Source: Hong Kong Government special administrative region
Following is the keynote speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the Hong Kong Tourism Overview (TO) 2026 today (March 18):
Dr Peter Lam (Chairman of the Hong Kong Tourism Board (HKTB)), distinguished guests, industry leaders, friends from the travel industry, ladies and gentlemen,
Good morning. It is my absolute pleasure to join you today. Honestly, I cannot believe that this is already my second TO attended in the capacity of Secretary for Culture, Sports and Tourism.
Last year, I shared three messages at the TO. I said, firstly, that we must effectively capitalise on our motherland’s strong support. Secondly, I said we must savour our traditional strengths and reinvent them into new offerings. Thirdly, I said I invited everyone to be a tourism ambassador and, as such, Hong Kong’s success lies with us all. With these in mind, we had a very industrious year, and I believe it is in order for the tourism trade collectively to congratulate ourselves on a job very well done!
Review of 2025 and snapshot of Q1 2026
Under the strong leadership of Dr Peter Lam, and the hard work of Anthony Lau (Executive Director of HKTB) and his team, I’d like to call this “the returning of the heavyweights” (重磅回歸, pun intended). We laid incredible groundwork, which resulted in the impressive report card that was just outlined by Peter – Hong Kong welcomed 49.9 million visitors, a robust 12 per cent increase over 2024. As an illustration, the 2025 episode of the Hong Kong Wine & Dine Festival earned Hong Kong much praise, and saw a 30 per cent growth in terms of daily average attendance and a 40 per cent growth in terms of daily token spending. Many guests named it one of the best wine and dine festivals they have ever attended and already looked forward to returning this year. We showed the world loud and clear: Hong Kong is back, and back big time! This year, 2026, is the Year of the Horse. In Chinese culture, the horse signifies a force of nature, representing vitality, unbridled energy, with tireless drive to forge ahead for success.
We have already kick-started this year with incredible momentum. From the pulsing energy of the Chinese New Year (CNY) Night Parade and the breathtaking fireworks over Victoria Harbour to the CNY race day in Sha Tin, visitor arrivals for the first two months of 2026 surged 18 per cent year on year; that is to say nearly 10 million visitors have already visited Hong Kong this year. So, true to the Chinese zodiac sign, 2026 is our year to gallop, and today, here at the TO, we are sharing with you our roadmap for this thrilling ride.
First of all, our target. In 2026, we expect annual visitor arrivals to reach 53.8 million, representing an increase of approximately 8 per cent over 2025. Looking at the vibrancy of our streets and our packed events calendar, I have full confidence that this target is within our reach quantitatively. But we are not just chasing numbers; we are pursuing value, quality and lasting impact. Today’s travellers crave unique experiences that money alone cannot necessarily buy. For example, they want to feel the thunder of drums at dragon boat races on Victoria Harbour; the electric buzz as a top-ranking, purebred, fine horse charges to victory at Happy Valley or Sha Tin. They seek emotional resonance – a scene of the old Hong Kong they saw on a TV drama or movie during their childhood, or a taste of pineapple char siu bun in either a Michelin-starred Chinese restaurant or your typical cha chaan teng around the street corner. Young or mature, today’s tourists are discerning, digitally savvy, and demand authenticity. If they have a common purpose, it is to take a wonderful story home. So what should we do to give our tourists a good time, a wonderful story? I say we propel Hong Kong into a new era of quality upgrades and deep integration of culture, sports and tourism, in full alignment with our nation’s freshly announced 15th Five-Year Plan. Hong Kong is evolving from a destination on our own into a premier show window for our motherland.
Specifically, we embrace the concept of “+Tourism”. In essence, this is a strategic pivot: take the sectors where Hong Kong already shines – culture, sports and mega events – and apply the “+Tourism” multiplier to unlock their full potential. It is about weaving our rich cultural heritage, stunning city and natural landscapes, and adrenaline-pumping sports events into one unforgettable tapestry.
Dominating the mega events calendar
First, let’s talk about the engine driving Hong Kong tourism forward in 2026 – mega events.
We are earnestly solidifying our status as a year-round, world-class capital of mega events.
At the heart of our cultural beat is the return of Art March. With an expanded footprint, the Hong Kong Arts Festival kicks off the cultural calendar, presenting over 45 productions, featuring more than 1 100 international and local artists. We are showcasing Asian premieres of world-renowned works alongside original local productions across music, opera, dance, theatre and Chinese performing arts. If your heart is set on grabbing a piece of art to take home, ComplexCon, Art Central, and of course Art Basel will soon take the stage one by one, turning our entire city into a living gallery of fine works of all kinds.
We are also in the golden era of sports tourism. Just in the last 10 weeks, we have already witnessed the success of the Hong Kong Marathon, Hong Kong International Horse Show, World Snooker Grand Prix and LIV Golf Hong Kong. And the spectacle doesn’t stop here.
This coming Sunday, March 22, all eyes will be on the Hong Kong Derby. As the pinnacle of the four-year-old classic series, we are positioning it as more than a race under our “+Tourism” strategy. Imagine high-value visitors flying in for the thrill of the races, then exploring Art Basel, and capping the night with Michelin-starred dining. That is one facet of Hong Kong lifestyles that surely mesmerises.
And in just a few weeks, we will feel the ground shaking with passion as the Hong Kong Sevens takes centre stage at our Kai Tak Sports Park celebrating its 50th anniversary. Kai Tak Sports Park, recently named by TIME magazine as one of the World’s Greatest Places, is a game-changer for Hong Kong, giving us the capabilities to host events and international concerts that were hitherto impossible. Its crown jewel, the Kai Tak Stadium alone, has welcomed over 2 million spectators and ranked third for ticket sales and fifth for gross revenue worldwide last year, leading all Asian venues in both categories.
Our efforts won’t stop. As announced in the 2026-27 Budget, $1.66 billion will be allocated for the Hong Kong Tourism Board to scale up flagship events, extend event durations, and introduce new themed light festivals. We will further intensify the crossover of culture, sports, and tourism, ensuring the “Mega Events + Tourism” multiplier effect turns visitor flow into consumption flow, and short-term buzz into long-term economic gain.
Deepening our unique narrative
Beyond mega events, we are sparing no effort in deepening our unique narrative. One important facet we have been developing is perhaps the most universal language of all: food.
Gastronomy is our calling card. Following the success of World’s 50 Best Bars, we will host the Asia’s 50 Best Restaurants 2026 awards next Wednesday (March 25), cementing our title as the culinary capital of Asia.
