Source: Hong Kong Government special administrative region
Government urges public to be wary of fraudulent advertisements on Voluntary Health Insurance SchemeIssued at HKT 17:37
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Guangdong, Hong Kong and Macao joint maritime search and rescue exercise conducted smoothly (with photos)
Source: Hong Kong Government special administrative region
The Marine Department (MD), in collaboration with the search and rescue (SAR) agencies in Guangdong and Macao as well as several Hong Kong government departments, including the Guangdong Rescue Co-ordination Centre, the Macao Marine and Water Bureau, the Macao Customs, the Hong Kong Police Force, the Government Flying Service, the Fire Services Department and the Civil Aid Service, smoothly conducted a joint maritime SAR exercise in the waters off Ha Mei Wan, Lamma Island, today (June 11).
A spokesman for the MD said, “The objective of the SAR exercise is to test the communication efficiency, co-ordination capabilities and resource deployment among the SAR agencies in Guangdong, Hong Kong and Macao. The exercise also aims to strengthen co-operation between Hong Kong and neighbouring regional SAR centres to enhance their response capabilities in the event of future major maritime emergency incidents.”
The exercise simulated a collision between a cross-boundary high-speed passenger ferry carrying around 70 passengers from Macao to Hong Kong and a local oil tanker in the waters north of Shek Kwu Chau. The accident caused damage to the ferry’s hull; two passengers on board went missing after falling overboard, and many passengers were injured. Following the collision accident, the local oil tanker caught fire, trapping a seriously injured crew member in the engine room.
Under the co-ordination of the MD’s Maritime Rescue Coordination Centre, the participating SAR units took various contingency measures to carry out SAR operations. These operations included traffic regulation in the surrounding area to ensure safety at the scene to search for and rescue the missing persons who had fallen into the sea, extinguishing the fire on board the oil tanker, providing on-the-spot first aid to the injured, and deploying a helicopter to transfer the seriously injured to hospital for treatment. The exercise lasted about three hours, mobilising 17 SAR vessels, a helicopter and a total of more than 230 people.
The MD regularly conducts exercises with various SAR units and maritime stakeholders to strengthen co-operation with SAR centres in neighbouring areas and provide effective and rapid SAR services.
Public urged to strengthen anti-mosquito efforts
Source: Hong Kong Government special administrative region
​The Food and Environmental Hygiene Department (FEHD) today (June 11) announced that the monthly gravidtrap index for Aedes albopictus mosquitoes in May was 8.6 per cent, at Level 2, indicating that the distribution of Aedes albopictus mosquitoes in the survey areas was fairly extensive. Relevant government departments have stepped up mosquito prevention and control actions.
In May, among the 64 survey areas, the area gravidtrap index in six areas exceeded the alert level of 20 per cent. The gravidtraps were mostly located in the vicinity of private residential areas, public housing estates, schools, recreational and sports facilities and public places. The FEHD has collaborated with relevant government departments by taking immediate action to strengthen mosquito prevention and control work in the area concerned.
Moreover, the monthly density index for Aedes albopictus in May was 1.3, which represented that an average of 1.3 Aedes albopictus adults were found in the Aedes-positive gravidtraps, indicating that the number of adult Aedes albopictus was not abundant in the survey areas. The gravidtrap and density indices for Aedes albopictus in different survey areas as well as information on mosquito prevention and control measures are available on the department website at www.fehd.gov.hk.
A spokesman for the FEHD said, “There is a significant relationship between local mosquito infestation and seasonal changes. The gravidtrap indices in various survey areas would be relatively higher during hot and rainy spring and summer months (i.e. from May to September) as mosquitoes breed quickly. Members of the public are reminded to continue the routine mosquito prevention and control work, especially the repair and maintenance of structures. Cracks and dents that may accumulate water and become potential breeding grounds should be filled and levelled to reduce the chance of mosquito breeding.”
“The Government is concerned about the mosquito infestation in May. The increase in the monthly gravidtrap index for Aedes albopictus for May might be related to the continuously hot and rainy days in the month. The FEHD has continued to intensify the mosquito prevention and control work with relevant government departments in areas under their purview, including eliminating mosquito breeding places, applying larvicides, conducting fogging operations to eradicate adult mosquitoes, and placing mosquito trapping devices at suitable locations. The FEHD has also conducted site inspections with relevant departments, and provided them with professional advice and technical support to assist them in formulating and implementing effective anti-mosquito measures swiftly. At the same time, the FEHD has strengthened publicity and education. The FEHD will continue to monitor the mosquito infestation in all districts, and will conduct prompt and effective mosquito prevention and control work,” the spokesman continued.
The FEHD will conduct a three-phase Anti-mosquito Campaign this year. The second phase of the territory-wide campaign was launched on April 14 and will run until June 13. During the period, the district offices of the FEHD will target areas that have drawn particular concern, such as public markets, cooked food centres and hawker bazaars, single-block buildings, streets and back lanes, common parts of buildings, village houses, construction sites, vacant sites and road works sites, to remove accumulated water and carry out mosquito prevention and control work. To further enhance the effectiveness of mosquito control, the FEHD and relevant government departments have carried out phase two of the All-out Anti-mosquito Operations from May 7. In addition to the work of phase one, including eliminating potential mosquito breeding places, the FEHD called on property management entities to arrange for necessary repairs to their premises to minimise mosquito breeding places and commence adult mosquito control measures by means of regular ultra-low volume fogging operations.
