Author: MIL-OSI Publisher

Source: Hong Kong Government special administrative region

     The Government announced today (December 22) the official launch of the intellectual property (IP) financing sandbox and the opening of the Hong Kong Technology and Innovation Support Centre (HKTISC), marking key milestones in promoting IP financing and further developing Hong Kong’s IP trading ecosystem while fostering innovation.

     The Chief Executive announced in the 2025 Policy Address the launch of the sandbox to assist pilot sectors (particularly the technology sector) in leveraging IPs for financing with the support of the banking, insurance, valuation, legal and other professions. The sandbox will provide a collaborative and risk-controlled environment for stakeholders to test out the full lifecycle of IP financing and accumulate practical experience in providing IP financing.

     With the Commerce and Economic Development Bureau (CEDB), the Intellectual Property Department (IPD) and the Hong Kong Monetary Authority’s (HKMA) deliberation, the sandbox is underpinned by the following four core operating principles:

(1) Recognition of IP value: Participating banks will consider the value of IPs owned by borrowing enterprises, alongside the borrower’s credit demand, financial position and repayment ability in their credit underwriting process.

(2) Independent and standardised valuation: To ensure credibility, IP valuation will be conducted by independent service providers using universally accepted methods. Where appropriate, qualitative patent evaluation reports can be obtained to support this process. 

(3) Risk management: Participating banks should comply with applicable supervisory requirements on risk management, while participating enterprises should comply with the legal and regulatory requirements in respect of maintaining and developing the IP assets concerned.

(4) Stakeholder collaboration: The initiative relies on a cohesive ecosystem. It brings together enterprises that hold IP assets, banks, valuation experts, legal practitioners and other relevant professionals to co-create successful financing transactions.

     The Secretary for Commerce and Economic Development, Mr Algernon Yau, said that the IP financing sandbox, together with other related measures announced in “The Chief Executive’s 2025 Policy Address”, would help leverage Hong Kong’s unique strengths to build an ecosystem where IP is protected with rigour, valued with clarity, and financed with confidence, with a view to strengthening Hong Kong’s role as a regional IP trading centre.

     By enabling enterprises to leverage their IP assets for financing, the sandbox will help unlock a new financing channel, thereby supporting the commercialisation of outcomes of research and development as well as creativity, and promoting innovation and technology as a key driver of economic growth.

     Three major banks have committed to participating in the sandbox, while nearly 30 professional firms from the legal and valuation sectors have indicated keen interest in participating. The CEDB, the IPD and the HKMA will closely monitor the progress of the pilot projects, gather feedback, and provide guidance as needed. It is anticipated that several trial cases are in the pipeline for the first phase of the sandbox.

     In addition, the HKTISC that officially commenced full operations today is another key complementary initiative in promoting IP financing. With the support of the IPD, the HKTISC will closely engage small and medium-sized enterprises (SMEs) in the innovation and technology sector and provide a qualitative patent evaluation service to assess, based on national standards, the quality of their patents from legal, technological and economic perspectives. The Government will also launch a support scheme through the HKTISC in 2026 to financially assist SMEs to engage professional service providers for the valuation of their whole IP portfolios in monetary terms. 

     These integrated measures aim to provide an objective reference about the strengths of the patents and the monetary valuation of the whole IP portfolios owned by the SMEs, facilitating more effective credit assessment and investment analysis.

     The Technology and Innovation Support Centre is a dedicated programme of the World Intellectual Property Organization (WIPO), which supports researchers and innovators at different stages of the innovation cycle, helping them make use of the IP system (especially by means of patents) to protect their inventions and guiding them to bring the technology to market. With the recognition of the Hong Kong Productivity Council as a Technology and Innovation Support Centre hosting institution by the China National Intellectual Property Administration and WIPO, the HKTISC will join the 200-plus strong Technology and Innovation Support Centre network in the country, which promotes better integration of Hong Kong into overall national development.

Source: Hong Kong Government special administrative region

     The Cultural and Creative Industries Development Agency (CCIDA) under the Culture, Sports and Tourism Bureau sponsored the participation of selected original Hong Kong comic works under the fourth edition of the Hong Kong Comics Support Programme (HKCSP) at the Comic Fiesta 2025 in Kuala Lumpur, Malaysia, and set up the Hong Kong Pavilion to facilitate the industry’s expansion into overseas markets and promote exchanges between the Hong Kong and Southeast Asian comic industries.

