wang Jiajun, portraying Li Qingzhao and Zhao Mingcheng, respectively. Since its premiere as the opening programme of the 23rd China Shanghai International Arts Festival in October last year, the production has garnered acclaim and was selected as a 2024 China National Arts Fund support project. 
 
     Since its establishment in 1979, the Shanghai Dance Theatre has produced numerous artistic masterpieces, including the dance drama “Farewell to My Concubine”, “Crested Ibises”, “The Eternal Wave”, and more. The troupe has been honoured with prestigious awards such as the Five One Project Award, the Wenhua Grand Award, the National Fine Stage Arts Project Award and the Gold Award of the China Dance Lotus Award. The troupe has performed in many countries and regions worldwide, earning widespread acclaim both domestically and internationally.
 
     “City under the Moon – Dance Drama ‘Azure After the Rain’ by Shanghai Dance Theatre” will be held at 7.30pm on September 26 and 27 (Friday and Saturday) at the Grand Theatre of the Hong Kong Cultural Centre (HKCC). Tickets priced at $220, $280, $340, $420 and $500 are available at URBTIX (www.urbtix.hk). For telephone bookings, please call 3166 1288. Group booking discounts and package booking discounts are available for purchasing selected CCF stage programmes, the “Chinese Opera Film Shows” of the Chinese Opera Festival (COF) 2025 and the “Legacy and Vision: Conversations with Chinese Cultural Masters” lecture. For programme enquiries and concessionary schemes, please call 2268 7323 or visit www.ccf.gov.hk/en/programme/city-under-the-moon-dance-drama-azure-after-the-rain.
 
     The programme will also feature a session under the “Chinese Culture for All: A Special Performance Series”, with an open rehearsal to be held at 2.15pm on September 26 at the Grand Theatre of the HKCC. Admission is free for local primary and secondary school students to encourage them to participate in cultural activities and experience the wonders of Chinese culture and arts. This session is sponsored by the Paso a Paso Foundation Limited. 
 
     The CCF, presented by the Culture, Sports and Tourism Bureau and organised by the Chinese Culture Promotion Office under the LCSD, aims to promote Chinese culture and enhance the public’s national identity and cultural confidence. It also aims to attract top-notch artists and arts groups from the Mainland and other parts of the world for exchanges in Chinese arts and culture. The CCF 2025 is held from June to September. Through different performing arts programmes in various forms and related extension activities, including selected programmes of the COF, “Tan Dun WE-Festival”, film screenings, exhibitions, as well as community and school activities and more, the festival provides members of the public and visitors with more opportunities to enjoy distinctive programmes that showcase fine traditional Chinese culture, thereby facilitating patriotic education and contributing to the inheritance, transformation and development of traditional Chinese culture in Hong Kong. For more information about programmes and activities of the CCF 2025, please visit www.ccf.gov.hk.

                    

SEE to attend APEC Energy Ministerial Meeting in Korea

Source: Hong Kong Government special administrative region

SEE to attend APEC Energy Ministerial Meeting in Korea
     Mr Tse will attend the APEC EMM on August 27 and 28 to discuss with energy ministers or their representatives from 20 APEC member economies how to accelerate the region’s energy transition and innovation, including expanding the energy mix, strengthening grid resilience and deploying artificial intelligence to meet the region’s energy needs.

     During his stay in Korea, Mr Tse will have bilateral meetings with representatives from other APEC member economies to exchange views on topics such as decarbonisation and hydrogen energy development. He will also meet with representatives of an energy company and visit a hydrogen energy facility to learn about the latest developments in hydrogen technology in Korea.

     The Director of Electrical and Mechanical Services, Mr Poon Kwok-ying, and officers from the Environment and Ecology Bureau and the Electrical and Mechanical Services Department will also join the visit.

     Mr Tse will arrive in Hong Kong on August 29. During his absence, the Under Secretary for Environment and Ecology, Miss Diane Wong, will be the Acting Secretary for Environment and Ecology.
Issued at HKT 18:00

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Clusters of Carbapenemase-producing Enterobacteriaceae cases in Kwong Wah Hospital

Source: Hong Kong Government special administrative region

Clusters of Carbapenemase-producing Enterobacteriaceae cases in Kwong Wah Hospital The hospital will continue to closely monitor the situation in the ward concerned. The cases have been reported to the Hospital Authority Head Office and the Centre for Health Protection for necessary follow up.
Issued at HKT 17:45

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Enforcement collaboration between HKMA and SFC – SFC reprimands and fines HSBC HK$4.2 million for disclosure failures in research reports

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

The Securities and Futures Commission (SFC) has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited (HSBC) HK$4.2 million for breaching the disclosure requirement when publishing research reports on Hong Kong-listed securities over an eight-year period (Notes 1 to 3).
 
Following a self-report by HSBC, the Hong Kong Monetary Authority (HKMA), in collaboration with the SFC, conducted an investigation. Both regulators found that HSBC had failed to disclose and/or made incorrect disclosures regarding its investment banking relationships with various companies covered in research reports published between 2013 and 2021. These issues, which were caused by deficiencies in HSBC’s data recording and mapping across systems, are estimated to have affected disclosures in over 4 200 research reports on Hong Kong-listed securities. 
 
The SFC considers that HSBC has failed to ensure compliance with the disclosure requirement and the accuracy of disclosures in its research reports by acting with due skill and care, as well as implementing effective systems and controls. 
 
