Author: MIL-OSI Publisher

Posted on

Enforcement collaboration between HKMA and SFC – SFC reprimands and fines HSBC HK$4.2 million for disclosure failures in research reports

Source: Hong Kong Government special administrative region

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

The Securities and Futures Commission (SFC) has reprimanded and fined The Hongkong and Shanghai Banking Corporation Limited (HSBC) HK$4.2 million for breaching the disclosure requirement when publishing research reports on Hong Kong-listed securities over an eight-year period (Notes 1 to 3).
 
Following a self-report by HSBC, the Hong Kong Monetary Authority (HKMA), in collaboration with the SFC, conducted an investigation. Both regulators found that HSBC had failed to disclose and/or made incorrect disclosures regarding its investment banking relationships with various companies covered in research reports published between 2013 and 2021. These issues, which were caused by deficiencies in HSBC’s data recording and mapping across systems, are estimated to have affected disclosures in over 4 200 research reports on Hong Kong-listed securities. 
 
The SFC considers that HSBC has failed to ensure compliance with the disclosure requirement and the accuracy of disclosures in its research reports by acting with due skill and care, as well as implementing effective systems and controls. 
 
In deciding the disciplinary sanction, the SFC has taken into account all relevant circumstances, including:

  • there have been no evidence of client losses resulting from the disclosure issues;
  • HSBC has conducted reviews to identify the root causes and extent of the breaches;
  • HSBC has taken steps to enhance its systems and controls to prevent future breaches; and
  • HSBC’s co-operation with the HKMA and the SFC in resolving the concerns identified in the investigation.

A copy of the Statement of Disciplinary Action is available on the SFC website.

Note 1: This press release is issued jointly by the SFC and the HKMA.
Note 2: HSBC is registered to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance.
Note 3: Paragraph 16.5(d) of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission provides that a firm that has an investment banking relationship with the issuer or the new listing applicant should disclose that fact in the research report.

Posted on

Woman charged in security case

Source: Hong Kong Information Services

The Police Force’s National Security Department this morning laid a charge against a 19-year-old local woman on one count of “doing with a seditious intention an act or acts that had a seditious intention”.

The woman is alleged to have been involved in producing promotional videos for a subversive organisation named the “Hong Kong Parliament” from March to May this year, and appealing to others through social media platforms to vote for the purpose of overthrowing and undermining the central powers of the People’s Republic of China or the Hong Kong Special Administrative Region.

The case was due to be mentioned at the West Kowloon Magistrates’ Courts this afternoon.

Posted on

External merchandise trade statistics for July 2025

Source: Hong Kong Government special administrative region

External merchandise trade statistics for July 2025 
     In July 2025, the value of total exports of goods increased by 14.3% over a year earlier to $446.3 billion, after a year-on-year increase by 11.9% in June 2025. Concurrently, the value of imports of goods increased by 16.5% over a year earlier to $480.4 billion in July 2025, after a year-on-year increase by 11.1% in June 2025. A visible trade deficit of $34.1 billion, equivalent to 7.1% of the value of imports of goods, was recorded in July 2025.
 
     For the first seven months of 2025 as a whole, the value of total exports of goods increased by 12.7% over the same period in 2024. Concurrently, the value of imports of goods increased by 13.2%. A visible trade deficit of $218.6 billion, equivalent to 7.0% of the value of imports of goods, was recorded in the first seven months of 2025.
 
     Comparing the three-month period ending July 2025 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods remained virtually unchanged. Meanwhile, the value of imports of goods increased by 2.2%.
 
Analysis by country/territory
 
     Comparing July 2025 with July 2024, total exports to Asia as a whole grew by 19.3%. In this region, increases were registered in the values of total exports to most major destinations, in particular Taiwan (+91.9%), Malaysia (+80.7%), Singapore (+42.5%), Vietnam (+42.1%), the Philippines (+16.5%) and the mainland of China (the Mainland) (+16.1%).
 
     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (-42.1%) and the USA (-7.6%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+129.3%), Thailand (+33.1%), Singapore (+28.7%), the United Kingdom (+24.8%), Japan (+22.3%) and the Mainland (+16.3%). On the other hand, a decrease was recorded in the value of imports from the USA (-8.8%).
 
     For the first seven months of 2025 as a whole, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+52.4%), Malaysia (+41.4%), Taiwan (+40.7%), the Mainland (+17.7%) and Japan (+14.8%). On the other hand, a decrease was recorded in the value of total exports to the United Arab Emirates (-20.1%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+81.2%), the United Kingdom (+48.5%), Taiwan (+34.4%), Malaysia (+22.4%) and the Mainland (+11.7%). On the other hand, a decrease was recorded in the value of imports from Korea (-18.3%).
 
Analysis by major commodity
 
     Comparing July 2025 with July 2024, increases were registered in the values of total exports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $41.9 billion or +22.8%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $14.9 billion or +32.0%). 
 
     Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $39.6 billion or +21.9%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $22.2 billion or +49.8%).
 
     For the first seven months of 2025 as a whole, increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $180.6 billion or +14.8%) and “office machines and automatic data processing machines” (by $127.4 billion or +44.4%).
 
     Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $190.9 billion or +15.7%) and “office machines and automatic data processing machines” (by $120.3 billion or +53.1%).
 
Commentary
 
     A Government spokesman said that merchandise exports performance held up well in July. The value of merchandise exports grew visibly further by 14.3% over a year earlier. Exports to the Mainland and a majority of other Asian markets grew notably further, while those to the United States and the European Union continued to fall.
 
     Looking ahead, steady economic growth in Asia, in particular the Mainland, as well as Hong Kong’s enhanced economic and trade ties with different markets, should continue to provide support to Hong Kong’s merchandise trade performance. Yet, the United States’ elevated tariff rates and lingering uncertainty surrounding its tariff policy may begin to weigh on international trade flows in the near term. The Government will continue to monitor the situation closely and stay vigilant.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for July 2025. Table 2 presents the original monthly trade statistics from January 2022 to July 2025, and Table 3 gives the seasonally adjusted series for the same period.
 
     The values of total exports of goods to 10 main destinations for July 2025 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
 
     Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for July 2025.
 
     All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for July 2025 will be released in mid-September 2025.
 
     The July 2025 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in July 2025 and will be available in early September 2025. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230 
     Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).
Issued at HKT 16:30

NNNN

Posted on

War victory stamps to be released

Source: Hong Kong Information Services

Hongkong Post announced that it will issue a stamp sheetlet and associated philatelic products related to the 80th anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War on September 3.

      

The design of the stamp sheetlet centres on the theme of the 80th anniversary of Victory Day – “remembering history, honouring martyrs, cherishing peace, and creating a great future”.

 

Click here for the sales arrangements for these commemorative stamp products.

Posted on

Employer fined $60,000 for contravening Employees’ Compensation Ordinance

Source: Hong Kong Government special administrative region

     Hi-Speed Human Resources Limited was prosecuted by the Labour Department (LD) for violating the requirements under the Employees’ Compensation Ordinance (ECO). The company was convicted today (August 26) at the Fanling Magistrates’ Courts and fined $60,000.
 
     A delivery worker employed by the company was hit by a forklift while working on November 23, 2023, causing bilateral ankle fractures. The company failed to pay periodical payments to the injured employee during his period of temporary incapacity on normal paydays or within seven days thereafter as required by the ECO, the amount of which should have been at the rate of four-fifths of the difference between the employee’s monthly earnings at the time of the accident and his monthly earnings during the period of temporary incapacity.
 
     “The ruling helps disseminate a strong message to all employers that they have to pay periodical payments to employees who sustain injuries at work within the statutory time limit stipulated in the ECO,” an LD spokesman said.
 
     “The LD will not tolerate these offences and will continue to make dedicated efforts in enforcing the law and safeguarding employees’ statutory rights,” the spokesman added.

Posted on

CHP announces local HIV/AIDS situation for first half of 2025

Source: Hong Kong Government special administrative region

CHP announces local HIV/AIDS situation for first half of 2025 
     The 180 new HIV cases involve 140 men and 40 women aged between 20 and 75. Investigations revealed that over 95 per cent of the cases were infected through sexual contact, of which more than half (57 per cent) were acquired via homosexual or bisexual contact, and the rest were acquired via heterosexual contact. The number of new cases of HIV infection in Hong Kong has declined for the ninth consecutive year. Compared to the same period last year (185 cases), the number of new HIV cases has slightly decreased by 3 per cent. The cumulative total of locally reported HIV infections since 1984 is 12 583. 
 
     The new AIDS cases include 33 men and 14 women. Since 1985, a cumulative total of 2 604 AIDS cases has been reported in Hong Kong. The most common AIDS-defining illness was Pneumocystis pneumonia.
 
      “The prevalence of HIV infection among the general public in Hong Kong remained at 0.1 per cent, well below the global average, and the number of new HIV cases recorded also continues to decline, demonstrating the effectiveness of AIDS control and prevention in Hong Kong,” said the Consultant (Special Preventive Programme) of the Public Health Services Branch of the CHP of the DH, Dr Bonnie Wong.
 
     “However, the proportion of late presenters rose from 48 per cent from the same period last year to 58 per cent, which warrants attention. In recent years, the proportion of late presenters has been as high as 40 to 60 per cent. The CHP has conducted in-depth analyses and found that the proportion of late presenters among high-risk populations (such as men who have sex with men and sex workers) was around 40 to 50 per cent, while there was an even higher proportion of late presenters up to 60 to 70 per cent among those who do not belong to high-risk populations. The CHP believed that those who do not belong to high-risk populations may have overlooked they still have the risk of HIV infection even though they do not have frequent high-risk sexual practices, leading to delayed testing and treatment,” said Dr Wong.
 