     Comic Fiesta 2025 took place on December 20 and 21. In addition to showcasing the 16 original Hong Kong comic works under the fourth edition of the HKCSP at the Hong Kong Pavilion, CCIDA sponsored the authors of the 16 comic works to attend the event in person and conduct drawing sessions. The set-up of the Hong Kong Pavilion was also supported by the Hong Kong Economic and Trade Office in Jakarta and Kuala Lumpur. The two-day event attracted an enthusiastic response with around 10 000 visitors recorded, demonstrating Hong Kong’s strong cultural soft power.

     The HKCSP nurtures Hong Kong comic artists and supports local comic companies. Since its launch in 2021, the HKCSP has supported publication of 63 original Hong Kong comic works, some of which won prestigious international awards. Through participating in overseas events such as the Angoulême International Comics Festival in France and Comic Fiesta in Malaysia, and local events such as Ani-Com & Games Hong Kong, comic works developed under the HKCSP have secured nearly 40 licensing agreements for publishing in different languages, showing the vast potential of Hong Kong creative industries. For more information about the HKCSP, please visit www.hkcsp.hk.

Source: Hong Kong Government special administrative region

     The Government announced today (December 22) the appointments to the Steering Committee of the Research, Academic and Industry Sectors One-plus (RAISe+) Scheme under the Innovation and Technology Fund for 2026-2027. Mr Duncan Chiu was reappointed as the Chairman of the Committee, while 15 non-official members were reappointed and two new non-official members were appointed. The appointments are for a term of two years starting from January 1, 2026. 
      
     The Committee is responsible for vetting eligible applications under the RAISe+ Scheme. Members are drawn from the research, academic, industry and investment sectors. 
 
     The membership of the Committee is as follows:
 
Chairman
————
Mr Duncan Chiu
 
Non-official Members
—————————–
Professor Bian Zhaoxiang
Professor Cai Hongbin
Dr Sunny Chai Ngai-chiu
Professor Chan Chi-hou
Professor Francis Chan Ka-leung
Mr Simon Chan Sai-ming
Dr Hu Zhanghong
Ms Vanessa Huang Yifei
Dr Leung Chuen-yan*
Ms Li Qianxin
Mr Daryl Ng Win-kong
Professor Randy Poon Yat-choi
Mr Sunny Tan
Mr Patrick Tsang Shun-fuk
Professor Tu Wenwei
Professor Wong Wing-tak
Professor Zhang Qian*
 
Ex-officio Members
—————————-
Secretary for Innovation, Technology and Industry or his/her representative
Commissioner for Innovation and Technology or his/her representative
 
(* New appointee)

     The Commissioner for Innovation and Technology, Mr Ivan Lee, said, “We would like to express our gratitude to the current members of the Committee for their support and contribution in the past two years and extend our sincere appreciation to the outgoing members, Professor Li Zexiang and Professor Teng Jin-guang. We trust that the Committee, under the leadership of Mr Chiu, will continue to provide valuable knowledge and advice to the Committee in the assessment of applications under the RAISe+ Scheme.”
      
     The RAISe+ Scheme was launched in 2023 to unleash the potential of local universities in the “1 to N” transformation and commercialisation of research and development outcomes and facilitate relevant collaboration among the Government, industries, universities and research sectors. It will fund, on a matching basis, research teams from the eight universities funded by the University Grants Committee, which have good potential to become successful start-ups. Funding support from $10 million to $100 million will be provided to each approved project. A total of 49 projects were supported by the Scheme in the first two batches. The third round of applications was closed at the end of October 2025, and assessment of the applications is under way. Details are available on the ITF website (www.itf.gov.hk). For enquiries, please contact the Secretariat of the Scheme (Tel: 3543 5904; email: raiseplus@itc.gov.hk).

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     The Chief Executive announced in the 2025 Policy Address that he has accepted the recommendations of the Working Group on Promoting Gold Market Development, and tasked the Financial Services and the Treasury Bureau (FSTB) with taking forward the implementation work. At a briefing session on gold market development today (December 22), the Secretary for Financial Services and the Treasury, Mr Christopher Hui, told industry stakeholders that a complete industry chain has initially taken shape for Hong Kong’s gold market, and the Government is actively working towards the goal of establishing Hong Kong as an international centre for gold trading, storage, clearing and risk management.
      
