Grocery shop owner jailed for employing illegal worker

Source: Hong Kong Government special administrative region – 4

     A grocery shop owner was convicted of charge of being an employer of a person who was not lawfully employable and was sentenced to imprisonment for two months at the Shatin Magistrates’ Courts today (October 17).

     During a joint operation against illegal workers conducted by the Immigration Department (ImmD) and the Labour Department codenamed “Rainbow” on March 13, 2024, officers of the ImmD General Investigation Section raided a grocery shop and arrested one female Indonesian illegal worker, aged 51, who was found working as a shop assistant. The female was a holder of a recognisance form, which prohibits her from taking employment. She was subsequently sentenced to 15 months’ imprisonment at the Shatin Magistrates’ Courts.
 
     During the operation, the grocery shop owner was arrested for employing illegal worker. The grocery shop owner is a Hong Kong resident, male, aged 57. He is charged of being an employer of a person who was not lawfully employable as he did not take all practicable steps to ascertain whether the applicant was lawfully employable prior to employment. After trial, the grocery shop owner was jailed for two months by the Shatin Magistrates’ Courts today.

     The spokesman of ImmD reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.
 
     According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.
 
     For reporting illegal employment activities, please call the dedicated hotline 3861 5000, by fax at 2824 1166, email to anti_crime@immd.gov.hk, or submit “Online Reporting of Immigration Offences” form at www.immd.gov.hk.

FEHD welcomes PMSA’s release of Best Practice Guides on “Handling Water Seepage in Properties” and “Handling Dripping Air Conditioners”

Source: Hong Kong Government special administrative region – 4

The Food and Environmental Hygiene Department (FEHD) welcomed the release of the Best Practice Guides on “Handling Water Seepage in Properties” and “Handling Dripping Air Conditioners” by the Property Management Services Authority (PMSA) yesterday (October 16). The FEHD believes that the Guides, outlining the relevant statutory responsibilities of and regulations to be observed by owners and residents of properties as well as the procedures for property management companies to follow when addressing water seepage and air conditioner dripping issues, will assist licensed property management companies and personnel in resolving water seepage and air conditioner dripping issues within properties.

The Government has been committed to addressing water seepage and air conditioner dripping issues. The Chief Executive’s 2025 Policy Address proposed utilising technology to expedite the identification of seepage sources, requiring property owners to inspect and rectify the problem within a specified time, or else the Government will take further action and recover the costs from the owners. The Government will also actively promote mediation to resolve disputes between residents. In addition, the FEHD has adopted a new strategic approach this year, introducing new technologies to proactively tackle dripping air conditioners across various locations in Hong Kong, achieving notable results.

The FEHD expressed gratitude to the PMSA and the property management industry for their active support in jointly promoting improvements to the environmental hygiene of the community. The FEHD hopes that with the practical guidance provided in these two Guides, property management practitioners can assist in addressing water seepage and air conditioner dripping issues more effectively and enable timely intervention to resolve the issues at an early stage, thereby reducing complaints and disputes, enhancing communication among residents and promoting community harmony.

To encourage the property management industry to refer to the Guides for addressing water seepage and dripping issues within properties, the PMSA will hold a continuing professional development seminar on October 27, where representatives from the FEHD will brief property management practitioners on the details of the relevant investigation work and explain how they can effectively support the department’s work.

The Guides on “Handling Water Seepage in Properties” and “Handling Dripping Air Conditioners” can be downloaded from the PMSA’s website.

Speech by USEE at partnership dialogue of Science and Innovation Forum of World Food Forum 2025 in Rome, Italy (English only)

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Under Secretary for Environment and Ecology, Miss Diane Wong, at the partnership dialogue of the Science and Innovation Forum of the World Food Forum 2025 organised by the Food and Agriculture Organization of the United Nations in Rome, Italy, today (October 17):

     On the FAO (Food and Agriculture Organization)’s 80th anniversary, it is my honour to participate in the Partnership Dialogue today. This morning, we witnessed the signing of a Letter of Intent between the FAO and the HKSAR (Hong Kong Special Administrative Region) Government to show mutual commitment to implement the One Health approach. This is indeed the best moment to take stock of the latest developments in the HKSAR.

