Month: November 2025

Source: Hong Kong Government special administrative region

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the “Think Business, Think Hong Kong” Symposium in Milan today (Milan time, November 27):

Frederick (Chairman of the Hong Kong Trade Development Council, Professor Frederick Ma), distinguished guests, ladies and gentlemen,

     Ciao. Good morning. 

     Thank you for observing a moment of silence with us together, for the 55 lives lost in a tragic fire that took place in Hong Kong yesterday. Our hearts and thoughts are with all the victims and their families. The HKSAR (Hong Kong Special Administrative Region) Government is now doing as much as we can to help all those who are affected by this very unfortunate incident.  

     To officially begin this Symposium, may I first express our heartfelt thanks to the magnificent city of Milan – Italy’s fast-beating economic heart, and one of the world’s foremost fashion and design capitals, home of elegance, enterprise, for hosting this event. My thanks also go to the Hong Kong Trade Development Council for putting this Symposium together. 

A tale of two cities, two economies

     For long, Hong Kong and Italy have much in common. We share a passion for creativity, craftsmanship, and elegance. Italian style has captured our hearts. 

     Our two cities are gateways connecting continents, blending Eastern and Western ingenuity. And we both thrive on openness, creativity, innovation and entrepreneurial spirit.

     Our economic partnership is flourishing and remarkably diverse, too. In 2024, bilateral merchandise trade reached €7.2 billion. Some 200 Italian companies, from world-beating brands to leading players in banking, insurance, logistics and chocolate, have their regional headquarters, offices or operations in Hong Kong.

     Think business, do business, with Hong Kong

     Today’s symposium is not just about thinking business. It’s about doing business. Together.

     We’ve brought with us an 80-strong delegation of Hong Kong business leaders spanning finance, innovation, technology, logistics, and the creative industries. I invite you to rise. Yes, they’re here to explore opportunities with you, and to invite you to consider the vast possibilities Hong Kong, Asia’s world city, can offer you.  

     For the next few minutes, allow me to explain why Hong Kong is uniquely positioned to be your long-term partner.

One country, two systems: our enduring strength

     Hong Kong’s unique strength is premised on our “one country, two systems” framework. It gives us the best of both worlds: seamless access to the Chinese Mainland’s vast market, and unfettered connectivity with the world, with unparalleled opportunities for business and investment. We are a market economy upholding the common law system with a strong tradition of rule of law, a low and simple tax regime and business practices aligning with the highest international standards.

     We are a free port, maintaining a free flow of goods, capital, information and people.

     And the “one country, two systems” framework is here to stay for the long term, a position reiterated time and again by President Xi Jinping and affirmed at high-level state and party meetings in Beijing.

     The rule of law is a defining feature of our city. Our judiciary exercises its powers independently, and the Court of Final Appeal sits in Hong Kong, with six non-permanent judges from overseas common law jurisdictions such as the United Kingdom, Australia, and New Zealand. 

     Hong Kong also offers robust intellectual property protection. Our legal framework is fully compliant with WTO standards, and our High Court has specialist judges for IP cases. That makes Hong Kong a city you can count on to protect your innovations and creative work. And that, I know, is essential to Italian businesses, where design is both a profession and a passion.

Where Hong Kong stands today

     The Hong Kong economy has, again, had a good year.

     In international reports, Hong Kong continues to be ranked the world’s freest economy, and we are consistently among the top three global financial centres. The IMD World Competitiveness Yearbook this year placed us third, globally. And all three major international credit rating agencies have reaffirmed our strong standing.

     Hong Kong is also the gateway to the GBA – the Guangdong-Hong Kong-Macao Greater Bay Area, a fast-growing, young and affluent market with an increasingly global outlook.

     The GBA has a combined GDP of €1.8 trillion, a population of 87 million, and a per capita GDP of about €20,000. It is a vast and promising market for Italian goods and services, offering opportunities from luxury and lifestyle to technology and healthcare.

     The Greater Bay Area is also a global leader in innovation and technology. This year, the Shenzhen-Hong Kong-Guangzhou science and technology cluster was named the world’s number one innovation cluster by the World Intellectual Property Organization.

     These and other fundamental strengths make Hong Kong a prime springboard for Italian businesses eager to realise opportunities in China and across Asia.

Hong Kong: a leading IFC

     Let me highlight a few areas that I believe will be particularly attractive to Italian businesses, starting with finance.

     Hong Kong is one of the world’s leading international financial centres. Some 70 of the world’s top 100 banks and six of the top 10 global insurance companies operate in our city. 