     Organised by the FSTB, the briefing session aimed to introduce to the industry the Government’s long-term strategy and overall direction for building an international gold trading market. This encompasses multiple areas, including expanding storage capacity, enhancing gold supply, establishing infrastructure, diversifying investment vehicles and developing a local gold trading ecosystem. Attendees included representatives from exchanges, banks, asset management companies, gold mining, trading firms and refineries, warehouse operators as well as logistics providers.
      
     Mr Hui said, “Stemming from the visionary idea of developing an international gold trading centre put forward by the Chief Executive in his 2024 Policy Address, I am pleased to see that Hong Kong’s gold market has begun to take shape, with a complete industry chain preliminarily established over the past year or so under the concerted efforts of the Government, regulators and the industry. The industry’s response has been positive, and many constructive suggestions have been received. Leveraging Hong Kong’s status as an international financial centre and its unique advantages of enjoying strong support from the motherland and being closely connected to the world, we will continue working closely with the industry, with a view to developing Hong Kong into an international hub for gold trading, storage, clearing and risk management.”

     He highlighted the meaningful strides already realised through Government’s initiatives. In terms of storage facilities, the Airport Authority Hong Kong has completed the first-phase expansion of the precious metals depository at the Hong Kong International Airport, increasing capacity to 200 tonnes, and is pressing ahead with plans to further expand it to 1 000 tonnes. Meanwhile, the Shanghai Gold Exchange has launched its first offshore vault in Hong Kong. In addition, the FSTB and the Shenzhen Municipal Financial Regulatory Bureau have signed a Memorandum of Understanding to jointly build a deeply integrated regional gold ecosystem, laying a foundation for further co-operation in processing trade between Hong Kong and Shenzhen. On gold trading and clearing, the central clearing system for gold in Hong Kong, governed by a wholly government-owned company, is scheduled to commence trial operation in 2026.
      
     To support the setting up of a trade organisation for the gold industry, the Government will set up a preparatory taskforce to engage a wide range of local and international stakeholders, with a view to promoting industry collaboration and facilitating the formation of a self-governing industry body. The preparatory taskforce will also hold in-depth discussions on details such as the structure, membership and financial arrangements of the future industry organisation.
      
     Mr Hui added, “Through the upcoming preparatory taskforce, we look forward to further strengthening our collaboration with the industry. The future industry organisation will help enhance communication with the Government and regulators, and play an instrumental role in business development, global promotion, international co-operation and talent nurturing, thereby contributing to the long-term development of Hong Kong’s gold market.”

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released today (December 22) the Consumer Price Index (CPI) figures for November 2025. According to the Composite CPI, overall consumer prices rose by 1.2% in November 2025 over the same month a year earlier, the same as that in October 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in November 2025 was 1.0%, also the same as that in October 2025. 

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending November 2025 was 0.1%, the same as that for the 3-month period ending October 2025. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of increase were both 0.1%.

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.5%, 1.1% and 1.1% respectively in November 2025, as compared to 1.4%, 1.1% and 1.0% respectively in October 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.9%, 1.0% and 1.1% respectively in November 2025, as compared to 0.9%, 1.0% and 1.0% respectively in October 2025.

     On a seasonally adjusted basis, for the 3-month period ending November 2025, the average monthly rates of change in the CPI(A), CPI(B) and CPI(C) were 0.0%, 0.1% and 0.1% respectively. The corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively. Netting out the effects of all Government’s one-off relief measures, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending November 2025 were 0.0%, 0.1% and 0.1% respectively, and the corresponding rates of change for the 3-month period ending October 2025 were 0.1%, 0.1% and 0.2% respectively.

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in November 2025 for transport (3.5%), alcoholic drinks and tobacco (2.1%), miscellaneous services (1.9%), housing (1.6%), meals out and takeaway food (1.3%), miscellaneous goods (1.3%), and basic food (0.7%).

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in November 2025 for clothing and footwear (-4.1%), durable goods (-3.3%), and electricity, gas and water (-0.5%).

     Taking the first 11 months of 2025 together, the Composite CPI rose by 1.4% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.4%, 1.0% and 0.9% respectively.

     For the 3 months ending November 2025, the Composite CPI rose by 1.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.4%, 1.0% and 1.0% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.0%, 1.1%, 1.0% and 1.0% respectively.

     For the 12 months ending November 2025, the Composite CPI was on average 1.4% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.9%, 1.3% and 1.1% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 1.1%, 1.4%, 1.0% and 1.0% respectively.

Commentary

     A Government spokesman said that consumer price inflation stayed subdued in November, with the year-on-year increase in underlying Composite CPI unchanged at 1.0%. Price pressures on various major components were contained in general.