     In the international arena, the FAO, the World Organisation for Animal Health, the World Health Organization, and the United Nations Environment Programme collaborate to drive the transformation required for mitigating the impact of health challenges at the human-animal-plant-environment interface at the global, regional and country level.

     On the HKSAR’s part, while our agricultural land is limited, we have embraced various innovative solutions in support of the One Health approach, including in the agrifood systems.

     Back in September 2017, the HKSAR Government organised an International Conference on One Health in the HKSAR as one of the celebration activities for the 20th anniversary of the establishment of the HKSAR.

     In December 2023, the HKSAR Government announced the Blueprint for the Sustainable Development of Agriculture and Fisheries, which outlines the Government’s vision and work targets to promote the upgrading and transformation of the local agricultural and fisheries industries. I will give two examples under the Blueprint, namely urban farming and a multi-storey pig farm.

     We seek to develop urban farming through a multipronged approach, with a view to integrating commercial agriculture into urbanised areas of the city to produce high-quality and fresh agricultural produce with reduced carbon footprints, and also providing green landscapes and modernised farming experiences to the communities.

     We have pioneered the adoption of high-efficiency hydroponic systems, which boost yield while simultaneously conserving water. These soil-free cultivation systems not only eliminate the need for chemical pesticides but also reduce the risk of plant disease transmission.

     We have recently launched the first pilot urban farm that utilises advanced farming technology in a public park, and will set up modernised hydroponic farms-cum-stalls on suitable rooftops of public markets. These help promote the concept of “harvest-to-sale”, shortening the supply chains from farms to consumers.

We are also pioneering the development of multi-storey, modernised, and environmental-friendly livestock farming that exemplifies the integration of advanced technology with the One Health principles.  

     This innovative vertical farming model harnesses cutting-edge automated systems and smart technologies to enhance biosecurity measures and significantly reduces environmental impact through enclosed, controlled environments. It not only curtails disease risks and reduces reliance on antibiotics but also maximises farming efficiency through precise resource management.

     Our multi-storey pig farm project is scheduled to commence operation around 2032.

     We now come to the prevention of zoonotic diseases. On diseases like avian influenza:
 

  • we have a robust, science-driven surveillance and control programme, actively monitoring the viruses across the entire spectrum – from chicken farms and wholesale markets to pet bird shops, recreational parks and nature reserves;
  • we have enforced a compulsory vaccination programme on local farms for over two decades; and
  • with advancements in laboratory technology over the years, analysing local surveillance data and integrating findings from global health networks enable the updating of our designated vaccines in a timely manner to ensure vaccination efficacy.

     The absence of highly pathogenic avian influenza outbreaks on any local farm since 2008 demonstrates the effectiveness of the approach.

     On antimicrobial resistance, we have been implementing a comprehensive Strategy and Action Plan through close collaboration on human health, animal health and environment fronts. Citing the work of the animal health sector for illustration purposes, the actions include:
 

  • systematic surveillance of antimicrobial usage and resistance in livestock;
  • the formulation of science‑based guidelines and farm-specific disease management plans to encourage prudent use of antimicrobials; and
  • practical support to farmers in strengthening hygiene, vaccination and biosecurity.

     These concerted efforts reflect our commitment to innovation, prevention and integration under the One Health principles. We seek to safeguard human health and animal health and advance a healthier, more resilient, and more sustainable future for all. We will continue to deepen our interdisciplinary collaboration, guided by the One Health principles. In this way, we hope to transform challenges into opportunities and deliver tangible and lasting impact. Thank you.

Largest FinTech Week set for Nov

Source: Hong Kong Information Services

The largest-ever Hong Kong FinTech Week x StartmeupHK Festival 2025 (HKFW x SMUF) will be held from November 3 to 7, a strategic alliance marking a decade of innovation while creating an expanded platform dedicated to all facets of technology and business impacts, Invest Hong Kong announced today.

The joint celebration underscores Hong Kong’s commitment to the digital economy, leveraging its position as a leading international financial centre and thriving startup hub.