The FEHD appeals to members of the public to continue to stay alert and work together to carry out mosquito prevention and control measures early, including inspecting their homes and surroundings to remove potential breeding grounds, changing water in vases and scrubbing their inner surfaces, removing water in saucers under potted plants at least once a week, properly disposing of containers such as soft drink cans and lunch boxes, and drilling large holes in unused tyres. The FEHD also advises members of the public and estate management bodies to keep drains free of blockage and level all defective ground surfaces to prevent the accumulation of water. They should also scrub all drains and surface sewers with an alkaline detergent at least once a week to remove any mosquito eggs.
Aedes albopictus is a kind of mosquito that can transmit dengue fever (DF). DF is commonly found in tropical and subtropical regions of the world, and has become endemic in many countries in Southeast Asia. In 2024, the World Health Organization recorded over 14 million DF cases, which was a record number. The dengue activity in neighbouring areas has remained high. Members of the public should stay vigilant and continue to carry out effective mosquito prevention and control measures.
Hong Kong Customs seizes suspected cocaine worth about $1 million (with photo)
Source: Hong Kong Government special administrative region
Hong Kong Customs yesterday (June 10) seized about 1.3 kilograms of suspected cocaine with an estimated market value of about $1 million in Hung Hom. A 33-year-old man suspected to be connected with the case was arrested.
During an anti-narcotics operation conducted in Hung Hom yesterday afternoon, Customs officers intercepted a suspicious man and seized about 1.3kg of suspected cocaine inside a rucksack carried by him. The man was subsequently arrested. Customs officers later escorted him to a residential premises nearby for a search and further seized a batch of suspected drug packaging paraphernalia.
The arrestee has been charged with one count of trafficking in a dangerous drug and will appear at the Kowloon City Magistrates’ Courts tomorrow (June 12).
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
LCQ6: Supply of car parking spaces
Source: Hong Kong Government special administrative region
Following is a question by Dr the Hon Ngan Man-yu and a reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (June 11):
Question:
Regarding the supply of car parking spaces, will the Government inform this Council:
(1) of the following information on parking spaces for various vehicle classes (including private cars, commercial vehicles and motorcycles) in Hong Kong from 2022 to 2024: the number of parking spaces, the district distribution, the utilisation rate, the increase or decrease in the number of parking spaces due to redevelopment, new development or other projects, with a tabulated breakdown by type of parking space (e.g. public or temporary car parks, on-street parking spaces); whether it has projected the parking space demand from this year to 2029, and of the currently planned number of parking spaces for various vehicle classes to be built, their locations, the government departments responsible for building them and their expected completion dates;
(2) whether it has plans to conduct a comprehensive review of the supply of parking spaces for various vehicle classes in the territory and study the further opening of car parks in schools and government premises in various districts in the evenings and on public holidays for public use; if so, of the details; if not, the reasons for that; and
(3) whether, on the pretext of not affecting traffic flow and road safety, it will consider increasing the number of free on-street parking spaces, extending the parking hours for night-time parking spaces and installing multi-storey stacked parking systems to improve land use efficiency; if so, of the details; if not, the reasons for that?
Reply:
President,
In response to Oral Question 1, the Government has outlined its parking policy and I am not going to repeat it here. We will adopt a multi-pronged strategy to comprehensively increase parking supply, including leveraging technology, fostering stronger collaboration among stakeholders, and prioritising the parking needs of commercial vehicles (CVs).
Having consulted the Transport Department (TD), a consolidated reply in response to the questions raised by Dr the Hon Ngan Man-yu is as follows:
(1) Over the past three years, the total number of parking spaces in Hong Kong has increased by more than 15 000, bringing the total to over 800 000 (Annex 1). The ratio of parking spaces to registered vehicles has improved, and the number of metered parking spaces has also grown (Annex 2). However, the recovery of some short-term tenancy (STT) car parks has led to a slight decline in CV parking spaces (Annex 3). To address this, we have implemented various measures to enhance CV parking supply. For example, public vehicle parks (PVPs) currently in operation and under construction will provide approximately 460 CV parking spaces, and we have mandated a minimum number of CV parking spaces in suitable STT car parks. The Government continues to collaborate actively with stakeholders to expand parking supply. Between 2022 and 2024, more than 25 000 additional parking spaces were introduced under urban redevelopment projects (Annex 4). Utilisation rates remain consistently high across all types of parking spaces, with metered parking spaces averaging around 90 per cent and trending upward. Among public car parks managed by the TD, utilisation rates range from approximately 80 per cent to 90 per cent, while STT car parks average around 60 per cent.
When advancing PVP projects, the TD assesses district-level parking demand based on illegal parking occurrences and the availability of facilities near project sites. For example, priority is given to areas with a high concentration of logistics trades for additional CV parking spaces. The TD will also consider conducting studies to forecast medium-to-long-term parking needs.
The currently operating and under-construction PVPs will provide over 3 200 parking spaces. We are also exploring the adaptive reuse of construction shafts left after the completion of the Central Kowloon Bypass, with plans to convert them into underground multi-storey car parks featuring automated parking systems (APS).