     Looking ahead, overall inflation should remain modest in the near term, as cost pressures on the domestic and external fronts are still broadly in check.

Further information

     The CPIs and year-on-year rates of change at section level for November 2025 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government’s one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed statistics are given in the “Monthly Report on the Consumer Price Index”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released today (December 22) the preliminary Balance of Payments (BoP) and International Investment Position (IIP) statistics of Hong Kong for the third quarter of 2025. This release also included the preliminary External Debt (ED) statistics of Hong Kong for the same period.

I. Balance of Payments

     Hong Kong recorded a BoP deficit of $136.5 billion (16.0% of Gross Domestic Product (GDP)) in the third quarter of 2025. Reserve assets correspondingly decreased by the same amount. This was against a BoP surplus of $105.5 billion (13.4% of GDP) in the second quarter of 2025.

Current account

     The current account recorded a surplus of $98.2 billion (11.5% of GDP) in the third quarter of 2025. This reflects that Hong Kong’s savings was greater than its investment, enabling Hong Kong to accumulate external financial assets (such as equity securities or debt securities) as a buffer against global financial volatilities. Compared with the current account surplus of $113.2 billion (13.9% of GDP) in the third quarter of 2024, the decrease in surplus was mainly due to the decrease in net inflow of primary income, partly offset by the increase in services surplus.

     The goods account recorded a surplus of $1.5 billion in the third quarter of 2025, as against a deficit of $0.6 billion in the same quarter of 2024. Over the same period, the services surplus increased from $38.8 billion to $48.1 billion. The primary income inflow and outflow amounted to $576.1 billion and $521.5 billion respectively, thus yielding a net inflow of $54.5 billion in the third quarter of 2025, compared with a net inflow of $80.3 billion in the same quarter of 2024.

Financial account

     An overall increase in financial non-reserve assets amounting to $271.0 billion (31.7% of GDP) was recorded in the third quarter of 2025, compared with an overall increase of $21.1 billion (2.7% of GDP) in the second quarter of 2025. The overall increase recorded in the third quarter of 2025 was due to the net increases in other investment, portfolio investment and financial derivatives, partly offset by the net decrease in direct investment.

     In the third quarter of 2025, reserve assets decreased by $136.5 billion, as against an increase of $105.5 billion in the second quarter of 2025.

II. International Investment Position

     At the end of the third quarter of 2025, both Hong Kong’s external financial assets and liabilities stood at a very high level, amounting to $59,586.8 billion (18.2 times of GDP) and $39,936.9 billion (12.2 times of GDP) respectively, a typical feature of a prominent international financial centre.

     Hong Kong’s net external financial assets (i.e. assets minus liabilities) amounted to $19,649.9 billion (6.0 times of GDP) at the end of the third quarter of 2025, compared with $18,364.7 billion (5.7 times of GDP) at the end of the second quarter of 2025. Hong Kong’s net external financial assets to GDP ratio is one of the largest in the world, which provides the economy with a strong cushion against sudden external shocks.

III. External Debt

     At the end of the third quarter of 2025, Hong Kong’s gross ED amounted to $15,746.1 billion (4.8 times of GDP). Compared with $15,463.6 billion (also 4.8 times of GDP) at the end of the second quarter of 2025, gross ED increased by $282.5 billion. This was mainly attributable to the increase in ED of other sectors, while increases in ED of the banking sector, debt liabilities in direct investment (intercompany lending) and ED of the Hong Kong Monetary Authority also contributed.

     As one of the world’s major financial centres, Hong Kong has a significant amount of ED held against the local banking sector arising through normal banking businesses. At the end of the third quarter of 2025, 52.3% of Hong Kong’s ED was attributable to the banking sector. Other ED mainly consisted of ED of other sectors (29.9%) and debt liabilities in direct investment (intercompany lending) (16.5%).

Further information

     BoP is a statistical statement that systematically summarises, for a specific time period (typically a year or a quarter), the economic transactions of an economy with the rest of the world (i.e. between residents and non-residents).

     IIP is a balance sheet showing the stock of external financial assets and liabilities of an economy at a particular time point. 

     The difference between the total value of external financial assets and liabilities is the net IIP of the economy, which provides a measure of net financial claims on non residents plus gold bullion held as monetary gold.

     Gross ED, at a particular time point, is the outstanding amount of those actual current, and not contingent, liabilities that are owed to non-residents by residents of an economy and that require payment of principals and / or interests by the debtors at some time points in the future.