Complementing this is the Hong Kong Tourism Board’s “Taste Hong Kong” campaign, curating the best of our culinary world for global travellers. From the fiery dai pai dongs in Temple Street to the quiet precision of Michelin-starred mastery; from a comforting bowl of wonton noodle to an innovative degustation menu – there is no doubt that the best version of every flavour is right here in Hong Kong.
I mentioned the Wine & Dine Festival just now. This year it will be presented as a city-wide celebration of all things food and beverage that is ever so vibrant and colourful. I eagerly await the gathering of top culinary talents and renowned wineries to create unique tasting experiences at our Central Harbourfront, demonstrating the powerful appeal of Hong Kong’s gastronomic offerings.
I also mentioned telling the unique, irresistible Hong Kong story. We are capitalising on the “set-jetting” phenomenon – where travellers visit locations seen in films and dramas – through the cinematic journey at the revitalised Kowloon Walled City and the Yau Ma Tei Police Station, both of which are immersive environments where visitors can step into some of the most memorable scenes from Hong Kong cinema.
Our world-class cultural anchors – M+ and Hong Kong Palace Museum, where two-thirds of visitors are tourists – will continue to amaze. Following the blockbuster “Ancient Egypt Unveiled” exhibition, we will leverage our role as an East-meets-West centre for culture and arts to present more groundbreaking dialogues between East and West.
Our theme parks and attractions are also powering ahead. For Hong Kong Disneyland, which is celebrating its 20th anniversary until June, a new Pixar-themed experience and a new exciting Marvel-themed area are in the pipeline. Ocean Park is charging toward the 2028 opening of its new adventure zone, featuring bungee jumps and zip lines. We will continue to enhance the infrastructure and appeal of our theme parks to welcome even more families and friends.
With compelling itineraries offering diverse experiences for high-value travellers, we are proud to see Hong Kong’s cruise tourism continues to thrive, with a 26 per cent increase in ship calls in 2025 compared to 2024, and cruise passenger throughput up by 22 per cent. Things on this front are looking good this year as well. For example, we had cruise ships berthing in Hong Kong every day during the Chinese New Year Golden Week, new luxurious ships calling, and triple, even quadruple berthing are often seen in our busy terminals. Beyond on-shore spending of our cruise visitors, economic benefits also arise from the operation of cruise ships, such as berthing fees, reprovisioning, hiring of ground handlers, as well as the spending of crew members themselves of each cruise ship.
Driving regional synergy
We cannot speak of strength without acknowledging our hinterland. To Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is not just a neighbouring region; it is our accelerator.
We are unlocking the boundless potential of the GBA. Over the past years, the Central Government rolled out measures to facilitate visitor arrivals to Hong Kong. The multiple-entry Individual Visit Scheme for Shenzhen residents, the Southbound Travel for Guangdong Vehicles scheme (粵車南下) in 2025, as well as four more ports connecting Hong Kong as the entry points for international tourists to visit the Mainland under the 240-hour visa-free transit policy. All these have unleashed tremendous opportunities for our tourism trade by enabling more convenient travel to our city.
The successful cohosting of the National Games with Guangdong and Macao showcased the power of integrated regional collaboration. We will further deepen Hong Kong’s role as a super-connector between the world and the GBA by developing more multi-destination travel products for international travellers. One can fly into our world-class airport, spend a few days enjoying the cosmopolitan flair of Hong Kong, take the High-Speed Rail to explore the heritage of other GBA cities, and finish with a fun stop in Macao. The experience is seamless.
Hospitality as the soul of tourism
Having outlined our key strategies, here is my biggest appeal to you all. Our goal is clear and simple: to make Hong Kong a destination where every visitor is delighted to stay, reluctant to leave, and eager to return. We can build the biggest stadium, host the biggest stars and exhibit world-class treasures – but none of that matters without the software. None of that matters without you – the travel agents, hoteliers, attractions, restauranteurs, airline operators, our tour guides, our service providers and so many more. You are the ones who deliver the experience. You are the ones who turn a trip into a memory.
Hospitality is Hong Kong’s core soft power. But we must adapt to the specific and changing needs of our visitors. For our growing Muslim visitor segment, we are expanding Muslim-friendly infrastructure, increasing Halal-certified dining options, and providing prayer facilities at major attractions to ensure that they feel truly welcome and comfortable. For MICE visitors, we are adopting a “Bleisure” (business + leisure) mindset – blending business efficiency with exclusive leisure experiences – to inspire visitors to extend their stay. For family visitors, we are enhancing family-friendly amenities city-wide, ensuring that exploring Hong Kong is stress-free for parents and magical for children.
I am proud to say that our tourism family has always been defined by professionalism, efficiency and sincerity in serving our visitors. To acknowledge these heroes of hospitality, we have championed excellent performers across retail, dining, and hospitality through extensive media coverage. We are celebrating the concierge who works miracles, the taxi driver who acts as an impromptu tour guide, and the shop assistant who treats a customer like an old friend. These are our living ambassadors.
Storytelling has become the core competency we are cultivating. We must equip frontline staff with not just information, but narrative tools to share the beauty of our landscapes, the craft behind our dim sum, and the stories behind our skyline. Thank you.
Source: Hong Kong Government special administrative region
LCQ12: Operation of Designated Hotline for Carer Support
Nature of call (Note 2)(As at end-January 2026)Note 2: If a call involves multiple inquiries, the Hotline social worker will determine the principal nature of the call based on specific circumstances of the case.
The Hotline service does not maintain breakdown of all callers’ residential areas, categories of carers, or whether they are high-risk families. When answering calls, Hotline social workers will first assess the caller’s real-time situation and immediate needs, evaluate their welfare needs and crisis factors. Social workers will provide the caller with relevant information and recommend suitable support services based on the actual circumstances, and make service referrals as and when necessary upon obtaining the caller’s consent. Caller’s personal data, such as family background or residential address, is collected mainly for the purpose of making service referrals. For cases not involving service referrals, the Hotline does not collect caller’s personal data.
Type of service referred(2) In addition to handling proactive calls from carers, the Hotline also assists in handling cases identified from the pilot scheme on Carer Support Data Platform. Under this pilot scheme, the SWD identifies, through an inter-departmental notification mechanism, cases where carers of high-risk households (including doubleton elderly persons, carers of the elderly, and carers of persons with disabilities) are hospitalised, giving rise to care risks. Hotline social workers will proactively contact the care recipients in these cases and provide emergency support as needed, so as to achieve early intervention. The pilot scheme commenced in July 2025, and as at end-January 2026, the Hotline had assisted with over 3 900 cases identified by the Data Platform, with three cases requiring emergency support.