The event is expected to attract over 37,000 attendees, more than 800 leading speakers and over 700 exhibitors from more than 100 economies, with the main conference to take place on November 3 to 4 at the Convention & Exhibition Centre, InvestHK said.

The event participants will include startup founders, investors, and pioneers from sectors such as artificial intelligence (AI), fintech, green tech, health tech, proptech, and more.

Noting that theme of FinTech Week is “Curating the New Fintech Era”, Secretary for Financial Services & the Treasury Christopher Hui said the Government will work closely with financial regulators and the fintech industry to build Hong Kong as an ideal destination for embracing fintech so as to establish sustainable fintech solutions that drive the global economy forward.

Secretary for Commerce & Economic Development Algernon Yau supplemented that startups are an important part of any economy, and that behind every startup, there must be an innovative business idea.

“Hong Kong is just the right place not only for startups to be created, but also for them to grow to scale.”

He noted that the number of startups in the city has increased from about 1,600 in the past decade to around 4,700 last year, which is a result of the pro-startup measures taken by the Government over the years.

Shortlisted Global Fast Track programme semi-finalist companies from seven verticals will be invited to the semi-finals and grand finale to pitch in person onstage during HKFW x SMUF, providing an opportunity for innovators to showcase their solutions in front of thousands of attendees, including key corporates, investors, service providers and communities seeking innovative fintech and other tech solutions and investment opportunities.

Additionally, appointed event organiser Finoverse will introduce its first AI community host “Samantha” at HKFW x SMUF. Through conducting a five-minute live call, Samantha can connect users to targeted meetings and craft personalised forum itineraries according to users’ interests and objectives, leveraging a database of 11 forums by a proprietary AI algorithm for precise matches.

Click here for details.

War victory drama to be aired

Source: Hong Kong Information Services

The Information Services Department, in collaboration with Radio Television Hong Kong (RTHK), has produced a mini-drama to enhance public awareness of the War of Resistance on the Chinese Mainland and in Hong Kong.

Victory in War of Resistance, consisting of five episodes, tells the story of a group of young guerrillas defending their homeland during the fall of Hong Kong.

To enhance authenticity, the production team referenced a wealth of historical photographs, utilising computer-generated effects and artificial intelligence technology to colourise black-and-white historical photos, integrating them into the drama.

Each episode concludes with a “History Insight” segment comprising historical facts to enable audiences to build accurate historical knowledge and perspectives, and deepen their appreciation and respect for history.

Victory in War of Resistance has been uploaded onto the webpage of the 80th Anniversary of the Victory in the Chinese People’s War of Resistance Against Japanese Aggression. Starting today, the series will be broadcast at 9.30pm on RTHK TV 31 for five consecutive nights.

Largest-ever Hong Kong FinTech Week x StartmeupHK Festival 2025 to celebrate decade of innovation with world-class line-up (with photos)

Source: Hong Kong Government special administrative region

Largest-ever Hong Kong FinTech Week x StartmeupHK Festival 2025 to celebrate decade of innovation with world-class line-up       
     As Hong Kong’s premier innovation-focused event, HKFW x SMUF is organised by the Financial Services and the Treasury Bureau (FSTB), the Commerce and Economic Development Bureau (CEDB) and InvestHK, in collaboration with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority, and the appointed event organiser, Finoverse. The event is expected to attract over 37 000 attendees, more than 800 leading speakers and over 700 exhibitors from more than 100 economies. The main conference taking place on November 3 to 4 at the Hong Kong Convention and Exhibition Centre will enable the event to reach its largest scale ever.
 
This year’s theme: Curating the New Fintech Era
 
     Consistently ranked among the world’s top three international financial centres and as a leader in Asia, Hong Kong has taken bold strides to solidify its position as a leader in fintech as well. Hong Kong has recently been recognised by the Global Financial Centres Index as the world’s No. 1 fintech hub, a testament to its pivotal role in advancing financial technology around the globe. With over 1 100 fintech firms operating in the city at present, and the sector projected to reach US$606 billion in total revenue by 2032, driven by an impressive annual growth rate of 28.5 per cent, HKFW will continue to expand its global influence, further cementing its position as Asia’s leading fintech event.
      
