Month: November 2025

Source: Hong Kong Government special administrative region – 4

     The Government announced today (November 28) the reappointment of Ms Sabrina Ho Shuk-ying and the appointment of Ms Huang Chaoni as lay members of the Council of the Hong Kong Institute of Certified Public Accountants (HKICPA) for a term of two years from December 1, 2025, to November 30, 2027.
 
     A spokesman for the Financial Services and the Treasury Bureau (FSTB) said, “The accounting sector plays a pivotal role in Hong Kong’s success as an international financial centre. We look forward to the contribution of Ms Ho and Ms Huang to the work of the HKICPA in furthering the development of the accounting profession.”
 
     The FSTB spokesman also expressed gratitude to the outgoing member, Dr Au King-lun, for his contributions to the HKICPA Council during his tenure.
 
     The HKICPA is the statutory professional body of the accounting sector in Hong Kong. It is responsible for the registration of certified public accountants (CPAs) and various professional functions including examination and training of CPAs, as well as setting requirements for continuing professional development, and standards on professional ethics, accounting, auditing and assurance.
 
     The HKICPA Council is the governing body of the Institute. Under the Professional Accountants Ordinance (Cap. 50), the HKICPA Council comprises a maximum of 23 persons, including four lay members appointed by the Chief Executive. The power of the Chief Executive to make appointments to the Council has been delegated to the Secretary for Financial Services and the Treasury.

Source: Hong Kong Government special administrative region – 4

     According to the results of the 2024 Annual Survey of Economic Activities – Import/Export, Wholesale and Retail Trades, and Accommodation and Food Services Sectors released today (November 28) by the Census and Statistics Department (C&SD), total receipts of the import/export, wholesale and retail trades, and accommodation and food services sectors amounted to $5,473.5 billion in 2024, representing an increase of 4.5% compared with 2023; on a per company basis, total receipts increased by 10.6% over 2023 to $38.7 million in 2024.
 
     Total operating expenditure (including operating expenses, cost of goods sold and compensation of employees) of the above sectors altogether amounted to $4,997.7 billion in 2024, representing an increase of 4.5% compared with 2023; on a per company basis, it increased by 10.6% over 2023 to $35.3 million in 2024.
 
     Gross surplus of the sectors, which is equal to total receipts less total operating expenditure, increased by 3.9% over 2023 to $475.7 billion in 2024; on a per company basis, gross surplus increased by 10.0% over 2023 to $3.4 million in 2024. For all these sectors taken together, gross surplus accounted for 8.7% of total receipts in 2024, similar to that in 2023.
 
     Industry value added of the sectors, which is a broad measure of their total contribution to Hong Kong’s Gross Domestic Product, increased by 3.4% over 2023 to $649.1 billion in 2024; on a per company basis, industry value added increased by 9.5% over 2023 to $4.6 million in 2024.
 
     According to the survey results, it was estimated that the aforementioned sectors comprised some 141 400 companies and engaged about 896 900 persons, or an average of 6.3 persons per company, in 2024.
 
     In the import/export trade, total receipts amounted to $4,523.3 billion while total operating expenditure reached $4,092.5 billion in 2024. Gross surplus increased from $413.2 billion in 2023 to $430.8 billion in 2024, accounting for 9.5% of total receipts in 2024. Industry value added increased by 5.6% over 2023 to $493.3 billion.
 
     In the wholesale trade, total receipts amounted to $275.2 billion while total operating expenditure reached $269.9 billion in 2024. Gross surplus decreased from $5.6 billion in 2023 to $5.3 billion in 2024, accounting for 1.9% of total receipts in 2024.  Industry value added decreased by 2.6% compared with 2023 to $19.1 billion.
 
     In the retail trade, total receipts amounted to $489.2 billion while total operating expenditure reached $458.9 billion in 2024. Gross surplus increased from $29.9 billion in 2023 to $30.3 billion in 2024, accounting for 6.2% of total receipts in 2024.  Industry value added decreased by 7.7% compared with 2023 to $68.9 billion.
 