(4) The SWD will regularly assess the performance and service effectiveness of service providers through its existing service performance monitoring system, and closely communicate with them to keep optimising service content and model. The SWD will announce key statistical data on the operation and service utilisation of the Hotline to the public through various channels as and when appropriate. Issued at HKT 11:15
Source: Hong Kong Government special administrative region
LCQ8: Application for Hong Kong permanent resident status Question:
Under the existing legislation, Chinese citizens who have ordinarily resided in Hong Kong for a continuous period of not less than seven years, and persons not of Chinese nationality who have entered Hong Kong with valid travel documents, have ordinarily resided in Hong Kong for a continuous period of not less than seven years and have taken Hong Kong as their place of permanent residence, are eligible for the right of abode in Hong Kong. Such persons may apply to the Immigration Department (ImmD) for Hong Kong permanent resident status. A person is regarded as ordinarily resident in Hong Kong if he or she remains in Hong Kong legally, voluntarily and for a settled purpose. In this connection, will the Government inform this Council:
(1) since the incumbent Government assumed office, of (i) the number of applications for Hong Kong permanent resident status that were rejected due to failure to meet the requirement of having ordinarily resided in Hong Kong for a continuous period of not less than seven years, and (ii) the number of applications approved by the Director of Immigration exercising discretion, together with the respective percentages these figures represent of the total number of applications;
(2) given that the Government currently provides seven talent admission schemes for professionals intending to work and settle in Hong Kong (namely the Top Talent Pass Scheme, the General Employment Policy (for non-Mainland residents), the Admission Scheme for Mainland Talents and Professionals (for Mainland residents), the Quality Migrant Admission Scheme, the Technology Talent Admission Scheme, the Immigration Arrangements for Non-local Graduates, and the Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents), all of which have different patterns of limit of stay and requirements, whether the authorities have reviewed the impact of these patterns and requirements on applications for Hong Kong permanent resident status by such persons; if so, of the details; if not, the reasons for that; and
(3) whether, in order to further attract diverse talent from around the world to come to Hong Kong and remain here for long-term development, with a view to developing Hong Kong into an international hub for high-calibre talent, the Government will consider, with reference to the experience of other regions, undertaking a comprehensive review and refinement of the definition of and assessment criteria for “ordinary residence in Hong Kong”, including allowing applicants a longer continuous period of absence from Hong Kong (e.g. more than 180 days) without having to provide an explanation to the ImmD, and granting ImmD officers greater discretion in handling such applications; if so, of the details; if not, the reasons for that?
Reply:
President,
In consultation with the Labour and Welfare Bureau and the Immigration Department (ImmD), my reply to the question of the Hon Michelle Tang is as follows:
Article 24 of the Basic Law and Paragraph 2 of Schedule 1 to the Immigration Ordinance (Cap. 115) stipulate that the following persons are Hong Kong permanent residents who have the right of abode in Hong Kong:
(a) a Chinese citizen born in Hong Kong before or after the establishment of the Hong Kong Special Administrative Region;
(b) a Chinese citizen who has ordinarily resided in Hong Kong for a continuous period of not less than seven years before or after the establishment of the Hong Kong Special Administrative Region;
(c) a person of Chinese nationality born outside Hong Kong before or after the establishment of the Hong Kong Special Administrative Region to a parent who, at the time of birth of that person, was a Chinese citizen falling within category (a) or (b);
(d) a person not of Chinese nationality who has entered Hong Kong with a valid travel document, has ordinarily resided in Hong Kong for a continuous period of not less than seven years and has taken Hong Kong as his place of permanent residence before or after the establishment of the Hong Kong Special Administrative Region;
(e) a person under 21 years of age born in Hong Kong to a parent who is a permanent resident of the Hong Kong Special Administrative Region in category (d) before or after the establishment of the Hong Kong Special Administrative Region if at the time of his birth or at any later time before he attains 21 years of age, one of his parents has the right of abode in Hong Kong;
(f) a person other than those residents in categories (a) to (e), who, before the establishment of the Hong Kong Special Administrative Region, had the right of abode in Hong Kong only.
Any person claiming to be a Hong Kong permanent resident under paragraph (b) or (d) above may submit, in accordance with established procedures, application for verification of eligibility for permanent identity card to the ImmD, if he meets the requirement of “having ordinarily resided in Hong Kong for a continuous period of not less than seven years” under the law and other relevant requirements. The ImmD will process the applications in accordance with the law.
(1) and (3) Any person who remains in Hong Kong legally, voluntarily and for a settled purpose (such as for education, employment or residence, etc), whether of short or long duration, is considered as being ordinarily resident in Hong Kong. In determining whether an applicant has ceased to have ordinarily resided in Hong Kong or is only temporarily absent from Hong Kong, the ImmD will take into consideration the circumstances of the person and the absence in accordance with section 2(6) of the Immigration Ordinance, including: Nonetheless, if the person concerned does not meet the requirements for becoming a Hong Kong permanent resident as stipulated in Article 24 of the Basic Law and Schedule 1 to the Immigration Ordinance, the ImmD has no discretion to establish his status as a Hong Kong permanent resident.
According to the the ImmD’s record, the statistics of applications for verification of eligibility for permanent identity card from July 1, 2022 to February 28, 2026 are as follows:
Applications received The ImmD does not maintain a breakdown of other statistics mentioned in the question.
(2) The Government has been implementing various talent admission schemes to proactively trawl for talents with different academic and professional backgrounds to come to Hong Kong to enrich Hong Kong’s talent pool. Persons admitted under the various talent admission schemes who have ordinarily resided in Hong Kong for a continuous period of not less than seven years may, in accordance with established procedures, apply to the ImmD for verification of eligibility for permanent identity card. Given the different positioning and target groups of the various schemes, the prescribed limits of stay, conditions of stay and requirements for application for extension of limit of stay also vary accordingly. Individuals admitted under employment-based talent admission schemes (such as the General Employment Policy or the Admission Scheme for Mainland Talents and Professionals) are permitted to stay in Hong Kong on employment condition, while those admitted on the basis of their academic qualifications or other credentials (such as under the Top Talent Pass Scheme or the Quality Migrant Admission Scheme) are only subject to the limit of their permitted stay. The Government will dynamically monitor manpower changes in Hong Kong and in light of such actual circumstances as the demand for talents, continue to refine the details of the talent admission schemes, including the eligibility criteria, quotas, limits of stay, and conditions of stay, etc, in order to attract talents to Hong Kong and encourage suitable individuals to remain in Hong Kong for long-term development. Issued at HKT 11:15
Source: Hong Kong Government special administrative region
LCQ17: Improving situation of road signs being blocked Question:
It has been reported that road signs in Hong Kong are blocked by the foliage of roadside trees from time to time, rendering important traffic signs not clearly visible and posing potential risks to road safety. In this connection, will the Government inform this Council:
Year Both HyD and LCSD have carried out trimming work in a timely manner upon receiving the above cases. None of these cases involved traffic accidents caused by delayed trimming.