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “This year’s theme of FinTech Week is ‘Curating the New Fintech Era’.  It is indeed our promise which is Hong Kong not only adapts to the future of fintech but will also shape the next chapter of global finance, where capital flows more intelligently and technology addresses real-world economic challenges. The Government will continue to work closely with the financial regulators and the fintech industry to build Hong Kong as an ideal destination for embracing and leading fintech, with a view to establishing scalable and sustainable fintech solutions that drive the global economy forward.”
 
A start-up superhighway
 
     Start-ups attending HKFW x SMUF will gain access to unparalleled resources on a unified platform. The event will foster a thriving community of entrepreneurs, investors, and industry leaders, with thought-provoking content on innovation, emerging technologies, and scaling strategies.
      
     Participants will include start-up founders, investors, and pioneers from sectors such as AI, fintech, green tech, health tech, proptech, and more. HKFW x SMUF will offer opportunities for ventures to secure funding, form partnerships, and break into Asia and global markets.
      
     The Secretary for Commerce and Economic Development, Mr Algernon Yau, said, “Start-ups are an important part of any economy. Behind every start-up, there must be an innovative business idea. These new ideas call for changes, and refresh our economy. And Hong Kong is just the right place not only for startups to be created, but also for them to grow to scale. Apart from the favourable business environment in Hong Kong, the start-ups here are supported by a strong network of incubators and accelerators, a pool of experienced angels and venture capitalists, a host of government-backed programmes and a welcoming business community.” He added that the number of start-ups in Hong Kong has increased from about 1 600 10 years ago to around 4 700 last year. The impressive expansion is a result of the pro-start-up measures taken by the Government over the years.

A new chapter of creating more together       
     The Director-General of Investment Promotion of InvestHK, Ms Alpha Lau, said, “HKFW x SMUF are much more than conferences. They are strategic platforms driving tangible two-way investment flows and fostering meaningful collaborations. This year, we will welcome over 30 delegations from the Chinese Mainland and overseas, including leading Chinese Mainland tech hubs such as Beijing and Shenzhen, seeking ‘go global’ opportunities through Hong Kong; traditional markets in Western Europe and the United States, seeking to tap into Asia’s growth; and emerging markets from the Gulf Cooperation Council region, ASEAN (Association of Southeast Asian Nations) and Central Europe. Their participation underscores the world’s confidence in Hong Kong as the ideal place for innovative ideas to flourish and scale.”
      
     Ms Lau further emphasised that the 10th anniversary is not only a moment to reflect on past achievements, but also an opportunity to chart the future and invite the world to share ideas in Hong Kong’s remarkable journey.
      
     This year, shortlisted Global Fast Track programme semi-finalist companies from seven verticals will be invited to the semi-finals and grand finale to pitch in person onstage during HKFW x SMUF. This provides an unparalleled opportunity for innovators to showcase their solutions in front of thousands of attendees, including key corporates, investors, service providers and communities seeking innovative fintech and other tech solutions and investment opportunities. The programme has already received overwhelming interest, with over 700 applications from 70 economies worldwide.
      
     Additionally, appointed event organiser Finoverse will introduce its first AI community host “Samantha” at HKFW x SMUF. Through conducting a five-minute live call, Samantha can connect users to targeted meetings and craft personalised forum itineraries according to users’ interests and objectives, leveraging a database of 11 forums by a proprietary AI algorithm for precise matches. Accessible on mobile devices via mainstream messaging apps, Samantha supports English and Putonghua, enabling seamless interactions with participants from around the world. This AI assistant is user-friendly and helps enhance participants’ business outcomes, delivering a more rewarding event experience.
 