     Our stock market, with a market capitalisation of €5.3 trillion, and the Hang Seng Index up by more than 25 per cent to date, is among the world’s best performers this year.

     We have a singular advantage: the “Connect Schemes” – that provide mutual-market access between Hong Kong and the Mainland. For international investors, it is a trusted avenue for accessing the Mainland’s capital market. More than 70 per cent of China A-shares’ foreign holdings, for example, were acquired through our Stock Connect Scheme.

     Italian companies like Prada and Ferretti are already listed on the Hong Kong Stock Exchange, and I encourage more Italian companies to pursue dual listings on both Borsa Italiana and the Hong Kong Stock Exchange.

     Through our Southbound Connect, Italian companies can tap into Mainland liquidity, gaining a level of access no other international financial centre can provide.

     We also invite Italian companies and banks to issue Renminbi bonds in Hong Kong. Our vibrant bond market offers multi-currency options, including USD, euro and RMB. Italian banks can use Hong Kong’s Renminbi clearing and settlement system for trade settlement and other Renminbi-denominated financial transactions. That can only enable more efficient trade between Italy and China.

International innovation and technology hub

     Hong Kong is also rapidly developing as an international hub for innovation and technology. We focus on four key areas: artificial intelligence, biotech, fintech, and new energy and new materials.

     Our academic and research capabilities are world-class. Five of our universities are ranked among the global top 100. Three are ranked in the top 20 globally for AI and data science, and two of our medical schools are among the world’s top 25.

     We are now building a more complete innovation value chain, one that integrates basic research, commercialisation and advanced manufacturing. To that end, we are attracting strategic enterprises, either world leaders in their fields or companies engaged in cutting-edge technologies. Over the past three years, we have welcomed more than 100 strategic enterprises to Hong Kong, including four of the world’s top 10 pharmaceutical companies. They are establishing R&D centres, expanding their operations in Hong Kong and investing in our shared future.

     Hong Kong Science Park and Cyberport welcome Italian start-ups and innovators. Our I&T centres provide a range of services, from incubation, funding, professional advisory to market development support. 

     The Northern Metropolis, an area bordering Shenzhen and covering one-third of Hong Kong’s landmass, will be the heart of our I&T future. The San Tin Technopole, a cluster similar to the Milan Innovation District, will rise as one of its innovation hubs.

     We are working closely with Shenzhen, in a co-operation zone along the border. Within that zone, Mainland capital, talent, goods, data and even biosamples will move freely to Hong Kong, giving companies access to both international and Mainland data, a significant advantage for artificial intelligence, bio and pharmaceutical companies looking to tap the vast Chinese market. 

     I invite Italian innovators and companies, particularly those in life sciences, precision engineering, advanced manufacturing, and luxury tech, to establish R&D centres and operations in this Northern Metropolis. There, they can collaborate with tech companies from Hong Kong and the Mainland, along with start-ups, universities and research institutions. 

Culture and creativity

     Finally, let me speak about culture and creativity, an area close to the Italian heart. 

     Hong Kong is Asia’s cultural hub and a rising design hub. Our West Kowloon Cultural District has emerged as a world-class arts and cultural centre. It features M+ Museum, Asia’s global museum of contemporary visual arts, design and architecture, as well as the Hong Kong Palace Museum, with more than 900 treasures from Beijing’s Palace Museum. 

     Business of Design Week, or BODW, opening next Monday, has become Asia’s most anticipated design event, bringing together creative minds from around the world to showcase their innovation and design excellence.

     And we thank Italy for being so kind as the BODW’s Partner Country again this year. Italian contributions to furniture design, textile innovation, the intersection of design with technology and sport, and much more will be featured at the Design Week.

Closing remarks

     Ladies and gentlemen, the opportunities there for us are both wide-ranging and far-reaching, whether you are in luxury goods, industrial design, fintech, biotech, healthcare, logistics or the creative industries.

     Italian businesses can tap into Asia’s dynamism through Hong Kong and our connectivity, financial services, innovation and cultural bridges.

     You’ll hear about that, and much more, in today’s panel discussions and the plenary session beginning in just a few minutes. 

     Let us think business – and do business – together. Build a rewarding future. Together.
     
     Grazie mille. Thank you very much. 

Source: Hong Kong Government special administrative region – 4

     The Transport Department (TD) today (November 27) said that, due to the No. 5 alarm fire at Wang Fuk Court in Tai Po, special traffic and transport arrangements will be implemented in the vicinity. Members of the public are urged to stay alert to the latest traffic news before travelling, plan ahead their journeys and reserve sufficient travelling time.