In addition, if the HyD discovers during regular road maintenance inspections or receives reports stating that there are overgrown roadside posing imminent danger to road users (e.g. branches and leaves extending into the carriageway seriously obstructing traffic signs), it will immediately arrange urgent trimming to ensure the safety of road users even if the trees concerned are not under its maintenance. Over the past three years, the HyD received two cases each year concerning traffic signs being seriously obstructed by roadside trees under the jurisdictions of other departments or private lot owners requiring immediate arrangement of urgent trimming.
(2) The HyD engages contractors through term contracts to conduct regular inspections of roadside trees under its jurisdiction at specified frequencies (generally once every three to six months), and to trim trees obstructing traffic signs, traffic lights, and street lights as soon as possible according to the inspection findings. The HyD also requests its contractors to identify slopes/planting areas that require more frequent tree trimming, and arrange at least three trimming operations at these locations between April and October each year. Meanwhile, the LCSD also conducts regular inspections of trees under its jurisdiction, including checking for protruding branches to the carriageway that obstruct vehicle passage, impair drivers’ visibility, affect traffic signs, or pose potential risks to vehicles.Issued at HKT 11:10
Source: Hong Kong Government special administrative region
LCQ22: Residential Care Services Scheme in Guangdong Question:
The Government launched the Residential Care Services Scheme in Guangdong (GDRCS Scheme) in January 2020, and indicated in the 2025 Policy Address the enhancement of elderly care arrangements in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), including expanding continuously the GDRCS Scheme and increasing the numbers of Mainland residential care homes for the elderly and cities covered under the GDRCS Scheme. In this connection, will the Government inform this Council:
(1) whether the Government will conduct a survey to understand the needs and intentions of the elderly persons in Hong Kong regarding cross-boundary elderly care in places outside the Guangdong Province (such as Guangxi and Fujian), so as to enhance cross-boundary elderly care arrangements; if so, of the details; if not, the reasons for that; and
(2) given that according to the government information, services under the GDRCS Scheme has so far covered all nine cities of GBA, whether the Government has plans to discuss with the relevant Mainland authorities the further expansion of the GDRCS Scheme to more Mainland cities; if so, of the details and timetable? President,
The Government implements the Residential Care Services Scheme in Guangdong (GDRCS Scheme) to provide Hong Kong elderly people with more choices of ageing in the Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). To ensure the service quality of the residential care homes for the elderly (RCHEs) on the Mainland and safeguard the well-being of the elderly, the Social Welfare Department (SWD) has to carry out enormous work such as inspections, assessments and liaison prior to the Mainland RCHEs’ joining the GDRCS Scheme, so as to ascertain whether the service quality of the RCHEs concerned could meet the relevant requirements. For RCHEs that have joined the GDRCS Scheme, the SWD needs to deploy staff to constantly monitor their service quality, including conducting on-site inspections on the Mainland, reviewing reports and documents submitted by the RCHEs, interviewing participating residents of the Scheme to understand their living conditions, and following up on complaints, etc. Should an RCHE’s services be found to fall short of the requirements, the SWD will handle this seriously. In addition to issuing advisory and/or warning letters to the residential care home, the SWD will require the residential care home to make improvements, and conduct more frequent follow-up visits to the RCHE where necessary.
Currently, 26 RCHEs in Guangdong have joined the GDRCS Scheme, covering all nine Mainland cities of the GBA. Given the vast expanse of our country, if the Scheme is expanded to other provinces and municipalities not only would the SWD have to commit much greater amount of manpower, administrative and financial resources to inspection and assessment work, but also face significant challenges in effective and sustained supervision.
Taking into account the key considerations of elderly people’s retirement in the residential care homes on the Mainland, constraints of the SWD’s limited resources as well as challenges in effective supervision, the Government focuses on implementing the Scheme in the Mainland cities within the GBA at this stage and has no plans to expand the subsidised residential care services to other provinces and municipalities.
The Government all along maintains contact with various stakeholders regarding cross-boundary elderly welfare measures, and have exchanges with the relevant government departments of different Mainland provinces and municipalities from time to time. Issued at HKT 11:00
Source: Hong Kong Government special administrative region – 4
The Commissioner of Police, Mr Chow Yat-ming, led a Hong Kong delegation, as part of the national delegation, to attend the Global Fraud Summit 2026 held in Vienna, Austria, on March 16 and 17 (Vienna time). The Hong Kong delegation shared Hong Kong’s experiences, innovative measures, and achievements in cross-sector collaboration in combating fraud, and discussed with law enforcement agencies from other countries/regions to explore ways to strengthen co-operation in cross-border fraud investigations, and to promote the establishment of a closer global anti-fraud network.
Co-organised by the United Nations Office on Drugs and Crime (UNODC) and INTERPOL, the summit brought together representatives from law enforcement agencies, international organisations, the private sector and academia from around the world to engage in in-depth discussions on combating cross-border fraud, international co-operation, and the use of technology to counter fraud, with a view to building consensus and collectively addressing the increasingly complex global fraud threats. The national delegation was led by the Deputy Director General of the Criminal Investigation Department of the Ministry of Public Security, Mr Zhu Lei. Members of the delegation included representatives from the Ministry of Public Security, the Hong Kong Police Force (HKPF), and the Macao Judiciary Police.
Mr Chow was invited as a guest speaker of a forum on public-private collaboration alongside representatives from the UNODC, European Union Agency for Law Enforcement Cooperation, and a cryptocurrency analytics firm. At the forum, Mr Chow gave a detailed overview of the various collaborative initiatives established by the HKPF in recent years to combat fraud, including the Anti-Deception Coordination Centre (ADCC), the Anti-Deception Alliance, “Scameter”, etc. He also cited related enforcement accomplishments and statistics to demonstrate the Police’s effectiveness in preventing and tackling scams, and intercepting crime proceeds. The other speakers at the forum noted that the HKPF’s measures on this front are valuable to share and promote internationally. The speakers unanimously agreed that co-operation across all sectors of society is essential to effectively curb fraudulent activities.
