Month: September 2025

Source: Hong Kong Government special administrative region

     The Government announced today (September 26) appointments to the Accounting and Financial Reporting Council (AFRC) Board.
 
     The Financial Secretary, under the authority delegated by the Chief Executive pursuant to the Accounting and Financial Reporting Council Ordinance (Cap. 588), has reappointed Mr Roger Thomas Best, Mr Stephen Hung Wan-shun and Ms Miranda Kwok Pui-fong as Non-executive Directors (NEDs) of the AFRC for a term of one year from October 1, 2025, to September 30, 2026; reappointed Mr Andrew Fung Hau-chung, Dr James C Lin and Mr Edward Yuen Siu-bun as NEDs of the AFRC for a term of two years from October 1, 2025, to September 30, 2027; and newly appointed Ms Clara Chan Yuen-shan, Ms Cindi Hui Ming-ming and Mr Charles Lip Sai-wo as NEDs of the AFRC for a term of two years from October 1, 2025, to September 30, 2027.
 
     Announcing the appointments, a spokesman for the Financial Services and the Treasury Bureau said, “Since the launch of the new regulatory regime of the accounting profession in 2022, the AFRC Board has been steering the orderly discharge of its various regulatory powers over accounting professionals and practice units. As three new NEDs from a diverse professional background are coming onboard, we are confident that the AFRC will continue to strive for the effective regulation and sustainable development of Hong Kong’s accounting profession.”
 
     The Financial Services and the Treasury Bureau would also like to express its heartfelt gratitude to Mr Eugene Fung Ting-sek, Mr Stephen Lee Hoi-yin, Ms Rosita Lee Pui-shan, Mr Francis Siu Wai-keung and Dr Peter Wan Kam-to for their dedicated services and valuable contributions to the AFRC as NEDs since October 2019.
 
     Upon the commencement of the new regulatory regime of the accounting profession on October 1, 2022, the AFRC has become a full-fledged independent regulatory and oversight body of the accounting profession with expanded statutory functions of, inter alia, registration, inspection, investigation and discipline. It is also responsible for promoting and supporting the development of the accounting profession, as well as overseeing the Hong Kong Institute of Certified Public Accountants’ performance of various statutory professional functions.

Source: Hong Kong Information Services

The Government announced today the establishment of the Advisory Committee on Development of International Aviation Superhub (ACDIAS) and its appointments.

Following the commissioning of the Three-Runway System (3RS) at Hong Kong International Airport last November, the Government is committed to charting the future course of the development of Hong Kong’s aviation industry and further enhancing Hong Kong’s status as an international aviation hub.

To this end, the ACDIAS is established, in place of the existing Aviation Development & Three-Runway System Advisory Committee, to provide high-level advice on aviation policies, including directions of aviation development, implementation of the Airport City development, interfacing issues among the operation of the 3RS, Airport City development and projects in the vicinity, as well as other civil aviation matters.

Secretary for Transport & Logistics Mable Chan said the National 14th Five-Year Plan has affirmed Hong Kong’s position as an international aviation hub. Leveraging Hong Kong’s unique advantages under “one country, two systems”, and with the city’s globally connected aviation network and world-class airport infrastructure, Hong Kong is well placed to assume a more significant role in the area of aviation, both regionally and globally.

“Looking ahead, we will step up our efforts in proactively unleashing the full potential of the 3RS and contributing to the high-quality development and high-level opening up of our country. We believe that the ACDIAS will provide invaluable insights and bring Hong Kong’s aviation industry to new heights.”

Members of the ACDIAS come from various sectors, including aviation, business and finance, innovation and technology, logistics and transport, professions and academia, and tourism. The appointments are for two years starting from October 1.

Source: Hong Kong Information Services

The new energy efficiency grading standards for refrigerating appliances, washing machines and storage type electric water heaters under the Mandatory Energy Efficiency Labelling Scheme will take full effect on September 30, the Electrical & Mechanical Services Department announced today.

From September 30, those electrical appliances must bear energy labels in compliance with the new energy efficiency grading standards before they are supplied to the local market.

The reference number of the new energy label will carry the prefix “U3”.

The new standards aim to encourage suppliers to introduce more energy-efficient models and help consumers select such products, the department explained.

It elaborated that the implementation of the new grading standards is expected to bring an additional energy saving of about 270 million kilowatt-hours per year, equivalent to an annual reduction of carbon emissions by about 189,000 tonnes.

The Code of Practice on Energy Labelling of Products was revised last year, with the energy efficiency grading standards for the aforementioned products raised by about 30%. The 15-month transitional period will end on September 29.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Information Services

The Innovation & Technology Commission today launched a $3 billion Frontier Technology Research Support Scheme which provides funding support, on a matching basis, to eligible universities in attracting international top-notch researchers to Hong Kong and procuring facilities to conduct research projects in frontier technology fields.

The application deadline is November 25. Each successful application may receive funding support of an amount between $100 million and $300 million. 

Assessment criteria include academic achievements of the leading talent and the extent of their commitment to participating in the research projects, as well as the technical excellence, originality and potential of the research projects for scientific breakthroughs in frontier technology fields. The commission expects to announce the application results in the first half of 2026.

With the help of the scheme, the Government hopes to attract international top-notch talent and strengthen the support for Hong Kong’s basic research in frontier technology fields, with a view to expanding the city’s research capacities, promoting the integrated development of education, technology and talent, as well as dovetailing with the country’s strategic planning of frontier technologies, the commission said.

For enquiries, call 3543 5904 or write to ftrss@itc.gov.hk.

Source: Hong Kong Information Services

The Legislative Council today approved the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025, which provides the necessary legal basis for the implementation of the Phase One Proposal of Mandatory Provident Fund (MPF) “Full Portability”.

The Government said it welcomed the approval and expected the Phase One Proposal to be implemented within next year.

Employees whose employment commences on or after May 1 this year (new employees) may by then transfer accrued benefits derived from employer mandatory contributions in respect of the current employment in its entire amount from a contribution account of the MPF scheme participated in by the employer to a personal account of an MPF scheme of their own choice.

They can make the transfer once every calendar year or more than once in every calendar year if the governing rules of the MPF scheme from which the accrued benefits are transferred so provide.

Secretary for Financial Services & the Treasury Christopher Hui said the Phase One Proposal will help strengthen new employees’ control over their MPF benefits, encouraging them to more proactively manage their MPF accounts and investment strategies.

“It will also help promote competition in the MPF market, and encourage trustees to continue to reduce fees, improve fund performances and enhance service quality, such that the working population’s retirement reserve will be strengthened as a result.”

Taking into account the onboarding progress of the eMPF Platform and the time required for completing all necessary administrative and other groundwork, as well as putting thorough risk control in place, the Government said it expects to implement the Phase One Proposal of “Full Portability” within next year. The exact date will be announced in the Gazette.

As regards the Phase Two Proposal benefitting employees whose employment commenced before May 1 this year, Mr Hui said the Government will commence the relevant legislative amendments within next year to shorten the lead time between the implementation of the two proposals as far as possible.