Over the next two years, the Government will introduce 12 000 additional parking spaces, with at least 500 designated for CVs. The actual quantity will be even higher when accounting for additional CV parking spaces from upcoming STT car parks and private development projects.
Our priority remains the expansion of CV parking spaces, particularly in areas facing shortages, and we will intensify efforts to promote APS. Through policy initiatives and co-ordinated action with districts, we are confident that Hong Kong’s parking supply will continue to improve. Projected parking space supply estimates beyond 2025 are detailed in Annex 5.
(2) The standard of parking facilities in the Hong Kong Planning Standards and Guidelines (HKPSG) will be reviewed regularly and revised when necessary to meet future transportation and policy needs. The first batch of subsidised housing planned under the revised HKPSG in 2021 (Note) is scheduled for completion in 2026, providing approximately 4 700 parking spaces across 26 subsidised housing developments. This includes 220 CV parking spaces, as well as the introduction of 33 medium/heavy goods vehicle and 18 coach/bus shared-use loading and unloading bays for night-time CV parking. The TD is closely monitoring the implementation of the revised HKPSG and will review it as needed to ensure it aligns with the latest developments.
The Government Property Agency has opened around 1 000 parking spaces within the 12 joint-user general office buildings under its management, with some parking spaces available for public use throughout the day. Additionally, public car parks managed by the Leisure and Cultural Services Department provide more than 2 700 parking spaces for public use. The TD is actively collaborating with the Housing Department to explore the possibility of opening loading/unloading bays in five subsidised housing developments, including Sha Tin and Tsuen Wan for night-time CV parking, given the substantial parking demand from medium and heavy goods vehicles in these areas. Furthermore, the TD is working with the Education Bureau to encourage more schools to make school bus parking spaces available for student service vehicles during non-school hours, specifically to address CV parking needs.
(3) The TD has been proactively identifying suitable locations across districts to provide additional on-street parking spaces. As of 2024, more than 1 860 on-street night-time parking spaces have been designated. The free parking period for over 600 CV night-time parking spaces has been adjusted to start at 7pm, and future provisions of such spaces will aim to advance the free parking period as much as possible.
The Government has been implementing APS projects in suitable PVPs and STT car parks, as APS can nearly double the parking capacity within the same space. PVPs currently under construction will provide 1 000 automated parking spaces. Additionally, seven private car parks and three STT car parks are already equipped with APS. The PVPs are located in Tseung Kwan O, San Po Kong, Sham Shui Po, and Ma On Shan, while the STT car parks are in Tsuen Wan, Tai Po, Sham Shui Po, and Yau Ma Tei. Various APS models are being adopted, including puzzle-stacking as proposed in the question, vertical lifting and horizontal sliding, as well as circular shaft lifting systems.
The widespread adoption of APS in Hong Kong requires private sector involvement from the society. Both the Electrical and Mechanical Services Department and the TD have published APS implementation guidelines for industry reference. In the future, the TD will actively encourage developers to adopt APS and explore further incentive measures.
Thank you, President.
Note: The 2021 he revised HKPSG has increased the number of ancillary parking spaces for PCs in private and subsidised housing developments, the types and numbers of parking spaces for CVs in subsidised housing development, and introduced two types of “shared-use” parking spaces, one of which is to be shared by light goods vehicles and light buses, and the other by medium/heavy goods vehicles and coaches.
SFST’s speech at business reception for signing of Memorandum of Understanding between TheCityUK and Financial Services Development Council in London, United Kingdom (English only) (with photos)
Source: Hong Kong Government special administrative region
SFST’s speech at business reception for signing of Memorandum of Understanding between TheCityUK and Financial Services Development Council in London, United Kingdom (English only)
Alderman Sir Charles (690th Lord Mayor of the City of London, Co-Chair of the UK-China Green Finance Taskforce, Mr Alderman Sir Charles Bowman), Bruce (Leadership Council Chair of TheCityUK, Mr Bruce Carnegie-Brown), John (Managing Director of TheCityUK, Mr John Godfrey), King (Executive Director of the FSDC, Dr King Au), ladies and gentlemen, distinguished guests,
It is an honour to stand before you in London to celebrate the signing of this Memorandum of Understanding between TheCityUK and Hong Kong’s Financial Services Development Council. I am very delighted to witness this milestone in strengthening financial co-operation between our two leading financial centres.
This MOU is a commitment to deepen collaboration, foster innovation, and drive sustainable economic growth. It reflects a shared vision to harness the strengths of Hong Kong and the UK, creating opportunities that benefit our jurisdictions and the global financial ecosystem.
Hong Kong is a premier international financial centre, strategically located at the heart of Asia, serving as a gateway between Mainland China and global markets. Our robust legal framework, adherence to international standards, and business-friendly environment underpin our success. The financial services sector is a cornerstone of our economy, driving growth through our world-class stock exchange, leadership in green finance, fintech, and asset management. Hong Kong’s contributions to sustainable investment and digital innovation continue to set global benchmarks.