At another panel discussion of the summit, Chief Superintendent of Police Commercial Crime Bureau, Mr Wong Chun-yue, shared Hong Kong’s successful experience in establishing the ADCC, outlining the challenges and opportunities encountered from its inception to its expansion. He also discussed with other panelists on how anti-deception centres worldwide can adapt to evolving fraud tactics by continuously developing and gradually expanding their functions, such as enhancing data analysis and cross-sector collaboration. He noted that through sharing the HKPF’s forward‑looking strategies, could assist other countries/regions in carrying out more efficient anti‑fraud work.
At the summit, the national delegation showcased the country’s significant achievements in combating and curbing telecom and online fraud in recent years, including the successful dismantling of the four major organised telecom fraud syndicates through collaboration with Southeast Asian partners. As part of the national delegation, the HKPF fully supported the nation’s anti-fraud efforts and actively promoted the relevant achievements, thereby contributing to consolidating the country’s leadership in international law enforcement efforts.
Mr Chow stated that the summit brought together senior officials of law enforcement officials across the globe, providing the HKPF with an international platform to exchange experiences with partners, whilst supporting the nation’s effort to establish a global anti‑fraud alliance. The HKPF will continue to promote innovative measures and align with national strategies to work alongside the international community to tackle challenges posed by cross‑border fraud, and spare no effort in protecting the public’s property, and safeguarding Hong Kong’s social stability and financial order.
Mr Chow will conclude his visit and depart for Hong Kong on March 18 (Vienna time).
Source: Hong Kong Government special administrative region – 4
The Government announced today (March 18) that the Wealth for Good in Hong Kong (WGHK) Summit will return next Tuesday (March 24). Under the theme “Building Lasting Legacies”, this year’s summit in its fourth edition highlights the wave brought by continuous growth of family office assets and generational wealth transition in recent years. In addition to serving as an exchange platform for overseas, Mainland and local family office decision-makers and successors, the WGHK Summit is also an occasion for them to experience firsthand how Hong Kong leverages its solid financial foundation to facilitate wealth succession and value appreciation.
Co-organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), the WGHK Summit will once again convene influential family office decision-makers and successors from around the world in Hong Kong. Participants from Asia, Europe, the Americas, Oceania, the Middle East, and Africa will join attendees from the Chinese Mainland and Hong Kong in insightful sharing. This year’s summit is going to showcase Hong Kong’s profound strengths and development potential through three core themes: “Strategic Asset Management for Family Legacy”, “Cultural Value Foundation for a Thriving Market”, and “Smart Tech Innovation Driving Capital Appreciation”. A number of heavyweight speakers will inspire the participants with their visionary thinking on the future of the family office ecosystem.
Nowadays, quite a number of family offices are deepening their philanthropic endeavours. Taking advantage of Hong Kong’s diverse and vibrant philanthropic ecosystem, a special fireside chat on “Sports and Philanthropy” is set for the summit to explore how sports and philanthropy can work together to create positive value for society.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The global landscape is evolving fast these days with geopolitics getting more complex. There has never been a better time for hosting the WGHK Summit than now to give family offices looking for diversified allocation and risk dispersion an occasion to connect with each other and explore opportunities. Hong Kong offers a highly favourable development environment with numerous potential and predictability for family offices, underpinned by our diversified international financial markets coupled with resilience, robust and transparent legal and tax systems, world‑class financial and professional services, and well‑developed ecosystems for philanthropy, arts, and innovation. The WGHK Summit is a flagship event hosted by our Government to showcase to the global wealth owners the unique advantages of this city. We will continue to consolidate Hong Kong’s leading position as a family wealth hub in the Asia-Pacific region, and adopt a multipronged approach to keep fostering the development of the family office sector through measures in areas such as tax concessions, talent attraction, investment facilitation and building of an ecosystem. All these will make Hong Kong even more attractive in all aspects to global family capital, positioning this city as the most preferred platform for ultra-high-net-worth families worldwide to manage their cross-border wealth.”
The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, noted, “According to the latest market study, the number of single-family offices in Hong Kong surpassed 3 380 by the end of 2025, reflecting a growth of over 25 per cent in two years – a testament to Hong Kong’s attractiveness as a global family office hub. The WGHK Summit serves as a pivotal platform for Hong Kong to deepen connections with the global family office community and foster cross-border collaboration. Against the backdrop of increasing trend of reallocation of global capital toward Asia, alongside rising trade protectionism and geopolitical uncertainty, Hong Kong will continue to leverage its unique advantage of enjoying strong support from the motherland and being closely connected to the world. We will provide global families with a predictable, one-stop environment for establishing a presence and operating in Hong Kong, helping them capture growth opportunities on the Chinese Mainland and in Asia, and steadily advancing long-term investment and multi-generational succession through diversified asset allocation and professional risk management.”
The WGHK Summit will feature a distinguished line-up of guest speakers:
• Dr Han Bicheng – Founder and Chief Executive Officer (CEO), BrainCo
• Mr Maximilian Kaufmann – Representative of Major Shareholder of Leica Camera AG
• Mr William Heinecke – Founder and Chairman, Minor International PCL
• Mr François Pictet – Managing Partner, Pictet Group
• Mr Yao Ming – Founder of Yao Foundation; Former Chairman of Chinese Basketball Association; NBA All-Star
• Mr Qiu Heng – Chief Marketing Officer, AgiBot
• Ms Irene Lee – Chairman, Hysan Development Company Limited
• Dr Ren Feng – Co-CEO and Chief Scientific Officer, Insilico Medicine
• Mr Wesley Ng – CEO and Co-founder, CASETiFY
• Mr Winfried Engelbrecht-Bresges – CEO, The Hong Kong Jockey Club; and
• Mr Michael Wilding – Group Chief Operating Officer, ZURU Group
Beyond the WGHK Summit, the Milken Institute and Bloomberg LP (Bloomberg) will also host the Global Investors’ Symposium (March 23) and the Family Office Forum (March 25) respectively in the same week, focusing on wealth management and global investment trends. The synergy generated by these three major forums will showcase Hong Kong’s unique charm in the family office landscape to the fullest to international capital, allowing participants to interact, exchange ideas, and explore opportunities together in Hong Kong.