     Late presenters refer to individuals with a very low CD4 cells (one kind of immune cell) count (less than 200 cells/mm3) or those who have already progressed to AIDS at the time of HIV diagnosis. Late presentation indicates that these individuals were not diagnosed and put on treatment in a timely manner at an earlier stage of infection.
 
     Late presentation can lead to an increased risk of opportunistic infections and malignancies, leading to a tenfold increase in mortality rate when compared with other people infected with HIV. In addition, as a result of an unsuppressed viral load, late presenters contribute to an increased risk of HIV transmission in the community.
 
     “Sexual transmission remained the major mode of HIV transmission. Members of the public should use condoms consistently and properly to reduce the risk of acquiring HIV. Moreover, undergoing HIV antibody testing is also essential in AIDS control and prevention. For early detection of infection, people who have had sex should get HIV testing at least once to keep track of their health status, and that people with higher risk of infection (such as those who do not use condoms properly and injecting drug users) should undergo regular screening,” said Dr Wong.
 
Members of the public can undergo HIV antibody testing through the following:
 Dr Wong stressed that HIV infection is a manageable chronic disease. People with HIV should seek specialist care and receive HIV treatment as soon as possible to achieve viral suppression and health restoration. Early HIV treatment with antiretroviral drugs can effectively prevent the progression to AIDS and other complications, increasing the chance of survival significantly. Moreover, those who achieve an undetectable level of virus in blood while on treatment will not transmit the virus through sex, i.e. Undetectable = Untransmittable (U=U).

The public may visit the following pages for more information on prevention and control of HIV/AIDS: the Virtual AIDS OfficeIssued at HKT 14:30

NNNN

Posted on

Woman charged by Police National Security Department

Source: Hong Kong Government special administrative region

The National Security Department (NSD) of the Hong Kong Police Force this morning (August 26) laid a charge against a 19-year-old local woman with one count of “doing with a seditious intention an act or acts that had a seditious intention”. The woman was allegedly involved in producing promotional videos for a subversive organisation named the “Hong Kong Parliament” from March to May this year, and appealing to others through social media platforms to vote for the purpose of overthrowing and undermining the body of the central power of People’s Republic of China or the body of power of the Hong Kong Special Administrative Region. The case will be mentioned at the West Kowloon Magistrates’ Courts this afternoon.
 
Police remind members of the public that “doing with a seditious intention an act or acts that had a seditious intention” is a serious offence. Offenders shall be liable to imprisonment for seven years on first conviction. Members of the public are urged not to defy the law.

Posted on

Hongkong Post to issue “80th Anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War” commemorative stamp (with photos)

Source: Hong Kong Government special administrative region

Hongkong Post to issue “80th Anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War” commemorative stamp  
Eighty years ago, the Chinese people achieved a great victory in the Chinese People’s War of Resistance against Japanese Aggression, marking the final victory in the World Anti-Fascist War after 14 years of arduous and brutal battles. This year, Hongkong Post will issue a stamp sheetlet and associated philatelic products on the theme of the “80th Anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War”. The design of the stamp sheetlet centres on the theme of the 80th Anniversary of the Victory in the War of Resistance: “remembering history, honouring martyrs, cherishing peace, and creating a great future”.
 
Official first day covers for the “80th Anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War” will be on sale at all post offices and Hongkong Post’s online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk 
A hand-back date-stamping service will be provided on September 3 at all post offices for official first day covers/souvenir covers/privately made covers bearing the first day of issue indication and a local address.
 
Information about the stamp sheetlet and associated philatelic products is available on the Hongkong Post Stamps website (stamps.hongkongpost.hkIssued at HKT 14:00

NNNN

Posted on

Data flow mechanisms to be set

Source: Hong Kong Information Services

Financial Secretary Paul Chan

Good morning, and welcome to Hong Kong. It is a pleasure to join you today for the inaugural AI Global Talents Connect, hosted by the Hong Kong Investment Corporation Limited (HKIC) and the Beijing Academy of Artificial Intelligence (BAAI). This landmark occasion brings together some of the world’s most brilliant minds in artificial intelligence – researchers, innovators, entrepreneurs and thought leaders.

 

Artificial intelligence (AI) is fundamentally reshaping industries, economies and societies, and ultimately, the global economy’s competitive landscape. Its impact is both far-reaching and accelerating. Unlike many other technologies, where breakthroughs may take years, advances in AI often unfold within months. And its rapid progress has transformative promise across every sector. At the same time, it presents complex challenges around ethics, governance and responsibility for the society. For example, how can we prevent algorithm bias? How can we address concerns about job displacement? How can we ensure the safe and responsible development of AI, and that the red lines are not crossed? They demand collective wisdom and global co-operation.