The United Kingdom, with London as its financial hub, is a global leader in financial and professional services. TheCityUK represents an industry that contributes 12 per cent to the UK’s economic output and employs nearly 2.5 million people. Its role in supporting net zero transitions, economic growth, and essential services is remarkable. The UK’s expertise in financial innovation and regulation makes it an ideal partner for Hong Kong.
This MOU outlines a forward-looking framework for co-operation in key areas: transition finance, digital assets, technological advancements, and workforce development. A few highlights this partnership are worth noting.
First, the focus on transition finance is critical as the world moves toward net zero. Hong Kong is a leader in green bonds issuance and sustainable finance, with initiatives like government green bonds issuance setting a global benchmark. TheCityUK and the FSDC will share best practices to advance transition finance across the Asia-Pacific and beyond, ensuring our financial systems support a low-carbon future.
Second, the emphasis on digital assets aligns with the rapid evolution of our industry. Hong Kong is advancing fintech through initiatives like our Central Bank Digital Currency pilot and digital asset regulations. The UK’s leadership in distributed ledger technology and tokenisation complements these efforts. Through this MOU, both parties will exchange insights on regulatory practices, promote interoperability, and build capacity for responsible integration of digital assets.
Third, workforce development is central to our success. Technological advancements are reshaping financial services, and both Hong Kong and the UK are committed to equipping our professionals with the skills needed to thrive. Collaborative efforts will ensure our workforces are prepared for an era of innovation.
The MOU also facilitates practical co-operation through market visits, stakeholder introductions, and co-hosted events. These initiatives will strengthen the ties between our financial communities and drive meaningful outcomes.
The economic ties between Hong Kong and the UK provide a strong foundation for this partnership. Our shared commitment to open markets, innovation, and excellence has long underpinned our collaboration. This MOU builds on that legacy, creating new avenues for partnership at a time when global challenges like climate change and technological disruption demand collective action. Together, we can unlock opportunities for growth and prosperity.
I extend my heartfelt congratulations to TheCityUK and the FSDC for their vision and leadership. My gratitude goes to all who have worked to bring this MOU to fruition. Your efforts have laid the groundwork for a stronger financial relationship between our jurisdictions.
Let us seize this opportunity to deepen our collaboration, leverage our strengths, and promote Hong Kong and the UK as leading global financial centres. Together, we can shape a future defined by innovation, sustainability, and opportunity.
Thank you, and I wish this partnership every success.
Issued at HKT 16:33
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SFST’s speech at Hong Kong Association Membership Luncheon in London, United Kingdom (English only) (with photos)
Source: Hong Kong Government special administrative region
SFST’s speech at Hong Kong Association Membership Luncheon in London, United Kingdom (English only)
Lord Mayor (696th Lord Mayor of the City of London, Mr Alderman Alastair King), Sir Douglas (Committee Member of the Hong Kong Association, Chairman of Aberdeen Group, Sir Douglas Flint), distinguished guests, esteemed members of the Hong Kong Association, ladies and gentlemen,
Good afternoon. It is a profound privilege to address you today at this distinguished luncheon hosted by the Hong Kong Association in London. I must say, you are a crowd too difficult to please because you know Hong Kong too well. This organisation’s mission is to champion the enduring business and trading relationship between Hong Kong and the UK which resonates deeply with the Government’s goal of fostering economic collaboration, innovation, and mutual prosperity. To further the efforts, I am here to showcase our city’s unparalleled strengths as a global financial hub and to explore the vast potential for deepening financial co-operation between Hong Kong and the UK. Our shared visions and complementary expertise position us well to forge a partnership that drives transformative growth in an increasingly challenging and also uncertain global economy.
If you may recall, for those people who came two years ago for a similar occasion where I spoke, I tried to group my speech in five alphabet letters, ABCDE. A is about Asia, B is about business as usual, C is about connectivity, D is about digitalisation whereas E is about ESG (environmental, social and governance). These are the five elements at the time I drafted the speech that something Hong Kong could offer to this part of the world. So I am thinking, to this group which is very knowledgeable about Hong Kong, what should I say and how I should structure this speech? Of course I don’t want to get to the next alphabet letter after E, that is why I would stay at E and come with 3Es which are actually the pillars that define Hong Kong’s strategic vision as a premier international financial centre: 1) Extending our financial value chain across equities, fixed income, currencies, and commodities. For those in the banking or financial world, you know what I mean. It’s about EFICC; 2) Embracing new finance through fintech and green finance; and 3) Enhancing offerings for Chinese companies going global through Hong Kong and international firms accessing the Mainland market. These pillars reflect our dynamic approach to navigating global economic and geopolitical challenges, seizing emerging opportunities, and fostering collaboration with partners like the UK. Let me elaborate on each pillar, highlighting our recent achievements and the opportunities they present for strengthening Hong Kong-UK ties.
Extending our financial value chain
Hong Kong’s position as a global financial hub is built on its ability to offer a diversified, resilient, and innovative financial ecosystem. By extending our financial value chain across equities, fixed income, currencies, and commodities which can be grouped as EFICC, we are creating a robust platform that serves both regional and international markets, fostering opportunities for collaboration with global partners, including the UK.