Source: Hong Kong Government special administrative region – 4
Following is a question by the Hon Lee Kwong-yu and a written reply by the Acting Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, in the Legislative Council today (March 18):
Question:
In the 2026-2027 Budget, the Government announced that it would launch the $10 billion Innovation and Technology Industry-Oriented Fund within this year, and at the same time put forward the goal of “AI training for all”. There are views that in addition to hardware upgrades and software development, enterprise change management (i.e. cultivating the mindset and skills among in-service employees to accept, learn and apply the relevant emerging technologies) is also key to driving the successful digital transformation of employees, but many small and medium enterprises have limited resources and budgets, making it difficult to promote technological training for employees. In this connection, will the Government inform this Council:
(1) whether it currently provides any relevant funding schemes targeted at the “technological transformation” of general employees to support them in undergoing digital upskilling training during the period of technological transformation; if so, of the details; if not, whether it will formulate such schemes in the future; and
(2) whether it will consider including an express clause in the funding schemes related to technological transformation that requires enterprises applying for funding to set aside a certain proportion of funding specifically for upgrading the skills of in-service employees, so as to ensure that training resources can seamlessly meet the needs of actual posts; if so, whether the Government will consider developing monitoring standards (such as the number of employees receiving training and the hours of relevant training courses completed by such employees) in the future to monitor the compliance of the relevant enterprises with the clause; if not, whether the Government has formulated other measures to ensure that when using public funds to take forward technological transformation, enterprises can utilise the relevant funding to provide training and support to employees?
Reply:
President,
The National 15th Five-Year Plan emphasises promoting the full integration between technological innovation and industrial innovation, developing new quality productive forces, and building a modern industrial system. Innovation and technology (I&T) is the key engine for accelerating high-quality economic development in the future of Hong Kong, and Hong Kong is formulating strategies that suit the local conditions and its own development needs. While supporting the development of industries with strategic significance and in which we enjoy clear advantages, the Government has been assisting local enterprises in their technological transformation through various funding schemes and initiatives, as well as supporting employees in undergoing digital and other I&T upskilling training, thereby generating new quality productive forces to contribute to Hong Kong’s economy.
Having consulted the Labour and Welfare Bureau (LWB), my consolidated reply to the question raised by the Hon Lee Kwong-yu is as follows:
The Innovation, Technology and Industry Bureau has launched a series of supportive programs through its relevant organisations and platforms to assist local enterprises in leveraging technology to upgrade and transform. With regard to funding schemes, the “Digital Transformation Support Pilot Programme” assists small and medium-sized enterprises (SMEs) in adopting off-the-shelf digital solutions to accelerate their digital transformation through providing subsidies on a matching basis. The Government will enhance the Programme by incorporating artificial intelligence (AI) and cybersecurity solutions to further encourage SMEs (including their employees) to adopt the latest technologies and enhance their competitiveness. The Government is currently examining ways to enhance the Programme, with a view to launching it in the second half of this year following consultation with the Legislative Council.
For the New Industrialisation Acceleration Scheme and New Industrialisation Funding Scheme under the Innovation and Technology Fund, the two schemes will support manufacturers in setting up new smart production lines, and also provide funding to such enterprises for training their employees on operating the relevant smart production lines. The New Industrialisation and Technology Training Programme subsidises local enterprises on a 1 (Government): 1 (enterprise) matching basis to train their staff in advanced technologies, especially those related to new industrialisation.
Regarding the aforementioned schemes, the focus of transformation and employee training arrangements of different enterprises may vary depending on factors such as industry, scale, and actual operational circumstances, and could not be generalised. Currently, the Government has no plan to include an express clause requiring applicants to set aside a certain proportion of funding specifically for the training of in-service employees. All approved funding must be used appropriately in accordance with the relevant program guidelines and approval conditions.
Besides, the Hong Kong Productivity Council (HKPC) assists enterprises in developing and implementing technical solutions across various technology fields based on their pain points and needs, thereby supporting their digital transformation. On supporting technological transformation for employees, the HKPC is committed to providing various upskilling training courses to employees of enterprises undergoing digital transformation, equipping them with knowledge in different technology areas. The courses focus on “FutureSkills”, covering AI, cybersecurity, robotics, drones and various soft skills. The HKPC also introduced a free one-stop digital transformation solutions platform “Digital DIY Portal” and the “InnoPreneur Network” platform, bringing together digital transformation solutions, digital and innovation information and successful cases of digital transformation in industries, in order to assist local SMEs in embarking on digital transformation. Moreover, through the adoption of big data consultancy, service robots, Internet of Things, smart operation and system integration, etc, the HKPC assists SMEs in streamlining work processes, minimising labour-intensive processes and enhancing operational efficiency; it also organises online forums to help enterprises adapt to new modes of business operation through digital technologies and online business, and explore new clientele despite geographic constraints.
Meanwhile, the LWB stated that, Hong Kong residents aged 18 or above are eligible to claim for subsidy under the Continuing Education Fund (CEF) up to a ceiling of $25,000 upon successful completion of a CEF reimbursable course (CEF course). At present, CEF courses cover different subjects, including I&T. As at end-January 2026, over 420 CEF courses are related to such I&T areas as AI, big data analytics and smart cities, assisting learners in acquiring relevant emerging skills. The Government will continue to encourage course providers to design and offer new courses and apply for registration under the CEF to meet market development and needs.
In addition, employees can receive training related to I&T through various channels. For example, the Employees Retraining Board (ERB) also provides training courses across different areas, including I&T, to assist the local workforce to continuously enhance their skills and competitiveness. Eligible persons can apply for course fee waiver or reduction. The ERB will continue to strengthen relevant services after being upgraded as Upskill Hong Kong.