List of esteemed speakers at the main conference
 
Hong Kong Special Administrative Region Government and regulators:Global policy leaders:Industry leaders:
 
Highlighted speakers in the AI and advanced technologies space:Highlighted speakers in the financial services sector:Highlighted speakers in the tech sector:Highlighted speakers in the digital asset and blockchain sector:Highlighted speakers in the insurtech sector:Highlighted speakers in the payment sector:Highlighted speakers in the Venture Capital and Investing space:     Get ready for a transformative experience that will shape the future of technology and finance. For more event details, please visit www.fintechweek.hkLinkedIn: Hong Kong FinTech WeekYouTube: www.youtube.com/c/HongKongFinTechWeekFacebook: Startmeup.HKIssued at HKT 19:10

NNNN

“Smart Parent Net” Recommendation: Parent-child code -趣味引導學習心(Chinese version only)

Source: Hong Kong Government special administrative region – 3

“Smart Parent Net” Recommendation: Parent-child code -趣味引導學習心(Chinese version only)

Under Secretary for Health chairs 10th meeting of Committee on Promotion of Breastfeeding (with photos)

Source: Hong Kong Government special administrative region – 4

     The Under Secretary for Health, Dr Cecilia Fan, chaired the 10th meeting of the Committee on Promotion of Breastfeeding today (October 17) to review and discuss with members of the Committee the local breastfeeding situation, work progress made by the dedicated working group under the Committee in enhancing baby-friendly measures in maternity hospitals, and matters related to the Hong Kong Breast Milk Bank (HKBMB) established early this year, with a view to formulating strategic directions for promoting breastfeeding. 

     At the meeting, representatives of the Department of Health (DH) reported to the Committee the local breastfeeding situation. Breastfeeding rates in Hong Kong have shown significant improvement over the past 25 years. Among others, the breastfeeding rate on hospital discharge reached 81 per cent in 2024, marking a substantial increase when compared to the 55 per cent in 2000. The rate of exclusive breastfeeding until 4 months of age also rose from 8 per cent in 2000 to 18 per cent in 2024. The above figures indicate the wide community support for breastfeeding, as well as the effectiveness of the Government’s measures in promoting breastfeeding over the years. Nevertheless, the DH has noted a downward trend in local breastfeeding rates in recent years. Key contributing factors include insufficient self-efficacy and motivation among women to breastfeed, as well as discontinuation of breastfeeding due to work commitments. This reflects that support from partners, family, peers, workplaces, and communities, as well as fostering a breastfeeding-friendly environment and culture, are critical to promoting breastfeeding.

     The first few hours and days after birth are critical for establishing lactation and success of breastfeeding, and the immediate skin-to-skin contact between mother and baby in the delivery suite is particularly important. According to scientific evidence, this helps breastmilk secretion and increases the chances of successful breastfeeding. To strengthen and consolidate the breastfeeding-friendly measures in maternity hospitals (including both public and private hospitals), the Government has specially set up a dedicated working group under the Committee, members of which include representatives from the accreditation body, namely the Baby Friendly Hospital Initiative Hong Kong Association, and local maternity hospitals. The Chairman of the working group reported on the work progress at the meeting, including the enhancement of the monitoring system for existing maternity hospitals in the middle of this year to more accurately capture breastfeeding data prior to infant discharge, as well as a detailed assessment and analysis of the implementation of breastfeeding-friendly measures in local maternity hospitals to be completed within this year. Based on this information, strategic recommendations will be provided as appropriate to enhance the implementation of baby-friendly measures.  

     In addition, the HKBMB located at the Hong Kong Children’s Hospital has officially commenced operations since this January to provide breastmilk for infants and young children who cannot be breastfed by their biological mothers, thereby minimising the chance of serious illness in premature or severely ill babies. Since this March, the HKBMB has supplied processed donated breastmilk to nine public hospitals in Hong Kong equipped with neonatal intensive care units (NICUs). As of October 6 this year, the HKBMB had registered 368 breastmilk donors and collected over 2 013 litres of breastmilk to be supplied to extremely premature and critically ill newborns, providing the best possible nutrition. Meanwhile, public hospital NICUs have distributed processed donated breastmilk to 309 infants with clinical needs. 

     Moreover, the Committee has proposed two main strategic directions on the promotion, protection and support for breastfeeding based on local circumstances, namely (1) strengthening and consolidating professional support from healthcare institutions, and (2) enhancing support for breastfeeding mothers from various sectors. 