     A number of road sections in the affected area remained closed and motorists should opt for other roads. The TD anticipates that the traffic on Tai Po Road, Tolo Highway, Fanling Highway and roads in Tai Po town centre may be busier. Motorists are advised to avoid driving to the affected area.

     As for public transport, 39 daytime franchised bus routes travelling the closed road sections will be affected and diverted. The public should refer to the bus companies’ website or mobile application for the latest information on the routes, and use railway services as far as possible.

     Franchised bus operators will deploy staff to major bus stops to assist affected passengers and maintain the on-site order. Standby vehicles and manpower have been reserved to meet passenger demand. MTR will enhance the frequency of the East Rail Line trains during the morning peak hours and deploy additional manpower to assist passengers at stations.

     A spokesman for the TD said that, under the co-ordination of the Emergency Monitoring and Support Centre, the TD has been working in concert with departments concerned to closely monitor the fire’s impact on traffic and transport. The TD has been steering operators to gear up for response and service arrangements, with a view to minimising the impact to passengers’ commute.

     The operation of the TD’s Emergency Transport Co-ordination Centre has been escalated and it will continue to operate round the clock to closely monitor the traffic and public transport conditions in the district. The Area Traffic Control Centre will adjust the timing of on-street traffic signals as needed to alleviate traffic congestion.

     The public should heed the latest traffic news through radio and TV broadcasts, the TD’s website (www.td.gov.hk) and the HKeMobility mobile application before their journeys.

Source: Hong Kong Government special administrative region – 4

The Financial Secretary, Mr Paul Chan, who is currently visiting Milan, Italy, will shorten his overseas trip and return to Hong Kong earlier than scheduled in light of the No. 5 alarm fire incident at Wang Fuk Court in Tai Po.

Mr Chan arrived in Milan yesterday (Milan time, November 26) evening after concluding his visit to London, the United Kingdom. He was originally scheduled to attend the “Think Business, Think Hong Kong” symposium and the “Hong Kong Dinner” organised by the Hong Kong Trade Development Council today (Milan time, November 27), where he would meet with local business leaders and corporate representatives. He was due to return to Hong Kong tomorrow (November 28). Mr Chan will now depart Milan this morning after attending the “Think Business, Think Hong Kong” symposium, and is expected to arrive in Hong Kong tomorrow morning.

Before arriving in Milan, Mr Chan continued his official programme in London yesterday (London time, November 26). In the morning, he met with UK-based fund managers and senior executives of financial institutions participating in “London Tech Week: AI in Finance”.

He later attended a luncheon hosted by the Hong Kong Association, during which he delivered a keynote speech outlining how Hong Kong is leveraging innovation and technology to drive economic transformation and build sustainable long-term growth momentum.

Source: Hong Kong Government special administrative region – 4

Two co-owners were convicted and fined $118,200 in total, of which $112,200 was the fine for the number of days that the offence continued, at the Shatin Magistrates’ Courts yesterday (November 26) for failing to comply with a removal order issued under the Buildings Ordinance (BO) (Cap. 123).

The case involved three roller shutters at the front/rear doors and the removal of the protected lobby and wall separating the premises from the carpark of an industrial building at Shing Wan Road, Sha Tin. As the unauthorised building works (UBWs) were carried out without prior approval and consent from the Buildings Department (BD), a removal order was served on the owners under section 24(1) of the BO. Failing to comply with the removal order, the owners were prosecuted by the BD.

A spokesman for the BD said today (November 27), “UBWs may lead to serious consequences. Owners must comply with removal orders without delay. The BD will continue to take enforcement action against owners who fail to comply with removal orders, including instigation of prosecution, to ensure building and public safety.”

Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of up to $20,000 for each day that the offence continues.

Source: Hong Kong Government special administrative region – 4

The Social Welfare Department (SWD) expressed deep sorrow and sadness over the No. 5 alarm fire at Wang Fuk Court in Tai Po yesterday (November 26). The department is making all-out efforts in manpower deployment and resources allocation to provide appropriate support to residents of the district.
 
An SWD spokesman said that the department had deployed social workers, clinical psychologists and professional support teams to all temporary shelters and interdepartmental help desk at hospitals to provide assistance based on the welfare needs of the affected residents. Medical social workers of public hospitals are also providing emotional support to the injured and related families. Residents in need in the district are appealed to seek assistance from social workers or professionals at the temporary shelters.

As affected by the fire and obstructed traffic, multiple secondary schools and primary schools in Tai Po suspended classes today (November 27). The SWD had already requested all Integrated Children and Youth Services Centres and Youth Centre in Tai Po to open and operate the whole day for provision of sufficient care services to parents who are not able to take care of their children. Relevant information of the service centres is listed at the annex.