Source: Hong Kong Government special administrative region
LCQ21: Promoting cross-boundary carbon trading and settlement Question:
In December 2025, the Central Economic Work Conference included “following the dual-carbon goals and driving a comprehensive green transition” in the eight key tasks to be pursued for the economic work in 2026. The carbon market is an important tool that utilises market mechanisms to address climate change and promote green and low-carbon development, and the international carbon trading platform Core Climate launched by the Hong Kong Exchanges and Clearing Limited (HKEX) in 2022 (Core Climate) is the world’s only carbon marketplace offering settlement in both Hong Kong dollars and Renminbi for international voluntary carbon credits at present. In this connection, will the Government inform this Council:
(1) whether it knows the respective annual numbers of transactions, transaction volume and transaction value of the Core Climate platform since its establishment;
(2) whether the Government will discuss with HKEX the introduction of blockchain technology to the listing and trading processes of carbon credits on the Core Climate platform, so as to leverage blockchain technology’s characteristics of immutability, traceability, transparency and security to avoid double counting and reduce transaction costs;
(3) in addition to introducing international carbon credits to the Core Climate platform, whether the Government will support HKEX in developing local “carbon avoidance” (e.g. energy efficiency enhancement and the use of alternative clean energy) and “carbon removal” (e.g. direct air carbon capture) projects to generate more local carbon credits and enrich buyers’ choices; if so, of the details; if not, the reasons for that;
(4) whether the Government will motivate HKEX to establish mutual access and assurance standard alignment mechanisms between the Core Climate platform and the “National Voluntary Greenhouse Gas Emission Reduction Trading Market” to enhance the liquidity of the Core Climate platform, promote cross-boundary carbon trading and settlement, and facilitate the internationalisation of the Mainland carbon market; if so, of the details; if not, the reasons for that; and
(5) given that HKEX signed a Memorandum of Understanding with Guangzhou Emissions Exchange, Shenzhen Green Exchange and Macao International Carbon Emission Exchange in September 2025, whether the Government will, under this co-operation framework, expeditiously explore with HKEX the joint establishment of a unified carbon trading platform in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and formulate comprehensive and unified assurance standards and pricing, trading and assurance rules to enhance the overall liquidity and influence of the GBA carbon market; if so, of the progress; if not, the reasons for that?
Reply:
President,
The National 15th Five-Year Plan outlines the acceleration of comprehensive green transformation and the orderly advancement of innovation in carbon finance products and derivatives. The Hong Kong Exchanges and Clearing Limited (HKEX) launched an international carbon marketplace Core Climate in October 2022, offering dual-currency settlement services in Hong Kong dollars and Renminbi for the trading of international voluntary carbon credits. It aims to establish Hong Kong as an international carbon market to connect opportunities across the Mainland, Asia, and the rest of the world, with a view to enhancing green development momentum and assisting in promoting global net-zero transition.
In consultation with the HKEX and the Hong Kong Monetary Authority (HKMA), my reply to the five parts of the question is as follows:
(1) As of March 2026, Core Climate’s cumulative carbon credit transaction volume has exceeded 1 million tonnes, with over 130 registered participants. Since the carbon projects and carbon credits traded and settled through Core Climate are diverse in nature and have a very wide price range, with sensitive commercial information involved, relevant nominal volumes or information of the transactions cannot be disclosed. However, it can be noted that Core Climate participants include large corporations. For example, Cathay Pacific settled 50 000 tonnes of voluntary carbon credits through Core Climate in December 2024, demonstrating Core Climate’s ability in assisting companies to achieve their sustainability goals.
(2) Actively exploring the application of financial technology is a crucial part of promoting the innovative development of carbon credit products. To this end, in 2025, the HKMA and the HKEX successfully completed the testing of a tokenised carbon credit transaction use case under Project Ensemble, with a view to leveraging emerging technologies such as blockchain to facilitate cross-boundary transactions and improve the transparency and efficiency of carbon credit traceability. The HKMA and the HKEX will publish a report on the testing results in due course, summarising the findings and hoping to provide valuable experience and solid foundation for future financial innovation products for promoting low-carbon economy.
(3) Since its launch in 2022, Core Climate has continuously expanded its product range. By the end of 2025, the number of carbon reduction projects on the platform had increased to over 60, including forestry, solar, wind, and biomass projects in Asia, South America, and Africa. In addition to Verified Carbon Standard (VCS) from Verra, the HKEX incorporated Gold Standard Verified Emission Reductions (GS-VER) into Core Climate in August 2024, further diversifying the scope of tradable climate projects. The HKEX will continue to actively expand relevant products and services to support decarbonisation locally, regionally, and internationally.
(4) and (5) Our country is striving to build a more effective, dynamic, and internationally influential national carbon market to promote green and low-carbon transformation and help achieve the goals of carbon peaking and carbon neutrality. To this end, the Hong Kong SAR (Special Administrative Region) Government is actively working with relevant Mainland regulatory authorities and institutions to explore assisting our country’s participation in the international carbon market, including the formulation of voluntary carbon credit standards and methods, as well as the registration, trading, and settlement of carbon emission reductions. Leveraging Hong Kong’s advantages of enjoying our nation’s strong support and being closely connected to the world, the Government aims to serve our country’s dual-carbon strategy and help build a carbon market which is well integrated with the international market.
Besides, the HKEX signed a Memorandum of Understanding (MOU) in September 2025 with the Guangzhou Emissions Exchange, Shenzhen Green Exchange and Macao International Carbon Emission Exchange to work together in promoting the development of the carbon markets and green finance ecosystem across the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Under the MOU, the four exchanges will explore new co-operation opportunities in carbon market and green finance, and facilitate experience exchange and knowledge sharing in order to enhance the professional capabilities of relevant institutions and personnel in carbon market operations and green finance, and promote in-depth development of the regional carbon market. Currently, the HKEX is working closely with carbon exchanges in the GBA to actively explore the testing of cross-boundary carbon trade settlement, with a view to completing the pilot and summarising experience within 2026 to provide reference for our country’s future cross-boundary carbon trading. Issued at HKT 12:35
Source: Hong Kong Government special administrative region
LCQ2: Supporting sustainable development of securities industry Question:
There are views that with the securities industry (especially small and medium securities dealers) facing the pressure of persistently increasing compliance and operating costs in recent years, the Government should introduce targeted support policies to assist small and medium securities dealers in adapting to and meeting new requirements, as well as enhancing their competitiveness. In this connection, will the Government inform this Council:
(1) to assist the securities industry in smoothly implementing the uncertificated securities market regime to be launched within this year, whether the Government will consider introducing funding schemes for securities dealers (especially small and medium securities dealers), so as to support the upgrading of the overall industry; if not, of the means by which the Government will assist securities dealers in catering for the relevant requirements of the regime;
(2) it is learnt that over the past years, securities dealers have incurred additional operating costs due to their custody of large quantities of delisted company stocks, how the authorities will assist such securities dealers in handling the issue of custody of delisted company stocks; and
(3) whether it will explore the setting up of a dedicated fund to provide funding support for the system upgrades undertaken by the securities industry to meet the new requirements, thereby mitigating their compliance costs; if not, of the reasons for that?