     In the accommodation services sector which covers hotels, guesthouses, boarding houses and other companies providing short term accommodation, total receipts amounted to $46.1 billion while total operating expenditure reached $39.2 billion in 2024. Gross surplus increased from $6.1 billion in 2023 to $6.9 billion in 2024, accounting for 15.0% of total receipts in 2024.  Industry value added increased by 6.5% over 2023 to $21.8 billion.
 
     In the food services sector which mainly covers restaurants, total receipts amounted to $139.8 billion while total operating expenditure reached $137.4 billion in 2024. Gross surplus decreased from $2.9 billion in 2023 to $2.4 billion in 2024, accounting for 1.7% of total receipts in 2024. Industry value added slightly increased by 0.7% over 2023 to $46.0 billion.
 
     Selected statistics for the sectors mentioned above are shown in the attached table.  More detailed statistics will be given in the reports “Key Statistics on Business Performance and Operating Characteristics of the Import/Export, Wholesale and Retail Trades Sectors in 2024” and “Key Statistics on Business Performance and Operating Characteristics of the Food and Accommodation Services Sectors in 2024”. Users can browse and download these reports at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080014&scode=550 and www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080016&scode=540) as from end-December 2025.
 
     For enquiries about the key statistics on business performance and operating characteristics of the import/export, wholesale and retail trades, and accommodation and food services sectors, please contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7399 or email: asw@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

     According to the results of the 2024 Annual Survey of Economic Activities – Information and Communications, Financing and Insurance, Professional and Business Services Sectors released today (November 28) by the Census and Statistics Department (C&SD), the financing (except banking) industry recorded the largest total receipts in 2024, followed by insurance; banking; information and communications; professional, scientific and technical activities; and administrative and support service activities.
 
     In the financing (except banking) industry, total receipts increased by 4.8% over 2023 to $732.9 billion in 2024. On a per company basis, total receipts increased by 1.4% compared with 2023 to $73.1 million in 2024. Operating expenses and compensation of employees together increased by 7.5% year-on-year to $357.3 billion in 2024. Gross surplus, which is equal to total receipts less operating expenses, compensation of employees and (where applicable) cost of goods sold, increased by 2.4% over 2023 to $375.6 billion in 2024, accounting for 51.3% of total receipts in 2024. Industry value added (except investment and holding companies), which is a broad measure of its contribution to Hong Kong’s Gross Domestic Product (GDP), increased by 13.3% compared with 2023 to $122.8 billion in 2024. In 2024, the financing (except banking) industry comprised about 10 000 companies and engaged about 96 400 persons, or an average of 9.6 persons per company.
 
     In the insurance industry, total receipts amounted to $728.6 billion in 2024, representing an increase of 7.4% compared with 2023. On a per company basis, total receipts increased by 11.3% compared with 2023 to $269.1 million in 2024.  Operating expenses and compensation of employees together increased by 12.9% year-on-year to $73.6 billion in 2024. In 2024, the insurance industry comprised about 2 700 companies and engaged about 83 000 persons, or an average of 30.6 persons per company.
 
     In the banking industry, total receipts amounted to $611.7 billion in 2024, representing an increase of 5.1% compared with 2023. On a per company basis, total receipts increased by 8.7% compared with 2023 to $3.0 billion in 2024. Operating expenses and compensation of employees together increased by 6.6% year-on-year to $271.5 billion in 2024. In 2024, the banking industry comprised 203 companies and engaged about 98 500 persons, or an average of 485.0 persons per company.
 
     Owing to the special features of business operations for the banking industry and the insurance industry, gross surplus and industry value added statistics are not compiled for these industries. Statistics on value added in respect of these two industries compiled under the framework of GDP are released by the C&SD separately. Similarly, within the financing (except banking) industry, industry value added is not compiled for investment and holding companies. Hence, the figure of industry value added for this industry does not cover investment and holding companies.
 
     In the information and communications sector, total receipts amounted to $259.1 billion in 2024, representing an increase of 2.8% compared with 2023. On a per company basis, total receipts increased slightly by 0.7% over 2023 to $22.5 million in 2024. Operating expenses and compensation of employees together increased by 3.5% year-on-year to $179.7 billion in 2024.  Gross surplus decreased by 3.7% over 2023 to $58.8 billion in 2024, accounting for 22.7% of total receipts in 2024. Industry value added increased by 1.8% compared with 2023 to $104.0 billion in 2024. In 2024, the information and communications sector comprised about 11 500 companies and engaged about 102 000 persons, or an average of 8.9 persons per company.
 