 

Given the geopolitical landscape, technological fragmentation is intensifying. Nevertheless, no single country or region can – or should – dominate technological innovation. More breakthroughs will emerge from open dialogue, knowledge exchange and cross-border collaboration among scientists, innovators, engineers, entrepreneurs and businesses.

 

In this context, building an open, collaborative and inclusive community for AI is vital. Not only is it the key to advancing science and technology, it is also essential to attracting and retaining global talent, which is the driving force behind every innovation.

 

Here in Hong Kong, we are fully committed to that vision. We have prioritised AI as a core industry for future development, a key enabler to upgrading our traditional industries and sectors. And we are leveraging our unique strengths across multiple dimensions.

 

First, in technology. Hong Kong is home to some of the world’s top academic institutions. We take pride that three of our universities rank among the global top 20 in AI and data science. These institutions are producing cutting-edge research and nurturing next-generation talent.

 

We have also been making significant, long-term investments in industry research and development. That includes the Hong Kong Artificial Intelligence Research & Development Institute, which we aim to establish next year. It will put emphasis on translating research into real-world applications, in areas such as healthcare, finance, logistics, education, and more.

 

Second, access to capital. As Asia’s premier international financial centre, Hong Kong provides tech startups and companies at various stages with a full spectrum of funding options, from angel and venture capital to private equity, patient capital and IPOs (initial public offerings). By connecting global capital with promising and mature projects, we will create a dynamic environment where great concepts and ideas can scale and thrive.

 

Third, data advantage. Under our “one country, two systems” framework, Hong Kong guarantees the free flow of information and data. At the same time, we will introduce mechanisms for cross-boundary flow of data from the Chinese Mainland to Hong Kong for research and development purposes, under clear safeguards and robust data-security protocols. This will enable Hong Kong to serve as a unique convergence point of Mainland and international data, and a testing field for different applications. These are valuable assets in the age of AI.

 

Fourth, and most important, talent. Hong Kong’s international and cosmopolitan culture, high quality of living, simple and low tax regime, and world-class education system make it an attractive destination for global talent.

 

But to ensure an abundant influx of AI talent, we want to raise our visibility and global standing in AI. That’s why, in this year’s Budget, I proposed the organisation of a young scientist forum on AI. I am delighted to see it come to life today, thanks to the joint efforts of the HKIC and the BAAI.

 

This forum is underpinned by two fundamental elements: openness and cross-disciplinary collaboration. It welcomes scientists, policymakers, investors and entrepreneurs from across geographies, whether they come from the Mainland, Asia, North America, Europe, or beyond. We believe this platform will catalyse intellectual exchanges, spark new ideas, and foster more partnerships in the AI space.

 

I am pleased to note a further milestone: the Qingyuan Club, one of the BAAI’s most important interdisciplinary initiatives, is being brought to Hong Kong with the support of the HKIC.

 

The Beijing Qingyuan Club has gathered many of China’s top AI scientists, including leading contributors in large language models and embodied intelligence. The establishment of the Hong Kong Qingyuan Club marks another step forward in our ambition to become a global AI hub.

 

I very much hope that the club will contribute to Hong Kong’s AI ecosystem in three key areas.

 

First, pioneering frontier technologies. This, of course, includes engaging in more cutting-edge AI research and applications. This will entail more partnerships with academic institutions, investors, startups and tech firms so that we build a more vibrant and robust AI ecosystem together.

 

Second, contributing to global exchanges on AI. Technologies and applications aside, it would also be important to participate in the global dialogue about the future of AI, in particular its safe and responsible development.

 

Third, nurturing talent. Leverage your networks to attract, connect and cultivate AI talent, especially young innovators who will shape the future of the industry.

 

Financial Secretary Paul Chan gave these remarks at AI Global Talents Connect on August 26.

Posted on

Mong Kok fair to offer 3,100 jobs

Source: Hong Kong Information Services

The Labour Department will hold the Go Career! Job Fair at MacPherson Stadium in Mong Kok on Thursday and Friday, offering over 3,100 quality job vacancies in the catering, retail and various other industries.

      

The job fair is co-organised with the Democratic Alliance for the Betterment & Progress of Hong Kong.

 

While more than 60 organisations will participate in the fair, around half of them will set up booths and conduct recruitment on the spot each day.

 

The positions being offered include store manager, duty engineer, accounting officer, shipping clerk, administrative assistant, chef, barista, shop assistant, cashier, customer service assistant, taxi driver, cleaner and security guard.

      

Around 82% of the vacancies at the fair are full-time jobs, and most of them offer monthly salaries ranging from $12,000 to $26,000.

 

Among the vacancies, about 95% require a Secondary 7 education level or below and 60% are open to job seekers without relevant work experience.