​The SWD will continue to liaise with other government departments to provide all appropriate assistance for the affected residents.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Executive Council Secretariat:

     The Non-official Members of the Executive Council (ExCo) expressed profound sadness at the multiple deaths and injuries, including the passing of a fireman on duty, caused by the No. 5 alarm fire at Wang Fuk Court in Tai Po yesterday (November 26). They extended their deepest condolences to the bereaved families and expressed their hope for the speedy recovery of the injured. The ExCo Non-official Members fully support the Hong Kong Special Administrative Region Government’s work in emergency relief, supporting those affected and following up on the incident, and understand that various government departments and units are striving to alleviate the impact of the fire. They also expressed gratitude towards President Xi Jinping for his care about this incident.

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) and the Hong Kong Association of Banks (HKAB) express profound grief over the No. 5 alarm fire at Wang Fuk Court in Tai Po yesterday (November 26) and extend the deepest condolences to the deceased, injured and the families affected. The HKMA and the HKAB are maintaining close communication to ensure that the banking industry can provide as much support as possible to those impacted by the incident.
 
     The HKMA and the HKAB have called on the banking industry to exercise discretion and provide flexibility to assist those affected – for example, by helping them access liquid funds, prioritising and expediting the process of banking document replacement, offering repayment grace periods and waivers of penalties and service charges, and increasing manpower in Tai Po branches to ensure timely support for the affected residents in the district.
 
     The HKMA and the HKAB will continue to closely monitor the development of the situation and co-ordinate with the industry to address the affected families’ needs for urgent banking services and liquidity.

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 27) that a tender of 15-year HKD institutional Government Bonds (Bonds) through the re-opening of existing 15-year Government Bond issue 15GB3912001 under the Infrastructure Bond Programme will be held on Wednesday, December 3, 2025, for settlement on Thursday, December 4, 2025.
 
An additional amount of HK$0.5 billion of the outstanding 15-year Bonds (issue no. 15GB3912001) will be on offer. The Bonds will mature on December 5, 2039, and will carry interest at the rate of 3.75 per cent per annum payable semi-annually in arrear. The Indicative Pricings of the Bonds on November 27, 2025, are 105.73 with an annualised yield of 3.265 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 HK$50,000 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 15-year HKD HKSAR Institutional Government Bonds:
 

Issue Number	:	15GB3912001
Stock Code	:	4287 (HKGB 3.75 3912)
Tender Date and Time	:	Wednesday, December 3, 2025 9.30am to 10.30am
Issue and Settlement Date	:	Thursday, December 4, 2025
Amount on Offer	:	HK$0.5 billion
Maturity	:	15 years
Remaining maturity	:	Approximately 14.01 years
Maturity Date	:	Monday, December 5, 2039
Interest Rate	:	3.75 per cent p.a. payable semi-annually in arrear
Interest Payment Dates	:	5 June and 5 December 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 HK$50,000 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 4, 2025) for the tender amount is HK$934.93 per minimum denomination of HK$50,000. (The accrued interest to be paid for tender amount exceeding HK$50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of HK$50,000 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 15GB3912001 (Stock code: 4287) 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 27) that a tender of 5-year HKD institutional Government Bonds (Bonds) through the re-opening of existing 5-year Government Bond issue 05GB3005002 under the Infrastructure Bond Programme will be held on Wednesday, December 3, 2025, for settlement on Thursday, December 4, 2025.
 
An additional amount of HK$2.0 billion of the outstanding 5-year Bonds (issue no. 05GB3005002) will be on offer. The Bonds will mature on May 15, 2030 and will carry interest at the rate of 2.70 per cent per annum payable semi-annually in arrear. The Indicative Pricings of the Bonds on November 27, 2025 are 101.36 with an annualised yield of 2.392 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 HK$50,000 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 HKD HKSAR Institutional Government Bonds:
 

Issue Number	:	05GB3005002
Stock Code	:	4293 (HKGB 2.70 3005)
Tender Date and Time	:	Wednesday, December 3, 2025 9.30am to 10.30am
Issue and Settlement Date	:	Thursday, December 4, 2025
Amount on Offer	:	HK$2.0 billion
Maturity	:	5 years
Remaining maturity	:	Approximately 4.45 years
Maturity Date	:	Wednesday, May 15, 2030
Interest Rate	:	2.70 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 HK$50,000 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 4, 2025) for the tender amount is HK$62.88 per minimum denomination of HK$50,000. (The accrued interest to be paid for tender amount exceeding HK$50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of HK$50,000 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 05GB3005002 (Stock code: 4293) 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.