Author: MIL-OSI Publisher

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

The Government’s first-phase measures to enhance the regulation of licensed money lenders (money lenders) take effect today (August 1), including prohibiting money lenders from requesting borrowers to provide loan referees, and introducing “debt servicing ratio” caps for unsecured personal loans of low-income earners.

With the above measures in place, money lenders are not allowed to request borrowers to provide loan referees, and members of the public need not worry about facing harassment due to acting as a loan referee. Setting “debt servicing ratio” caps – for borrowers with monthly incomes of HK$6,000 or less, the cap is 35 per cent, and for borrowers with monthly incomes from HK$6,001 to HK$12,000, the cap is 40 per cent – will not only protect the public, but also encourage money lenders to grant loans more responsibly, thereby helping to address the issue of excessive borrowing and foster a more healthy market development.

The second-phase measures will be rolled out on June 1 next year, and will include requiring all money lenders engaging in unsecured personal loan businesses to regularly submit personal credit information of their unsecured personal loan borrowers to the Credit Data Smart (CDS). Money lenders will also need to meet specific requirements to join the CDS to obtain personal credit information of borrowers for loan application assessment.

The Financial Services and the Treasury Bureau (FSTB) hopes that the community will continue to support implementation of the measures, with a view to addressing the issue of excessive borrowing via a multipronged approach. The FSTB and the Companies Registry have been maintaining close liaison with the money lending industry, and have provided information and guidance to money lenders in order to ensure the smooth implementation of the measures.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

Two directors of Xtech Lighting System Company Limited and Xtech Engineering Company Limited were prosecuted by the Labour Department (LD) for violating the requirements under the Employment Ordinance (EO). The two directors pleaded guilty at the Shatin Magistrates’ Courts today (August 3) and were fined a total sum of $66,000. The directors were also ordered to pay the employees concerned an outstanding total sum of about $102,000.

The companies wilfully and without reasonable excuse contravened the requirements of the EO, failing to pay two employees’ wages within seven days after the expiry of the wage periods and termination of employment contracts totalling about $123,000, as well as the awarded sums totalling about $117,000 within 14 days after the date set by the Labour Tribunal (LT). The two directors concerned were prosecuted and convicted for their consent, connivance or neglect in the above offences.

“The ruling will disseminate a strong message to all employers, directors and responsible officers of companies that they have to pay wages, termination payments and sums awarded by the LT or the Minor Employment Claims Adjudication Board to employees within the statutory time limit stipulated in the EO,” a spokesman for the LD said.

“The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees’ statutory rights,” the spokesman added.

Source: Hong Kong Government special administrative region – 4

The China Securities Regulatory Commission (CSRC) and the Securities and Futures Commission (SFC) announced today (August 3) a series of new measures to deepen further the practical co-operation and coordinated development of the two markets, consolidating and enhancing Hong Kong’s status as an international financial centre. The Government of the Hong Kong Special Administrative Region (HKSAR) warmly welcomes the measures.

The Chief Executive, Mr John Lee, said, “The series of measures announced today will support the development and cross boundary financing of enterprises in Hong Kong and the Mainland, and further promote the connectivity between the Hong Kong and Mainland markets through deepening co-operation in indices, futures and exchange traded funds. Under ‘One Country, Two Systems’, Hong Kong enjoys the unique advantage of having strong support from the motherland while being closely connected to the world. As an important bridge in our country’s financial system, Hong Kong will continue to leverage its role in ‘bringing in and going global’, better integrating into and serving the overall development of our country. Hong Kong is proactively aligning with the National 15th Five Year Plan and is working at full speed to formulate our first five-year plan, fostering high quality market development by promoting Renminbi internationalisation and cross boundary capital flows. I sincerely thank the Central People’s Government and relevant authorities for their staunch support for Hong Kong all along. The HKSAR Government will continue to enhance the competitiveness of Hong Kong’s financial markets to consolidate and elevate Hong Kong’s status as an international financial centre, while serving our country’s high-quality financial opening-up and contributing to the long term development of our country’s financial markets.”

The Financial Secretary, Mr Paul Chan, said, “The 10 new measures cover a wide range of areas including cross boundary listings, exchange traded funds, index co-operation, Renminbi-denominated futures products, streamlined applications for Mainland professional qualifications, and strengthened financial regulatory co-operation. They will facilitate Mainland and overseas investors to seize the enormous investment opportunities arising from our country’s steady and high-quality economic development and the building of a modern industrial system, while at the same time consolidating and enhancing Hong Kong’s function as a hub connecting the Mainland market and global capital. These measures will further promote the coordinated development of the two capital markets on a more open, resilient and efficient basis. We sincerely thank the Central People’s Government, relevant authorities and the Mainland regulators for their strong support for Hong Kong, and will work closely with relevant Mainland institutions to expedite implementation of the measures.”