     In the professional, scientific and technical activities sector, total receipts amounted to $163.5 billion in 2024, representing an increase of 2.1% compared with 2023. On a per company basis, total receipts increased slightly by 0.8% over 2023 to $5.8 million in 2024. Operating expenses and compensation of employees together increased by 3.0% year-on-year to $133.7 billion in 2024. Gross surplus decreased by 1.3% over 2023 to $28.4 billion in 2024, accounting for 17.4% of total receipts in 2024.  Industry value added decreased by 1.9% compared with 2023 to $87.9 billion in 2024. In 2024, the professional, scientific and technical activities sector comprised about 28 400 companies and engaged about 153 600 persons, or an average of 5.4 persons per company.
 
     In the administrative and support service activities sector, total receipts amounted to $136.9 billion in 2024, representing an increase of 13.9% compared with 2023.  On a per company basis, total receipts increased by 12.5% over 2023 to $11.9 million in 2024. Operating expenses and compensation of employees together increased by 13.3% year-on-year to $123.7 billion in 2024. Gross surplus increased by 20.4% over 2023 to $12.2 billion in 2024, accounting for 8.9% of total receipts in 2024.  Industry value added increased by 6.9% compared with 2023 to $64.5 billion in 2024. In 2024, the administrative and support service activities sector comprised about 11 500 companies and engaged about 236 200 persons, or an average of 20.5 persons per company.
 
     Selected statistics for the sectors mentioned above are shown in the attached table. More detailed statistics will be given in the reports “Key Statistics on Business Performance and Operating Characteristics of the Information and Communications Sector in 2024” and “Key Statistics on Business Performance and Operating Characteristics of the Financing and Insurance, Professional and Business Services Sectors in 2024”. Users can browse and download these reports at the website of the C&SD (www.censtatd.gov.hk/en/scode560.html and www.censtatd.gov.hk/en/scode570.html) as from end-December 2025.
 
     For enquiries about the key statistics on business performance and operating characteristics of the information and communications, financing and insurance, professional and business services sectors, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7268 or email: business-services@censtatd.gov.hk).

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 today (November 28) that a tender of 5-year RMB institutional Government Bonds (Bonds) through the re-opening of existing 5-year Government Bond issue 05GB3005001 under the Infrastructure Bond Programme will be held on December 4, 2025 (Thursday), for settlement on December 8, 2025 (Monday).

An additional amount of RMB1.0 billion of the outstanding 5-year Bonds (issue no. 05GB3005001) will be on offer. The Bonds will mature on May 15, 2030, and will carry interest at the rate of 1.97 per cent per annum payable semi-annually in arrear. The Indicative Pricings of the Bonds on November 28, 2025, are 100.42 with a semi-annualised yield of 1.873 per cent.

Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at www.hkgb.gov.hk. Each tender must be for an amount of RMB50,000 or integral multiples thereof.

Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK ) and Refinitiv (IBPGSBPINDEX). The publication time is expected to be no later than 3pm on the tender day.

HKSAR Institutional Government Bonds Tender Information

Tender information of 5-year RMB HKSAR Institutional Government Bonds:
 

Issue Number	:	05GB3005001
Stock Code	:	85023 (HKGB1.97 3005-R)
Tender Date and Time	:	December 4, 2025 (Thursday) 9.30am to 10.30am
Issue and Settlement Date	:	December 8, 2025 (Monday)
Amount on Offer	:	RMB1.0 billion
Maturity	:	5 years
Remaining maturity	:	Approximately 4.4 years
Maturity Date	:	May 15, 2030 (Wednesday)
Interest Rate	:	1.97 per cent p.a. payable semi-annually in arrear
Interest Payment Dates	:	May 15 and November 15 in each year, commencing on the Issue Date up to and including the Maturity Date, subject to adjustment in accordance with the terms of the Institutional Issuances Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.
Method of Tender	:	Competitive tender
Tender Amount	:	Each competitive tender must be for an amount of RMB50,000 or integral multiples thereof. Any tender applications for the Bonds must be submitted through a Primary Dealer on the latest published list. The accrued interest to be paid by successful bidders on the issue date (December 8, 2025) for the tender amount is RMB56.67 per minimum denomination of RMB50,000. (The accrued interest to be paid for tender amount exceeding RMB50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of RMB50,000 due to rounding).
Other Details	:	Please see the Information Memorandum available on the Hong Kong Government Bonds website or approach Primary Dealers.
Expected commencement date of dealing on the Stock Exchange of Hong Kong Limited	:	The tender amount is fully fungible with the existing 05GB3005001 (Stock code: 85023) listed on the Stock Exchange of Hong Kong.
Use of Proceeds	:	The Bonds will be issued under the institutional part of the Infrastructure Bond Programme. Proceeds will be invested in infrastructure projects in accordance with the Infrastructure Bond Framework published on the Hong Kong Government Bonds website.