Reply:
President,
With Hong Kong being an international financial centre, the Government has all along been driving the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX) to leverage the unique advantages under “one country, two systems” to pursue reforms in different aspects of the securities market, introducing various enhancements to the listing regime and promoting high-quality development of the market.
Driven by a series of reforms, Hong Kong’s primary market welcomed 119 newly listed companies in 2025, with initial public offering funds raised exceeding HK$286.9 billion, ranking first globally. In the first two months of this year, 24 companies were newly listed, more than doubling the number in the same period last year. The average daily turnover in 2025 was HK$249.8 billion, representing a 90 per cent increase over 2024. In the first two months of this year, the average daily turnover was HK$260.9 billion, up 17 per cent year-on-year. While the stock market is buoyant, we must not rest on our laurels. We must continue to seek breakthroughs to enhance the efficiency and competitiveness of Hong Kong’s securities market.
In consultation with the SFC and the HKEX, my reply to the three parts of the question is as follows:
(1) The uncertificated securities market (USM) regime seeks to dispense with the need to use paper documents to evidence and transfer legal title to securities. By reducing reliance on paper and manual processes, it will facilitate straight‑through processing and strengthen the efficiency and competitiveness of Hong Kong’s securities market. Under the USM regime, the existing nominee structure in the Central Clearing and Settlement System will be retained. This will preserve investors’ choice of holding securities through brokers, maintain the current role of brokers, and reduce the impact on their existing operating models.
Following multiple rounds of extensive public consultation, the Legislative Council passed in 2021 the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021, which sets out the principal legal framework for the regime. Six pieces of subsidiary legislation providing for the detailed arrangements of the regime were also made in 2025 under the negative vetting procedure of the Legislative Council. In the 2026-27 Budget, the Financial Secretary indicated that the Government, together with the SFC and the HKEX, will work with the industry to implement the regime within the year.
The SFC and the HKEX have been maintaining close communication with the industry on the implementation of the USM regime. A number of measures are already in place to assist stakeholders, including brokers, in making a smooth transition. These include:
(i) The USM adopts a phased implementation strategy, under which prescribed securities will gradually become participating securities by batches within five years from the commencement date. This will ensure market readiness, steady inclusion, and uninterrupted daily operations.
(ii) As the existing nominee structure will be retained, many current processes will remain unchanged, with manual and paper‑based procedures progressively replaced by electronic processes. From the brokers’ perspective, the main changes will be the process in the deposit and withdrawal of securities. These will be achieved through the HKEX’s system enhancements, while the system changes required of brokers will be relatively limited, facilitating a smoother transition to the USM regime by the industry.
(iii) The SFC and the HKEX have been working closely to provide brokers with sufficient information and technical support. The HKEX published information papers in 2024 and 2025 setting out detailed technical guidance for market participants including brokers, and organised three briefing sessions to familiarise brokers with the relevant processes and facilitate their preparations together with eight seminars and continuing training courses held by market stakeholders. The HKEX will continue to provide updated information and organise briefing sessions, and will also arrange market rehearsals to enable market participants to familiarise themselves with the operation of the upgraded infrastructure and operational procedures.
(iv) To help the market better understand and adapt to the new regime, the SFC and the industry will jointly conduct investor education, including further enhancements to the dedicated website providing one-stop information and a series of frequently asked questions. Publicity efforts on different fronts will be strengthened including through videos and briefing sessions to help investors understand the operation of the new mechanism and the steps for participation, thereby raising investor awareness and reducing brokers’ workload.
As certain existing fees will no longer be applicable under the USM regime, the HKEX will adjust its fee structure to make it simpler, more direct and predictable, and more aligned with the fee models of other major markets. This will ensure that market’s operating costs are commensurate with digitalised operations and support sustainable market development. After extensive consultation with the industry, the HKEX has made multiple adjustments to the fees to minimise the financial burden on small brokers, including (i) raising the threshold for the lowest membership fee rate tier to cover more small brokers; (ii) lowering the membership fee rate for relevant brokers; (iii) granting a one-year waiver of membership fee for small brokers; and (iv) adjusting the stock custody fee rate. According to the HKEX’s assessment, about 88 per cent of small brokers (i.e. Category C brokers) will pay lower relevant fees in the first year of USM implementation compared with before. From the second year onwards, about 65 per cent of small brokers will continue to pay lower fees.
(2) The Government is aware that brokers may incur costs in relation to the custody of shares of delisted companies. The 2026-27 Budget has indicated that the Government will continue to explore with the market the provision of an over-the-counter (OTC) trading platform for delisted stocks or those requiring special handling. The SFC and the HKEX have previously conducted preliminary consultation with market participants, and heard diverse views from the market. On the one hand, some consider that an OTC trading platform would provide shareholders of delisted companies with an exit opportunity, and that retail investors should be allowed to participate with market makers introduced to address liquidity concerns. On the other hand, some believe that if the platform only allows shareholders of delisted companies to sell their shares, the volume would be insufficient to sustain an OTC market. In addition, the fundamental conditions of relevant companies may lack transparency and make comprehensive assessment difficult, so retail investors may bear higher risks while the attractiveness to institutional investors would be limited. Whether the platform can provide brokers with a channel to dispose of such shares therefore remains uncertain. The HKEX will continue to consolidate views from different stakeholders and announce specific arrangements in due course, followed by further market consultation.
(3) With the buoyant stock market, we are pleased to see an increase in brokers’ revenue. According to the latest Financial Review of the Securities Industry published by the SFC, Hong Kong’s securities industry maintained steady growth in the first half of 2025, with net profit rising by 14 per cent to HK$28.9 billion compared with the preceding six months, driven by increasing trading volume. Notably, the aggregate net profit of exchange participants totalled HK$15.6 billion, up 34 per cent compared with the preceding six months, while Category C brokers’ net profit doubled to HK$2.5 billion. Trading volume continued to grow in the second half of 2025 and the first two months of this year, and we expect that brokers’ revenues and profits may continue to rise. The Government will continue to monitor brokers’ operating conditions and maintain close communication with the industry.
The Government understands that whenever new measures are introduced, the industry may have certain concerns, as was the case with the trading arrangements under severe weather implemented in 2024. Experience has shown that with comprehensive and candid communication, concerted efforts, and thorough preparation, we can successfully implement the USM regime together, thereby enhancing the overall efficiency and competitiveness of Hong Kong’s securities market and benefiting the development of the securities industry.