In deciding the disciplinary sanction, the SFC has taken into account all relevant circumstances, including:

  • there have been no evidence of client losses resulting from the disclosure issues;
  • HSBC has conducted reviews to identify the root causes and extent of the breaches;
  • HSBC has taken steps to enhance its systems and controls to prevent future breaches; and
  • HSBC’s co-operation with the HKMA and the SFC in resolving the concerns identified in the investigation.

A copy of the Statement of Disciplinary Action is available on the SFC website.

Note 1: This press release is issued jointly by the SFC and the HKMA.
Note 2: HSBC is registered to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance.
Note 3: Paragraph 16.5(d) of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission provides that a firm that has an investment banking relationship with the issuer or the new listing applicant should disclose that fact in the research report.

Woman charged in security case

Source: Hong Kong Information Services

The Police Force’s National Security Department this morning laid a charge against a 19-year-old local woman on one count of “doing with a seditious intention an act or acts that had a seditious intention”.

The woman is alleged to have been involved in producing promotional videos for a subversive organisation named the “Hong Kong Parliament” from March to May this year, and appealing to others through social media platforms to vote for the purpose of overthrowing and undermining the central powers of the People’s Republic of China or the Hong Kong Special Administrative Region.

The case was due to be mentioned at the West Kowloon Magistrates’ Courts this afternoon.

External merchandise trade statistics for July 2025

Source: Hong Kong Government special administrative region

External merchandise trade statistics for July 2025 
     In July 2025, the value of total exports of goods increased by 14.3% over a year earlier to $446.3 billion, after a year-on-year increase by 11.9% in June 2025. Concurrently, the value of imports of goods increased by 16.5% over a year earlier to $480.4 billion in July 2025, after a year-on-year increase by 11.1% in June 2025. A visible trade deficit of $34.1 billion, equivalent to 7.1% of the value of imports of goods, was recorded in July 2025.
 
     For the first seven months of 2025 as a whole, the value of total exports of goods increased by 12.7% over the same period in 2024. Concurrently, the value of imports of goods increased by 13.2%. A visible trade deficit of $218.6 billion, equivalent to 7.0% of the value of imports of goods, was recorded in the first seven months of 2025.
 
     Comparing the three-month period ending July 2025 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods remained virtually unchanged. Meanwhile, the value of imports of goods increased by 2.2%.
 
Analysis by country/territory
 
     Comparing July 2025 with July 2024, total exports to Asia as a whole grew by 19.3%. In this region, increases were registered in the values of total exports to most major destinations, in particular Taiwan (+91.9%), Malaysia (+80.7%), Singapore (+42.5%), Vietnam (+42.1%), the Philippines (+16.5%) and the mainland of China (the Mainland) (+16.1%).
 
     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (-42.1%) and the USA (-7.6%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+129.3%), Thailand (+33.1%), Singapore (+28.7%), the United Kingdom (+24.8%), Japan (+22.3%) and the Mainland (+16.3%). On the other hand, a decrease was recorded in the value of imports from the USA (-8.8%).
 
     For the first seven months of 2025 as a whole, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+52.4%), Malaysia (+41.4%), Taiwan (+40.7%), the Mainland (+17.7%) and Japan (+14.8%). On the other hand, a decrease was recorded in the value of total exports to the United Arab Emirates (-20.1%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+81.2%), the United Kingdom (+48.5%), Taiwan (+34.4%), Malaysia (+22.4%) and the Mainland (+11.7%). On the other hand, a decrease was recorded in the value of imports from Korea (-18.3%).
 
Analysis by major commodity
 
     Comparing July 2025 with July 2024, increases were registered in the values of total exports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $41.9 billion or +22.8%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $14.9 billion or +32.0%). 
 
     Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $39.6 billion or +21.9%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $22.2 billion or +49.8%).
 
     For the first seven months of 2025 as a whole, increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $180.6 billion or +14.8%) and “office machines and automatic data processing machines” (by $127.4 billion or +44.4%).
 
     Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $190.9 billion or +15.7%) and “office machines and automatic data processing machines” (by $120.3 billion or +53.1%).
 
Commentary
 
     A Government spokesman said that merchandise exports performance held up well in July. The value of merchandise exports grew visibly further by 14.3% over a year earlier. Exports to the Mainland and a majority of other Asian markets grew notably further, while those to the United States and the European Union continued to fall.
 
     Looking ahead, steady economic growth in Asia, in particular the Mainland, as well as Hong Kong’s enhanced economic and trade ties with different markets, should continue to provide support to Hong Kong’s merchandise trade performance. Yet, the United States’ elevated tariff rates and lingering uncertainty surrounding its tariff policy may begin to weigh on international trade flows in the near term. The Government will continue to monitor the situation closely and stay vigilant.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for July 2025. Table 2 presents the original monthly trade statistics from January 2022 to July 2025, and Table 3 gives the seasonally adjusted series for the same period.
 
     The values of total exports of goods to 10 main destinations for July 2025 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
 
     Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for July 2025.
 
     All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for July 2025 will be released in mid-September 2025.
 
     The July 2025 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in July 2025 and will be available in early September 2025. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230 
     Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).
Issued at HKT 16:30

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War victory stamps to be released

Source: Hong Kong Information Services

Hongkong Post announced that it will issue a stamp sheetlet and associated philatelic products related to the 80th anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War on September 3.

      

The design of the stamp sheetlet centres on the theme of the 80th anniversary of Victory Day – “remembering history, honouring martyrs, cherishing peace, and creating a great future”.

 

Click here for the sales arrangements for these commemorative stamp products.