Equities: a vibrant and forward-looking market
Hong Kong’s equity market has undergone a remarkable transformation over the past decade, driven by bold structural reforms and a commitment to capturing global economic trends. The Hang Seng Index, which is a key barometer of our market’s performance, has demonstrated resilience amid global uncertainties. By May 30, our stock market capitalisation has increased by 24 per cent year on year to over US$5.2 trillion. This growth was propelled, I must say, by a number of key moments this year, including of course the DeepSeek moment when people really recalibrate the value that Chinese investment carry and at the same time also the “victory day” moment when people are seeing the uncertainty in other parts of the world which actually present opportunities to Hong Kong and London. The average daily turnover for the first five months of this year stood at US$31 billion in our market, an increase of 1.2 times over the past year, signaling sustained investor confidence and market liquidity.
Apart from the market performance, we are also trying to reform our capital market to make it more instrumental in positioning Hong Kong as a global hub for new economy and technology companies. Back in 2018, we already introduced the “weighted voting rights” regime, enabling companies with dual-class share structures to list in Hong Kong. As I know, London Stock Exchange is also contemplating something similar to reform your stock market. This reform in Hong Kong attracted technology giants and paved the way for a new era of innovation-driven listings. Simultaneously, we opened our market to pre-revenue biotech firms, transforming Hong Kong into one of the world’s leading fundraising hubs for biotechnology. As a result, the proportion of new economy companies in our stock market has surged from 1.3 per cent in 2018 to approximately 14 per cent by April 2025, with their market capitalisation share rising from 2.8 per cent to about 28 per cent.
Building on this momentum, we introduced the “18C” listing regime in 2023 for specialist technology companies, followed by a dedicated technology enterprises channel launched last month. These initiatives are designed to accelerate the listing of enterprises in the “hard technology” space, enabling them to raise capital in Hong Kong and expand their international presence. These reforms have not only reshaped the structure of our stock market but also aligned it with global economic trends, positioning Hong Kong as a vital partner for UK firms seeking exposure to Asia’s innovation-driven growth.
Moreover, Hong Kong’s capital markets have benefited from the return of Chinese concept stocks, driven by geopolitical developments and Mainland China’s technological advancements. This trend has elevated the weight of technology stocks in our market, further enhancing its attractiveness to global investors. For example, before I came, we welcomed the listing of CATL (Contemporary Amperex Technology Co Limited) which is a major lithium-ion battery manufacturing company serving the world for electric vehicles. For UK financial institutions, Hong Kong offers a gateway to invest in Asia’s burgeoning tech sector, leveraging our deep liquidity and robust regulatory framework.
Connectivity and stability
Apart from fundraising, it’s about our strengthened role as a gateway for international investors accessing Mainland China and for Mainland investors diversifying globally. Our “Connect” schemes – Stock Connect, Bond Connect, Wealth Management Connect, and Swap Connect – have facilitated seamless cross-border capital flows. These initiatives have seen significant growth in transaction volumes, product diversity, and risk management capabilities, enhancing both the “quantity” and “quality” of financial connectivity, covering the broad financial value chain across equities, fixed income and currencies.
Stability is also a cornerstone of our financial system, as demonstrated by the performance of the Hong Kong dollar recently. In the first five months of 2025, the Hong Kong dollar largely traded within the strong-side convertibility undertaking range, signifying a robust demand, partly because a lot of money coming to Hong Kong to buy our IPOs (initial public offerings) which are in Hong Kong dollars, and at the same time it is now the season when the listed companies need Hong Kong dollars to give out dividends. So with this background, what we see is operations by our banking regulator where now the banking system aggregate balances rising to US$22 billion by May 30, 2025, a substantial increase from US$5.7 billion at the end of last year. Total bank deposits grew by over 4 per cent in the first four months of 2025, with Hong Kong dollar deposits rising by 4.4 per cent, reflecting strong capital inflows into our banking system. So you have been hearing a lot about capital flight from Hong Kong to others, all these numbers are testaments to how wrong those perceptions are. This stability underscores our role as a trusted financial hub, like that of London, offering a secure environment for UK investors and businesses.
Amid global economic uncertainties, including trade protectionism and unilateral policies, RMB (Renminbi) is gaining prominence as a global transaction and reserve currency. Its share in global payments rose from 2 per cent in 2020 to 4 per cent by the end of 2024, ranking fourth globally, while its share in trade financing increased from 2 per cent to 6 per cent. As the world’s leading offshore RMB hub, Hong Kong is seizing this opportunity by enhancing RMB-denominated investment products and risk management tools. Our plan to integrate RMB-denominated stock trading into Southbound Stock Connect will further support RMB internationalisation in a gradual and prudent manner, creating opportunities for UK financial institutions to engage with RMB-based products and services.
Commodities: pioneering a new ecosystem with LME integration
In the commodities sector, Hong Kong is capitalising on the global surge in non-ferrous metals trading, driven by the transition to new energy technologies. In 2024, the London Metal Exchange (LME) recorded trading volumes of 178 million lots, a 20 per cent year-on-year increase, with significant growth in new-energy metals like nickel and cobalt. These metals are critical to industrial transformation and technological advancement, and China remains a pivotal force, with non-ferrous metals trade exceeding US$368 billion in 2024, up 11 per cent from the previous year.