     Table 1 presents Hong Kong’s BoP. Table 2 presents the detailed current account and capital account, while Table 3 presents the detailed financial account. Table 4 shows Hong Kong’s IIP, and Table 5 shows Hong Kong’s ED.
 
     Statistics on BoP, IIP and ED for the third quarter of 2025 are preliminary figures, which are subject to revision upon the availability of more data. With the incorporation of the latest data from surveys and other sources, the statistics on BoP, IIP and ED for 2024 have been revised.

     The latest statistical tables of BoP (including seasonally adjusted current account), IIP and ED can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode260.html). Analysis of the statistics, together with the conceptual and methodological details, are presented in the publication Balance of Payments, International Investment Position and External Debt Statistics of Hong Kong, Third Quarter 2025 published by the C&SD. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040001&scode=260).

     For enquiries about the BoP, IIP and ED statistics, please contact the Balance of Payments Section of the C&SD (Tel: 3903 6979 or email: bop@censtatd.gov.hk).

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:

Tenders to be held in the week beginning December 29, 2025:
 

Tender date	:	December 30, 2025
Paper on offer	:	EF Bills
Issue number	:	Q2553
Issue date	:	December 31, 2025
Maturity date	:	April 1, 2026
Tenor	:	91 Days
Amount on offer	:	HK$69,030 MN
****************************
Tender date	:	December 30, 2025
Paper on offer	:	EF Bills
Issue number	:	H2582
Issue date	:	December 31, 2025
Maturity date	:	July 2, 2026
Tenor	:	183 Days
Amount on offer	:	HK$20,400 MN

Source: Hong Kong Government special administrative region – 4

​The Environmental Protection Department (EPD) today (December 22) announced that the Integrated Waste Management Facilities Phase I (I·PARK1) has commenced the first phase of trial operation.
 
The Secretary for Environment and Ecology, Mr Tse Chin-wan; the Permanent Secretary for Environment and Ecology (Environment), Mr Eddie Cheung; the Under Secretary for Environment and Ecology, Miss Diane Wong; and the Director of Environmental Protection, Dr Samuel Chui, recently visited I·PARK1 to inspect its operations, observing various facility sections, including the unloading and tipping of waste compactor containers, waste treatment processes, waste-to-energy equipment, and flue gas treatment and emission control. They were also briefed by the project team on the progress of the trial operation.
 
Located on an artificial island off Shek Kwu Chau, I·PARK1 adopts advanced waste incineration technology capable of effectively decomposing organic compounds, including dioxins. I·PARK1 consists of three incineration modules, with a designed municipal solid waste (MSW) treatment capacity of 3 000 tonnes per day. At present, the first module, capable of processing 1 000 tonnes of MSW daily, has already commenced trial operation. The remaining two modules will begin phased trial operations at a later stage. The heat recovered from the incineration process is used to generate electricity, not only powering the facility’s daily operation but also exporting 480 million kilowatt-hours of electricity to the public power grid, which is enough to power 100 000 households each year.
 
Following the inspection, Mr Tse said, “The completion and phased commissioning of I·PARK1 marks the launch of a new approach for managing MSW in Hong Kong beyond reliance on landfills. It signifies a crucial step of Hong Kong toward achieving our target of ‘zero waste landfilling’ by 2035. In the meantime, we are advancing at full steam the construction of the Integrated Waste Management Facility Phase 2 (I·PARK2) in Tsang Tsui, Tuen Mun, while we remain committed to driving forward various initiatives on waste reduction, recycling, and resource circulation, continuing our progress toward the goal of ‘zero waste landfilling’ and carbon neutrality.”
 
Dr Chui said that the EPD has been closely monitoring the trial operation of I·PARK1 to ensure its operation and emissions comply with the stringent safety and environmental standards. Following I·PARK1’s progressive commencement of operation, the total amount of MSW transported to West New Territories Landfill and North East New Territories Landfill will be reduced accordingly, alleviating the pressure on the two landfills.
 
In 2024, a total of 10 510 tonnes of MSW daily was disposed of in Hong Kong. I.PARK1 and the proposed I.PARK2 can treat 9 000 tonnes of MSW in total per day. If Hong Kong society can keep the momentum of waste reduction and increase the recycling rate, there may not be a need to construct I·PARK3 to achieve “zero waste landfilling”.

Source: Hong Kong Government special administrative region