Month: August 2025

Source: Hong Kong Government special administrative region

Source: Hong Kong Information Services

Chief Executive John Lee chaired the first meeting of the “Chief Executive Counter-terrorism (CT) Steering Group” today.

Several topics were discussed at the meeting. These included the work of groups under the Three-tier Prevention Framework, the global and local terrorism threat landscape, and the overall strategy and direction of the Government’s CT work.

Mr Lee requested that relevant bureaus and departments conduct a large-scale interdepartmental CT exercise in late August, simulating responses to terrorist attacks on critical infrastructure in Hong Kong, with a view to further enhancing the Government’s CT preparedness and response capabilities.

He said that while Hong Kong is generally safe and stable, the global terrorism situation remains complex, adding that Hong Kong may face both local and global threats in the terrorism landscape. The Government’s overall CT work must therefore be strengthened.

“This large-scale CT drill will effectively enhance CT awareness and the co-ordination capability of different bureaus and departments in responding to various forms of terrorist attacks.”

To strengthen CT preparedness, the CE’s 2024 Policy Address announced the establishment of the Three-tier Prevention Framework. This comprises the steering group, which formulates CT policies, as the first tier; the Secretary for Security Counter-terrorism Co-ordinating Group, which co-ordinates bureaus’ and departments’ work on CT matters, as the second tier; and, as the third tier, seven interdepartmental working groups whose remit includes following up on specific matters and carrying out CT work.

The steer group is led by the Chief Executive, with the Chief Secretary, the Financial Secretary and the Secretary for Justice serving as deputy chairmen.

Its membership includes representatives from the Security Bureau, the Constitutional & Mainland Affairs Bureau, the Home & Youth Affairs Bureau, the Police Force, the Immigration Department, the Customs & Excise Department, the Fire Services Department, the Correctional Services Department and the Government Flying Service.

Source: Hong Kong Information Services

The tender for a non-industrial site in Tuen Mun has been awarded on a 50-year land grant at a premium of $1.089 billion, the Lands Department announced today.

Tuen Mun Town Lot No. 569 at Hoi Chu Road, Tuen Mun, was awarded to Sky Honest, a subsidiary of Sino Land Company.

It has a site area of about 4,368 sq m and is designated for non-industrial purposes excluding its use as a godown, hotel and petrol filling station.

The site’s minimum and maximum gross floor areas are 15,725 sq m and 26,208 sq m.

Both exclude the gross floor area of government accommodation, being a public transport terminus, to be constructed by the purchaser under the conditions of sale.

Source: Hong Kong Government special administrative region – 4

The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (August 13) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in East Devon District of Devon County in the United Kingdom (UK), the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong.

A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 390 tonnes of chilled and frozen poultry meat, and about 830 000 poultry eggs from the UK in the first six months of this year.

“The CFS has contacted the British authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

Source: Hong Kong Government special administrative region – 4

Hong Kong Customs yesterday (August 12) detected a drug trafficking case at the Hong Kong-Zhuhai-Macao Bridge (HZMB) Hong Kong Port and seized about 27 kilograms of suspected cannabis buds with an estimated market value of about $5.5 million.

Two male passengers, aged 61 and 52, arrived in Hong Kong from Macao by a private vehicle via the HZMB Hong Kong Port yesterday. During customs clearance, about 13.5kg of suspected cannabis buds concealed inside plastic vacuum bags were found in their respective suitcases. They were subsequently arrested.

Two arrested persons have each been charged with one count of trafficking in a dangerous drug. The case will be brought up at the West Kowloon Magistrates’ Courts tomorrow (August 14).

Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Source: Hong Kong Government special administrative region – 4

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

The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced that a tender of 5-year HKD institutional Government Bonds through the re-opening of existing Government Bond (issue number 05GB3005002) under the Infrastructure Bond Programme was held today (August 13).
 
A total of HK$1.25 billion 5-year Government Bonds were offered today. A total of HK$6.994 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 5.60. The average price accepted is 101.77, implying an annualised yield of 2.318 per cent.

HKSAR Institutional Government Bonds Tender Results
 
Tender results of 5-year HKD HKSAR Institutional Government Bonds:
 

Tender Date	:	August 13, 2025
Issue Number	:	05GB3005002 (Re-open)
Stock Code	:	4293 (HKGB 2.70 3005)
Issue and Settlement Date	:	August 14, 2025
Tenor	:	5 years
Maturity Date	:	May 15, 2030
Coupon Rate	:	2.70 per cent
Amount Applied	:	HK$6.994 billion
Amount Allotted	:	HK$1.25 billion
Bid-to-Cover Ratio*	:	5.60
Average Price Accepted (Yield)	:	101.77 (2.318 per cent)
Lowest Price Accepted (Yield)	:	101.58 (2.360 per cent)
Pro-rata Ratio	:	About 25 per cent
Average Tender Price (Yield)	:	100.84 (2.527 per cent)

* Calculated as the amount of bonds applied for over the amount of bonds issued.