Recognising this potential, our Chief Executive outlined a vision in his Policy Address to create a commodity trading ecosystem in Hong Kong, encompassing warehousing, distribution, trading, testing, certification, insurance, and financial services. A landmark achievement in this regard is our integration into the LME’s global warehouse network in January this year. By bringing storage facilities closer to Mainland China’s industrial heartlands and consumption centres, we are strengthening our role as a central platform for the metals industry. Within months since January this year when we are recognised as a delivery port for the LME contracts, seven warehouses have already been approved, and their operations will commence as early as in July 2025.
This initiative not only enhances Hong Kong’s commodities infrastructure but also creates significant opportunities for UK firms, given the LME’s London-based heritage. The UK’s expertise in commodities trading and Hong Kong’s proximity to Asia’s industrial markets make our partnership a natural fit. By collaborating on warehousing, trading, and related services, we can jointly tap into the growing demand for new-energy metals, supporting global industrial transformation and sustainable development.
By extending our financial value chain across equities, fixed income, currencies, and commodities, Hong Kong is reinforcing its position as a diversified financial hub. We invite UK businesses to leverage our platform to access Asia’s dynamic markets, fostering mutual growth and collaboration in these critical sectors.
Embracing new finance: fintech and green finance
The second pillar of our strategy is embracing new finance, particularly in fintech and green finance, to position Hong Kong at the forefront of financial innovation and sustainability. These areas align closely with the UK’s developments in digital finance and sustainable investments, creating fertile ground for partnership.
Fintech: pioneering digital assets and stablecoin regulation
Hong Kong’s robust regulatory framework, business-friendly environment, and strategic location make it an ideal hub for fintech innovation. My bureau, FSTB (Financial Services and the Treasury Bureau), in collaboration with financial regulators and industry stakeholders, is pursuing a multipronged strategy to foster a vibrant fintech ecosystem. This includes enhancing financial infrastructures, nurturing talent, strengthening industry connections in Mainland China and overseas, and creating a conducive environment for fintech innovation.
This is my second day here in London and I am hearing a lot about digital assets (DAs). Just days before I embarked on this trip, our Legislative Council has passed the Stablecoins legislation in Hong Kong and it will be enacted on August 1. After that, we will issue a second policy statement about promoting Hong Kong as the digital asset ecosystem.
Looking ahead, we will continue to be a leader in adopting emerging technologies. A 2023 survey revealed that 38 per cent of Hong Kong’s financial institutions adopted generative AI, surpassing the global average of 26 per cent. In October last year, we issued a policy statement on the responsible use of AI in finance, followed by practical guidelines, sandbox schemes, and industry seminars to support institutions in adopting AI responsibly. These initiatives position Hong Kong as a hub for fintech innovation, complementing the UK’s advancements in areas like blockchain and AI-driven financial services.
Green finance: driving sustainable development
Moving on to green finance, Hong Kong is committed to mobilising cross-border investments to address climate and sustainability challenges, aligning with global efforts to achieve net zero. Last year, Hong Kong arranged US$43 billion in green and sustainable bonds, capturing 45 per cent of the Asian market and ranking first in the region for seven consecutive years. By March this year, our security regulator authorised around 220 ESG funds, managing US$140 billion in assets, an 80 per cent increase over three years.
Last week we have just issued a new round of Government green bonds and infrastructure bonds, totally around US$3.5 billion, denominated in four currencies, namely HKD (Hong Kong dollars), RMB, USD (US dollars) and EUR (euro). The offering attracted participation from a wide spectrum of investors from more than 30 markets across Asia, Europe, Middle East, and the Americas, with total orders amounting around US$30 billion equivalent, representing an over-subscription of almost nine times. The proceeds from green bond issuance will fund local Government green works projects, and set benchmarks for the market encouraging private-sector participation.
To align with global standards, we launched the Roadmap on Sustainability Disclosure in December last year, providing a clear path for large publicly accountable entities to adopt the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) by 2028. This positions Hong Kong among the first jurisdictions to align with global sustainability reporting standards, enhancing transparency and comparability. The roadmap not only reflects our commitment to the global green transition but also offers clarity and guidance to market participants.
On the funding support side, the Green and Sustainable Finance Grant Scheme, which was extended to 2027, subsidises issuance costs for bonds and loans, including transition financing, encouraging industries across the Greater Bay Area and Belt and Road economies to leverage Hong Kong’s platform for low-carbon transitions. So for many of you who are working for business financial institutions or companies, do take this message home that we are subsidising for people who are issuing green bonds and loans in Hong Kong.
These efforts create significant opportunities for UK firms to collaborate with Hong Kong on green finance initiatives, from ESG funds to green technology solutions, leveraging our shared commitment to sustainability and innovation. The UK’s commitment in green finance, combined with Hong Kong’s strategic position in Asia, can drive impactful partnerships in sustainable investment and technology.
Enhancing offerings for global and Mainland businesses
The third pillar, enhancing offerings, underscores Hong Kong’s role as a bridge for Chinese companies going global and international firms accessing Mainland China, supported by policies that facilitate cross-border mobility and business expansion.
Supporting Chinese companies going global
As Mainland China accelerates its economic opening, Chinese firms are intensifying their global expansion, optimising supply chains and market presence to address geopolitical risks and tap into international markets. Hong Kong is uniquely positioned to support this “going out” strategy, offering financing, supply chain management, and professional services under the “one country, two systems” framework.