     Regarding professional support from healthcare institutions, at present, all eight public hospitals with obstetrics departments are accredited Baby-Friendly Hospitals (BFHs). Two private hospitals offering delivery services have activated the accreditation procedures, with one already accredited. Of the 29 Maternal and Child Health Centres (MCHCs) currently providing services under the DH, 15 of them have been accredited as Baby-Friendly MCHCs, with others expected to be accredited gradually starting from next year. The Government will continue to promote breastfeeding-friendly measures in local maternity hospitals and encourages more private hospitals to participate in the BFHs accreditation through the aforementioned dedicated working group.  

     As regards to strengthening support for breastfeeding mothers from various sectors, the Government has long been committed to creating a breastfeeding-friendly environment. Apart from the amendments made to the Sex Discrimination Ordinance to prohibit discrimination against and harassment towards breastfeeding women, and the extension of statutory maternity leave from 10 to 14 weeks, the Government also mandated the provision of baby-care and breastfeeding facilities in newly built government premises for public and staff members’ use since early 2019. Moreover, since 2017, the Government has included detailed requirements, including the area and number of baby-care rooms and/or lactation rooms that shall be provided in the commercial development projects, in the Conditions of Sale of new commercial land sale sites (excluding land designated for hotel use only). The Government also encourages more enterprises to implement a Breastfeeding Friendly Workplace policy to enable working mothers to continue breastfeeding after returning to work. The DH issued relevant guidelines for employers and employees with specific advice on supporting breastfeeding.

     Dr Fan said, “Breast milk is the most ideal food for infants. It is safe, clean, and contains antibodies which can help prevent many common childhood illnesses. Protecting breastfeeding is a collective responsibility of the entire society. A mother being able to continue breastfeeding relies on collaboration and support from all sectors of the community. I call upon all sectors of the community to attach great importance to breastfeeding and work together to provide support on all fronts to foster a friendly environment and atmosphere. The Government will continue to promote and support breastfeeding with dedicated efforts, and collaborate with all sectors of the community to increase the sustainability of breastfeeding and enhance the overall maternal and child health.”

     Established in April 2014, the Committee comprises members from relevant healthcare professions and academia as well as representatives of organisations promoting breastfeeding. The Committee is responsible for providing recommendations on the strategies and action plans for further strengthening the promotion, protection and support for breastfeeding as well as overseeing the relevant progress, with a view to enhancing the sustainability of breastfeeding and advocating breastfeeding as the mainstream baby-care mode to be widely accepted by the general public.

     

OASES Deputy Director-General visits Beijing to strengthen ties and collaboration with strategic institutions (with photos)

Source: Hong Kong Government special administrative region – 4

The Deputy Director-General of the Office for Attracting Strategic Enterprises (OASES), Dr Jimmy Chiang, visited Beijing from October 15 to 17 to meet with a range of strategic institutions, including a research institute, an innovation park, and foreign official trade and investment offices. The visit aimed to strengthen the close ties between Hong Kong, the Chinese Mainland and international partners, and foster collaboration in innovation and technology (I&T), as well as industrial development.

     “The Chief Executive’s 2025 Policy Address” outlines the Hong Kong Special Administrative Region (HKSAR) Government’s commitment to actively nurture emerging industries, including advanced manufacturing, life and health technology, new energy, artificial intelligence (AI) and data science. The HKSAR Government will step up its efforts to nurture emerging industries locally and attract those from outside Hong Kong, promoting the diversified development of the economy. Dr Chiang’s visit reinforced these policy directions through a series of targeted engagements.

Dr Chiang first met with representatives of the Chinese Academy of Agricultural Sciences to exchange views on agricultural innovation, smart farming, and advanced manufacturing of agricultural equipment. He also introduced Hong Kong’s unique advantages in research transformation, international connectivity, and market access. Both sides explored the feasibility of bringing agricultural research outcomes to Hong Kong and expressed interest in establishing a long-term collaboration, aligning with the Policy Address’s emphasis on AI applications.