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 today (November 28) that a tender of 1-year RMB Institutional Government Bonds (Bonds) under the Infrastructure Bond Programme will be held on December 4, 2025 (Thursday), for settlement on December 8, 2025 (Monday).
 
A total of RMB1.0 billion 1-year RMB Bonds will be tendered. The Bonds will mature on December 8, 2026 and will carry interest at the rate of 1.60 per cent per annum payable semi-annually in arrear.
 
Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at www.hkgb.gov.hk. Each tender must be for an amount of RMB50,000 or integral multiples thereof.
 
Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK ) and Refinitiv (IBPGSBPINDEX). The publication time is expected to be no later than 3pm on the tender day.

HKSAR Institutional Government Bonds Tender Information

Tender information of 1-year RMB HKSAR Institutional Government Bonds:
 

Issue Number	:	01GB2612001
Stock Code	:	85100 (HKGB1.60 2612-R)
Tender Date and Time	:	December 4, 2025 (Thursday) 9.30am to 10.30am
Issue and Settlement Date	:	December 8, 2025 (Monday)
Amount on Offer	:	RMB1.0 billion
Maturity	:	1 year
Maturity Date	:	December 8, 2026 (Tuesday)
Interest Rate	:	1.60 per cent p.a. payable semi-annually in arrear
Interest Payment Dates	:	June 8 and December 8 in each year, commencing on the Issue Date up to and including the Maturity Date, subject to adjustment in accordance with the terms of the Institutional Issuances Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.
Method of Tender	:	Competitive tender
Tender Amount	:	Each competitive tender must be for an amount of RMB50,000 or integral multiples thereof. Any tender applications for the Bonds must be submitted through a Primary Dealer on the latest published list.
Other Details	:	Please see the Information Memorandum available on the Hong Kong Government Bonds website or approach Primary Dealers.
Expected commencement date of dealing on the Stock Exchange of Hong Kong Limited	:	December 9, 2025 (Tuesday)
Use of Proceeds	:	The Bonds will be issued under the institutional part of the Infrastructure Bond Programme. Proceeds will be invested in infrastructure projects in accordance with the Infrastructure Bond Framework published on the Hong Kong Government Bonds website.

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 announced the results of the residential mortgage survey for October 2025.
 
The number of mortgage applications in October decreased month-on-month by 0.7 per cent to 8 255.  
 
Mortgage loans approved in October were HK$31.3 billion, broadly unchanged compared with September.  Among these, mortgage loans financing primary market transactions decreased by 2.1 per cent to HK$12.4 billion and those financing secondary market transactions increased by 3.4 per cent to HK$16 billion.  Mortgage loans for refinancing decreased by 8.4 per cent to HK$3 billion. 
 
Mortgage loans drawn down during October decreased by 3.5 per cent compared with September to HK$20.1 billion. 
 
The ratio of new mortgage loans priced with reference to HIBOR decreased from 92.6 per cent in September to 91.9 per cent in October. The ratio of new mortgage loans priced with reference to best lending rates decreased from 1.5 per cent in September to 1.3 per cent in October.
 
The outstanding value of mortgage loans increased month-on-month by 0.8 per cent to HK$1,907.4 billion at end-October. 
 
The mortgage delinquency ratio stood at a low level of 0.13 per cent and the rescheduled loan ratio was unchanged at nearly 0 per cent.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

     The Government announced today (November 28) the reappointment of two serving members and the appointment of two new members to the Hospital Authority (HA) for a period of two years from December 1, 2025, to November 30, 2027.