Hong Kong’s efforts to strengthen ties with emerging markets further enhance our appeal. In October last year, we facilitated the listing of two Hong Kong-focused exchange-traded funds on the Saudi Exchange, attracting Middle Eastern capital to our markets. The two Saudi-listed ETFs have a combined size of over US$1.9 billion. They are the two largest ETFs listed and are amongst the top traded ETFs on Saudi Stock Exchange. This initiative demonstrates our commitment to connecting traditional and emerging markets, offering UK firms a platform to diversify their investments across Asia and beyond.
Hong Kong’s professional services, for example the Accounting sector, are well-positioned and experienced to meet the needs of Mainland firms going global. The Hong Kong Institute of Certified Public Accountants has earlier compiled a list of firms specialising in supporting global expansion of Chinese companies, and has recently expanded the list from 60 to over 80 firms, connecting Mainland enterprises with international markets for business expansion. Moreover, Hong Kong’s network of 52 Comprehensive Double Taxation Agreements with other tax jurisdictions, with plans for further expansion, provides tax clarity for businesses, enhancing Hong Kong’s appeal as a commercial and investment hub.
UK firms can partner with Hong Kong to support Chinese companies’ international ventures, leveraging our expertise in financing, legal services, and market access. For example, UK financial institutions can collaborate with Hong Kong-based firms to provide advisory services, underwriting, and risk management solutions for Chinese enterprises expanding into Europe and beyond.
Facilitating international access to the Mainland
Hong Kong is equally committed to helping international talents, including those from the UK, access Mainland China’s vast market. A facilitating policy introduced in July last year allows non-Chinese Hong Kong permanent residents to obtain a card???type document with five-year validity. This card enables self-service clearance at Mainland control points without going through manual channels, eliminating the need for arrival cards and significantly enhancing clearance efficiency. This measure, implemented under the “one country, two systems” framework, facilitates business, travel, and family visits, reinforcing Hong Kong’s role as a gateway to the Mainland.
Hong Kong’s professional services, with deep knowledge of Mainland business culture and international expertise, provide comprehensive support for UK firms navigating China’s market. From legal and accounting services to supply chain management, Hong Kong offers a trusted platform for UK companies to establish and grow their presence in Asia.
Hong Kong-UK financial co-operation
The complementary strengths between the two markets of Hong Kong and UK create a strong foundation for collaboration. The integration of Hong Kong into the LME’s warehouse network opens new avenues for UK firms to engage with Asia’s commodities markets, particularly in new-energy metals critical to the global energy transition. Our leadership in green finance aligns with the UK’s expertise in sustainable investments, creating opportunities for joint ventures in ESG funds, carbon trading, and green fintech. In fintech, Hong Kong’s progressive DA regulations complement the UK’s advancements in digital finance, paving the way for collaborative innovation in areas like blockchain, AI, and stablecoins.
By leveraging Hong Kong’s strengths in extending our financial value chain, embracing new finance, and enhancing global and Mainland connectivity, we invite UK businesses to partner with us in tapping Asia’s growth opportunities. Our shared commitment to innovation, sustainability, and global connectivity positions us to build a future of mutual prosperity.
Conclusion
Ladies and gentlemen, Hong Kong stands at the forefront of global finance, driven by our commitment to the 3Es: Extending our financial value chain across equities, fixed income, currencies, and commodities; Embracing fintech and green finance; and Enhancing opportunities for Chinese and international businesses. Our unique position under “one country, two systems,” robust regulatory framework, and vibrant markets make Hong Kong the ideal partner for the UK in navigating Asia’s dynamic markets.
I express my heartfelt gratitude to the Hong Kong Association for hosting this luncheon and for your unwavering commitment to strengthening Hong Kong-UK ties. Let us seize this opportunity to deepen our financial partnership, fostering innovation, sustainability, and prosperity for our shared future. Together, we can shape a world of opportunity, leveraging Hong Kong’s strengths and the UK’s global leadership to drive transformative growth.
Thank you.
Issued at HKT 16:31
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SFST showcases to UK community Hong Kong’s determination to expand international financial co-operation (with photos)
Source: Hong Kong Government special administrative region
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said on June 10 (London time) during his visit to London, the United Kingdom (UK), that Hong Kong is at the forefront of global finance and the digital asset revolution. The city shares the same vision and has complementary expertise with the UK, allowing the two places to drive transformative economic growth through partnership in an era of innovation and sustainablity.
Speaking at a luncheon held by the Hong Kong Association of the UK on June 10 (London time), Mr Hui highlighted Hong Kong’s commitment to three key pillars, namely the 3Es that define the city’s strategic vision as a premier international financial centre. The 3Es refer to extending financial value chain across equities, fixed income, currencies and commodities; embracing fintech and green finance; and enhancing opportunities for Chinese and international businesses.
He said Hong Kong’s ability to offer a diversified, resilient and innovative financial ecosystem and the Government’s determination to extend the financial value chain are creating a robust development platform that serves both regional and international markets. The vibrant capital markets in Hong Kong, driven by geopolitical developments and the Mainland’s technological advancements, are also offering global investors, including those from the UK, a gateway and access to invest in Asia’s burgeoning tech sector by leveraging Hong Kong’s deep market liquidity and robust regulatory framework.