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:
 
The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced that a tender for 1-year HONIA-indexed Floating Rate Notes (issue number 01GH2608001) under the Infrastructure Bond Programme was held today (August 13).
 
A total of HK$1.5 billion 1-year HONIA-indexed Floating Rate Notes were offered today. A total of HK$2.131 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of notes applied for to notes issued, is 1.42. The highest spread accepted is 0.50 per cent.

HKSAR Institutional Government Bonds Tender Results
 
Tender results of 1-year HONIA-indexed Floating Rate Notes:
 

Tender Date	:	August 13, 2025
Issue Number	:	01GH2608001
Stock Code	:	4295 (HKGB FRN 2608)
Issue and Settlement Date	:	August 14, 2025
Tenor	:	1 year
Maturity Date	:	August 14, 2026
Amount Applied	:	HK$2.131 billion
Amount Allotted	:	HK$1.5 billion
Bid-to-Cover Ratio*	:	1.42
Highest Spread Accepted	:	0.50 per cent
Average Spread Accepted	:	0.22 per cent
Pro-rata Ratio	:	About 42 per cent
Average Tender Spread	:	0.37 per cent

* Calculated as the amount of notes applied for over the amount of notes issued.

Source: Hong Kong Government special administrative region – 4

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

The Hong Kong Monetary Authority (HKMA) announces that a tender of 2-year Exchange Fund Notes will be held on August 22, 2025 (Friday) for settlement on August 25, 2025 (Monday), as set out in the published tentative issuance schedule. This is to roll over an issue of 2-year Exchange Fund Notes maturing on the same day. 
 
A total of HK$1,200 million 2-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). If the Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,195 million). The Notes will mature on August 25, 2027 and will carry interest at the rate of 1.85 per cent per annum payable semi-annually in arrears.
 
Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers appointed by the HKMA, with the current published list available on the HKMA’s website at www.hkma.gov.hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.
 
The tender results will be published on the HKMA’s website, the Refinitiv screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC’s CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.
  
HKMA Exchange Fund Note Programme Tender Information
——————————————————————

     Tender information of 2-Year Exchange Fund Notes: 
 

Issue Number	:	02Y2708
Stock code	:	4106 (EFN 1.85 2708)
Tender date and time	:	Friday, August 22, 2025 9.30am to 10.30am
Issue and Settlement Date	:	Monday, August 25, 2025
Amount on offer	:	HK$1,200 million (up to HK$5 million for non-competitive tender)
Commencement of/ Deadline for submission of non-competitive tender bids by retail investors through HKSCC	:	Please refer to requirements as set down by HKSCC
Maturity	:	Two years
Maturity Date	:	Wednesday, August 25, 2027
Interest Rate	:	1.85 per cent p.a.
Interest Payment Dates	:	February 25, 2026 August 25, 2026 February 25, 2027 August 25, 2027
Tender amount	:	Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender. Members of the public who wish to apply for the Notes through non-competitive tenders that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investors Accounts at HKSCC’s CCASS, directly through HKSCC. Members of the public who wish to apply for the Notes through competitive tender may only do so through any of the Eligible Market Makers on the current published list.
Other details	:	Please see Information Memorandum published or approach Eligible Market Makers, HKSCC, or brokers who are Exchange Participants of the Stock Exchange of Hong Kong.
Expected commencement date of dealing on the Stock Exchange of Hong Kong	:	Tuesday, August 26, 2025

Price/Yield Table of the new EFN at tender for reference* only:
 

Yield-to- Maturity	Price	Yield-to-Maturity	Price
0.85	101.98	1.85	100.02
0.90	101.88	1.90	99.92
0.95	101.78	1.95	99.82
1.00	101.68	2.00	99.73
1.05	101.58	2.05	99.63
1.10	101.49	2.10	99.53
1.15	101.39	2.15	99.44
1.20	101.29	2.20	99.34
1.25	101.19	2.25	99.25
1.30	101.09	2.30	99.15
1.35	100.99	2.35	99.06
1.40	100.89	2.40	98.96
1.45	100.80	2.45	98.86
1.50	100.70	2.50	98.77
1.55	100.60	2.55	98.67
1.60	100.50	2.60	98.58
1.65	100.41	2.65	98.48
1.70	100.31	2.70	98.39
1.75	100.21	2.75	98.30
1.80	100.11	2.80	98.20
1.85	100.02	2.85	98.11

 
*Disclaimer: The information provided here is for reference only. Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it. The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here.