The CSRC and the SFC announced today a series of new measures for further deepening the practical co-operation and coordinated development of the markets of Hong Kong and the Mainland. The HKSAR Government and regulators will actively facilitate the implementation of the measures.

Source: Hong Kong Government special administrative region – 4

The Hong Kong West Office of Labour Relations Division of the Labour Department will be relocated to a new office for operation starting from August 10 (Monday).

The address of the new office is Units 904-906, 9/F, Infinitus Plaza, 199 Des Voeux Road Central, Sheung Wan, Hong Kong (via Exit E5 of Sheung Wan MTR Station). The office will be open from Monday to Friday from 9am to 1pm and from 2pm to 6.15pm, and closed on Saturdays, Sundays and public holidays. The telephone and fax numbers of the office will remain unchanged.

To facilitate the relocation, the current office at 3/F, Western Magistracy Building, 2A Pok Fu Lam Road, Hong Kong, will be closed after the service hours on August 7 (Friday).

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Sir Edward Youde Memorial Fund Council:

The Sir Edward Youde Memorial (SEYM) Fund Council reminded interested applicants today (August 3) that the SEYM Overseas Fellowships and Scholarships and the SEYM Overseas Fellowships and Scholarships for Disabled Students for the 2027/28 academic year have been open for applications since June 22. The closing date is September 4, 2026.

The fellowships and scholarships aim at encouraging outstanding students to pursue further studies in renowned institutions overseas. Awardees should aspire to contribute to Hong Kong and be ready to give back to the community upon graduation.

The fellowships are for overseas studies leading to postgraduate degrees either by research or coursework. The maximum value of a fellowship is HK$300,000 per year, tenable for up to three years for a doctoral degree or two years for a master’s degree. The scholarships are for overseas studies leading to undergraduate degrees. The maximum value of a scholarship is HK$280,000 per year, tenable for up to three years.

The applicants will be responsible for fulfilling all application procedures and admission requirements of the academic institutions of their choice.

Information notes for the applications are available on the website of the Student Finance Office of the Working Family and Student Financial Assistance Agency (www.wfsfaa.gov.hk/en/resources/forms/form.htm). Applicants should submit the completed form through the GovHK website (eform.cefs.gov.hk/form/sfo031/en/). For details, please visit the website of the Sir Edward Youde Memorial Fund (www.wfsfaa.gov.hk/sfo/seymf/en/whatwedo/index.htm), or call (852) 3752 8711 or (852) 3752 8704.

Shortlisted applicants of the Overseas Fellowships and Scholarships will be invited to attend interviews in Hong Kong. The first round of interviews is scheduled for December 2026 or January 2027. If found suitable, applicants will be invited for a final interview to be held in January or February 2027. For the Overseas Fellowships and Scholarships for Disabled Students, shortlisted applicants will be invited to attend an interview in Hong Kong in January or February 2027.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

     The Chief Executive, Mr John Lee, today (August 2) led Principal Officials to attend a District Forum for Hong Kong’s First Five-Year Plan (Hong Kong’s Five-Year Plan) and the 2026 Policy Address to listen to views and suggestions from members of local communities on Hong Kong’s Five-Year Plan and the Chief Executive’s fifth Policy Address. The District Forum was held at South Tuen Mun Government Secondary School, with about 130 participants from different backgrounds.

     The two-hour District Forum consisted of two sessions. In the first session, Mr Lee and the Principal Officials listened to views expressed by members of the public, covering a wide range of topics including accelerating the Northern Metropolis development and advancing spatial planning in other areas; economy, finance and trade; innovation, technology and industry development; people’s livelihood and social development; development of regional co-operation; and integrated development of culture, sports and tourism, green living, and more. In the second session, participants were divided into four groups to engage in in-depth exchanges with Mr Lee and the Principal Officials, focusing on the two themes of “pursuing development and economic growth” and “improving people’s livelihood and building our future together”. Mr Lee interacted and discussed with participants of each group in turn and listened to their views.

     Mr Lee said, “The District Forum is an important platform for members of the public to express their views. My governing team and I attended the District Forum today to conduct in-depth exchanges with members of the public on Hong Kong’s Five-Year Plan and the Policy Address. We listened to views of the public on Hong Kong’s current and long-term economic and social development, which will help the Government formulate Hong Kong’s Five-Year Plan and the Policy Address, devise the overall development blueprint, and set priorities for key policy initiatives, with a view to bringing impetus to the economy, further enhancing the well-being of our people, as well as enabling the public to better benefit from government policies.”

     The Government launched the public consultations for Hong Kong’s Five-Year Plan and the Policy Address in June, and has held a number of consultation sessions over the past month to collect views from different sectors. Members of the public are welcome to continue submitting their views through various channels, including the dedicated websites for Hong Kong’s Five-Year Plan and the Policy Address, and by email.