While mentioning the UK’s expertise in commodities trading, Mr Hui remarked that Hong Kong’s integration into the London Metal Exchange’s global warehouse network in January this year not only enhances Hong Kong’s commodities infrastructure but also creates significant opportunities for UK firms. Riding on Hong Kong’s proximity to Asia’s industrial markets, Hong Kong can partner with the UK to jointly tap into the growing demand for new-energy metals and support global industrial transformation and sustainable development.
Among the highlights of the UK leg was the signing of a memorandum of understanding (MOU) between the Financial Services Development Council (FSDC) and TheCityUK to establish a partnership in sharing insights and best practices to advance transition finance, collaborating on workforce development to address evolving market requirements, as well as establishing a framework to conduct an annual review to assess progress in collaboration and explore new opportunities. The MOU was signed by the Executive Director of the FSDC, Dr King Au, and the Managing Director of Public Affairs, Policy and Research of TheCityUK, Mr John Godfrey.
Mr Hui, together with the Leadership Council Chair of TheCityUK, Mr Bruce Carnegie-Brown, witnessed the signing of the MOU on June 10 (London time). Mr Hui said that the MOU reflects a shared vision to harness the strengths of Hong Kong and the UK, creating opportunities that benefit both places and the global financial ecosystem.
Prior to the signing ceremony, Mr Hui had a roundtable meeting with members of the TheCityUK, which represents an industry contributing over 12 per cent of the UK’s economic output and employing nearly 2.5 million people in financial and related professions. Mr Hui said that investors nowadays are gravitating towards markets that provide clarity, consistency and credibility, which are qualities that Hong Kong embodies in abundance. Moreover, Hong Kong continues to uphold the mission of striking a balance between innovation and investor protection through its regulatory framework in the process of integrating traditional financial services with innovative digital asset technologies for facilitating real economy activities. All in all, Hong Kong is an ideal partner for the UK to work with in unlocking horizons for growth and prosperity, especially in areas of wealth management and digital assets.
Earlier in the day, Mr Hui had a bilateral meeting with the Lord Mayor of the City of London, Mr Alderman Alastair King, to update him on Hong Kong’s latest developments on the financial services front, which benefit from the unique convergence of global and Mainland advantages. He also met with the Chief Markets Officer of PwC UK, Mr Carl Sizer, to discuss the role the auditing and accounting profession can play to support Mainland enterprises going global.
In the morning of June 9 (London time), Mr Hui attended a members briefing of a British independent think-tank, Asia House, to enlighten its members on the latest financial developments of Hong Kong as well as the Greater Bay Area at large. In a Q&A session moderated by the Chief Executive of Asia House, Mr Michael Lawrence, Mr Hui responded to members’ questions about Hong Kong’s financial outlook. The members were particularly interested in Hong Kong’s connectivity with international markets and the city’s fintech development.
Mr Hui told the members that Hong Kong has been experiencing a flourishing financial market amid the challenging global financial landscape. The securities market of Hong Kong recorded an average daily turnover of US$31 billion for the first five months of 2025, a year-on-year increase of 120 per cent. The Government is also taking bold moves to boost fintech development, such as introducing the Stablecoins Ordinance which is scheduled to be enacted this August.
During a lunch meeting with representatives of the ICBC Standard Bank on the same day, Mr Hui introduced to its Chief Executive Officer, Mr Wang Wenbin, and other senior management, the international gold trading market and commodity trading ecosystem that Hong Kong is shaping. Both parties had a very productive discussion about the vast potential that Hong Kong may bring about. The bank serves as a global banking platform for commodities, fixed income and currency products for clients.
In the afternoon, Mr Hui met with the Economic Secretary to the Treasury of the UK, Ms Emma Reynolds, and other financial officials to reinforce the financial partnership between the two leading international financial centres. At the meeting, he gave them an update on the latest situation of capital markets in Hong Kong.
Mr Hui also paid a courtesy call on Minister of the Chinese Embassy in the United Kingdom Mr Wang Qi.
After concluding the UK leg, Mr Hui proceeded to Oslo, Norway, on June 11 (London time) to continue his visit.
LCQ22: Chronic Disease Co-Care Pilot Scheme
Source: Hong Kong Government special administrative region
LCQ22: Chronic Disease Co-Care Pilot Scheme
GOPC PPP(as at end-May 2025) Patients participating in the GOPC PPP are currently required to pay the HA’s GOPC fee for each consultation (i.e. $50). Each participating patient will receive up to 10 subsidised consultations per year, including treatments for both chronic and episodic illnesses. Upon private doctor’s referral, they can also receive X-ray examinations provided by the HA, or specified laboratory tests and electrocardiography at the HA’s designated private laboratories. When the HA’s new fees (including the GOPC and Family Medicine Specialist Clinic (FMSC) services, will be unify under the name of Family Medicine Outpatient (FMOP) Services, at $150 per consultation and $5 per drug item per four-week period) come into effect on January 1, 2026, the new fees will also be applicable to GOPC PPP patients. The table below lists the consultation subsidy and quarterly drug subsidy received by each patient participating in the GOPC PPP in the past two years:
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