     The serving members reappointed are Ms Maisy Ho Chiu-ha and Mr Wan Man-yee, while the two newly appointed members are Mr John Kwong Ka-sing and Mr Victor Lam Wai-kiu. 

     Mr Kwong is the Vice-President for Development of the Hong Kong University of Science and Technology. 

     Mr Lam is the former Government Chief Information Officer. He is currently a member of the Public Service Commission, the Advisory Committee on Post-service Employment of Civil Servants, and the Committee of the Artificial Intelligence Subsidy Scheme.

     The Secretary for Health, Professor Lo Chung-mau, welcomed the two new members to the HA. He also expressed gratitude to the serving members reappointed and extended heartfelt thanks to the two outgoing members, Mr Duncan Chiu and Mr Billy Wong Wing-hoo, for their invaluable contributions to the HA. 
 
     The HA comprises a Chairman, 22 non-official members, three public officers and one principal officer from the HA. The membership list to be effective from December 1, 2025, is as follows:

Chairman
———— 
Mr Henry Fan Hung-ling

Non-official members
————————-
Dr Rex Auyeung Pak-kuen 
Professor Anthony Chan Tak-cheung
Ms Margaret Cheng Wai-ching 
Professor Philip Chiu Wai-yan
Ms Winnie Chiu Wing-kwan
Ms Anita Fung Yuen-mei 
Ms Maisy Ho Chiu-ha
Ms Mary Huen Wai-yi
Ms Tennessy Hui Mei-sheung
Mr Jat Sew-tong
Mr Matthew Kwok Pui-ho
Mr John Kwong Ka-sing
Mr Victor Lam Wai-kiu
Mrs Sylvia Lam Yu Ka-wai
Professor Lau Chak-sing
Professor David Shum Ho-keung 
Mr Henry Tong Sau-chai
Mr Anthony Tsang Hin-fun
Dr Thomas Tsang Ho-fai
Mr Wan Man-yee
Professor Janet Wong Yuen-ha
Professor Zhang Zhang-jin

Public Officers
—————–
Permanent Secretary for Health, Mr Thomas Chan
Director of Health, Dr Ronald Lam
Deputy Secretary for Financial Services and the Treasury (Treasury) Ms Ann Chan

HA Principal Officer
———————–
Chief Executive of the HA, Dr Libby Lee

Source: Hong Kong Information Services

To support schools and students to cope with the impact of the No. 5 alarm fire in Tai Po, the Education Bureau today said that it will provide a Special Incident Assistance Grant of $100,000 to each primary and secondary school (including special schools) and $50,000 to each kindergarten in the district.

Schools may flexibly deploy the grant to give students, teachers and parents appropriate assistance, which includes providing psychological counselling services and purchasing learning-related items for affected students.

In addition, the Jockey Club, with the assistance of schools, will offer $5,000 to each affected student through the Jockey Club Emergency Relief Fund to address their immediate learning needs.

The bureau will hold five online seminars in Chinese on psychological support for special incidents tomorrow and on Sunday for teachers and parents.

The seminars aim to assist school personnel and parents in taking care of students/children with traumatic experiences. Speakers include a psychiatrist, a psychologist and a social worker.

If any school premises have been damaged due to the fire, the bureau will provide repair services through emergency repair works as soon as possible to ensure its safety.

The bureau added that its educational psychologists and District School Development Sections officers will continue to maintain close contact with the schools and provide necessary assistance.

Source: Hong Kong Information Services

The value of residential mortgage loans approved in October was $31.3 billion, broadly unchanged compared with September, the Monetary Authority announced today.

Among these, mortgage loans financing primary market transactions decreased 2.1% to $12.4 billion, while those financing secondary market transactions increased 3.4% to $16 billion.

Loans for refinancing fell 8.4% to $3 billion.

Mortgage loans drawn down during October amounted to $20.1 billion, a 3.5% drop from September.

The number of mortgage applications in October dipped 0.7% to 8,255.

The outstanding value of mortgage loans increased 0.8% month-on-month to $1.9074 trillion at end-October.