Dr Chiang then visited the Office of the Government of the Hong Kong Special Administrative Region in Beijing and met with the Deputy Director, Miss Amy Yuen. They discussed ways to further support strategic enterprises operating in Hong Kong and Beijing, and to enhance regional co-ordination and policy alignment to facilitate strategic enterprise developments.

In the I&T sector, Dr Chiang visited Zhongguancun, a leading innovation hub in Beijing. He toured the Zhongguancun Exhibition Center to learn about the latest local technological achievements and the development of innovative enterprises. He also attended a roundtable at the Zhongguancun Beijing-Hong Kong-Macao Youth Innovation Center, where he engaged with young entrepreneurs and introduced Hong Kong’s start-up support policies and funding schemes, encouraging high-potential tech ventures to establish a presence in Hong Kong. 

Dr Chiang also met with representatives of the Swiss Business Hub China, under the Embassy of Switzerland in China, to explore opportunities for Swiss strategic enterprises to set up in Hong Kong. Both sides agreed to strengthen information exchanges and investment promotion collaborations, and to jointly explore development opportunities for Swiss strategic enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area.

Dr Chiang remarked that the visit was highly fruitful and further reinforced Hong Kong’s position as a premier gateway for enterprises around the globe. He emphasised that OASES will continue to align with the policy direction in nurturing emerging industries, maintain close ties with strategic institutions, and attract high-potential enterprises to establish a presence in Hong Kong, driving long-term growth in I&T and high-value industries.

           

HKMC’s third infrastructure loan-backed securities issuance

Source: Hong Kong Government special administrative region – 4

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

The Hong Kong Mortgage Corporation Limited (HKMC) announced today (October 17) the successful completion of its third infrastructure loan-backed securities (ILBS) issuance. This is executed through a Hong Kong special purpose vehicle (SPV), Bauhinia ILBS 3 Limited (Bauhinia 3) and it builds on the HKMC’s aim of developing the ILBS asset class through regular issuances after successful issuances in 2024 and 2023. The Bauhinia issuances offer professional investors exposure to a diversified portfolio of project and infrastructure debt across multiple geographies and sectors.

The Executive Director and Chief Executive Officer of the HKMC, Mr Colin Pou, said, “It is another successful issuance demonstrating the HKMC’s continued commitment to ILBS and the support for the development of Hong Kong as an infrastructure financing hub. The ongoing strong demand from new and existing investors shows that investor interest continues to grow and they increasingly recognise the benefits and diversification this asset class brings.”

The Bauhinia 3 issuance received another strong response from investors, both from new and repeated investors, with growing demand from investors outside Asia. The expanded investor base is well diversified, including asset manager, corporate, family office, financial institution, insurer, private banking, and security firm investors.

Asian Infrastructure Investment Bank (AIIB) continued to support the HKMC’s ILBS issuance as an anchor investor through its US$300 million investment programme. AIIB’s investment programme continues to fulfil its objective to mobilise private capital into the infrastructure sector.

Bauhinia 3 has a portfolio of 33 project and infrastructure loans across 28 individual projects spreading across 12 countries and 9 sub-sectors, with a total value of approximately US$450.5 million. In total, five classes of notes are issued (Class A1-SU, Class A1, Class B, Class C and Class D), with aggregate principal of US$427.9 million. The issued notes are listed on The Hong Kong Stock Exchange. The quality of the portfolio and increasing investor interest in ILBS allowed the HKMC to issue Class D at non-investment grade, the first of its kind in Asia, which further enhanced the efficiency of the capital structure. The HKMC acts as the sponsor, collateral manager and risk retention holder of the transaction.

Within the capital structure of Bauhinia 3, there is an US$117 million sustainability tranche (Class A1-SU) backed by sustainable, green and social assets. Class A1-SU is issued in accordance with the HKMC’s Social, Green and Sustainability Financing Framework, which aligns with the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines released by the International Capital Market Association.

Standard Chartered Bank is the Sole Global Co-ordinator. BNP Paribas, China International Capital Corporation Hong Kong Securities Limited, ING Bank N.V., Singapore Branch, MUFG Securities Asia Limited and Standard Chartered Bank are the Joint Bookrunners. Fubon Bank (Hong Kong) Limited is the Co-Manager.