Source: Hong Kong Government special administrative region – 4

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

(Approved for Issue by the Exchange Fund Advisory Committee on July 17, 2025)

Report on Currency Board Operations (April 17 – June 20, 2025)
————————————————————————
The Currency Board Sub-Committee (Sub-Committee) noted that the Hong Kong dollar (HKD) traded within a range of 7.7500 – 7.8499 against the US dollar (USD) during the review period. The HKD exchange rate firmed in the second half of April due to buoyant capital market activities and, in particular, continued net inflows through the Southbound Stock Connect.  In early May, amid the sharp appreciation of some Asian currencies against the USD and continued equity-related demand, the strong-side Convertibility Undertaking (CU) was triggered four times, with the Hong Kong Monetary Authority (HKMA) selling HK$129.40 billion under the strong-side CU. The Aggregate Balance rose correspondingly to around HK$174 billion. While HKD interbank rates (HIBORs) generally track their USD counterparts under the Linked Exchange Rate System, they are also influenced by the local supply and demand of HKD funding. HIBORs softened as the supply of HKD funding was relatively abundant after the CU triggering. Widened negative HKD-USD interest rate spread incentivised carry trade activities which weighed on the HKD, easing to levels close to the weak-side CU in June. No abnormality was noted in the usage of the Discount Window. Overall, the HKD exchange and interbank markets continued to trade in a smooth and orderly manner.

The Sub-Committee noted that the Monetary Base increased to HK$2,125.03 billion at the end of the review period. In accordance with the Currency Board principles, all changes in the Monetary Base had been fully matched by changes in foreign reserves.
 
The Report on Currency Board Operations for the review period is at Annex.
 
Monitoring of Risks and Vulnerabilities
——————————————-
The Sub-Committee noted that the series of US tariff announcements since April, combined with heightened concerns over fiscal sustainability, had triggered volatility in global financial markets and contributed to a surge in long-term government bond yields across major advanced economies. For Asian economies, the imposition of widespread US tariffs and the ongoing uncertainty might undermine the region’s growth momentum, exert pressure on regional financial markets, and impact its integrated supply chain networks.
 
The Sub-Committee noted that in Mainland China, exports continued to grow at a solid pace in April and May amid the US tariff hikes. While the China-US trade talks had helped ease some concerns around the Mainland’s trade outlook, the economic growth outlook continued to face headwinds. In May, the Mainland authorities announced a financial policy package, which included cuts in the policy rate and the required reserve ratio, and rolled out measures to boost consumption, particularly in the services sector.
 
The Sub-Committee noted that in Hong Kong, while economic growth was higher than expected in Q1, the uncertainties stemming from the tariffs continued to weigh on the economy. However, multifaceted supportive measures, along with decreasing HKD interest rates and improved sentiment on the Mainland, could offset the adverse effects somewhat. Meanwhile, housing market sentiment showed signs of stabilisation amid the de-escalation of trade tensions and the decrease in mortgage rates, with transaction volume remaining broadly steady in May. The commercial real estate markets continued to face challenges due to the persistently high vacancy rates.
 
Interbank Liquidity and Interbank Interest Rates
——————————————————
The Sub-Committee noted a paper that studied the relationship between HKD interbank liquidity and interbank interest rates.

Source: Hong Kong Government special administrative region – 4

​The Chief Executive, Mr John Lee, met the Minister of Education, Mr Huai Jinpeng, at Government House today (August 13) to exchange views on deepening collaboration in education and scientific research between the Mainland and Hong Kong. Also attending the meeting were the Secretary for Education, Dr Choi Yuk-lin; the Secretary for Innovation, Technology and Industry, Professor Sun Dong; and the Director of the Chief Executive’s Office, Ms Carol Yip. 
 
Mr Lee welcomed Mr Huai and his delegation to Hong Kong to attend the Hong Kong and Macao regional contest of the China International College Students’ Innovation Competition and other education-related activities. Mr Lee said that the Ministry of Education has provided strong support to the Hong Kong Special Administrative Region (HKSAR) Government’s enhancement of education measures to develop Hong Kong into an international education hub and an international hub for high-calibre talent. Hong Kong is the only city with five universities in the world’s top 100, and the HKSAR Government is taking forward a series of initiatives to promote the “Study in Hong Kong” brand while vigorously advancing collaboration in higher education between the Mainland and Hong Kong to support the national strategies of invigorating the country through science and education, strengthening the nation with talent, and driving development through innovation.
 
Mr Lee said the Northern Metropolis is the key engine for Hong Kong’s future development, and the HKSAR Government is advancing the development of the Northern Metropolis University Town. It encourages local top universities to introduce more innovative, cutting-edge and high-level branded programmes, research collaboration and exchange projects with renowned Mainland and overseas institutions in a flexible and innovative manner to nurture talent and further boost Hong Kong’s global academic research influence.
 
In scientific research, Mr Lee said that the HKSAR Government is actively promoting digital education and the construction of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone with enhanced speed and efficiency.  He welcomed more Mainland higher education institutions and research institutes to set up laboratories or research centres to leverage the Hong Kong Park’s unique advantages for exploring more global research collaboration and jointly strengthening co-operation among the industry, academia and research sectors to contribute to the high-quality development of the country.