Author: MIL-OSI Publisher

SCED attends Asia-Pacific Telecommunity Ministerial Meeting in Japan  
     Speaking at a discussion session, Mr Yau shared with participating ministers Hong Kong’s latest efforts in building sustainable and accessible information and communications technology infrastructure, as well as its commitment to a more inclusive and resilient digital future.
 
     Mr Yau said that since the full liberalisation of its telecommunications market in 2003, Hong Kong’s telecommunications sector has become one of the most advanced, open, and dynamic markets globally. Hong Kong leads the world in mobile voice affordability, ranks second globally in mobile broadband affordability and seventh in fixed broadband affordability. Hong Kong’s 5G availability also ranks first in the Asia-Pacific region.
 
     Mr Yau highlighted that Hong Kong’s robust infrastructure provides a strong foundation for sustainable telecommunications development, including future 6G deployment and other cutting-edge services. The 6G Global Summit held in Hong Kong earlier this month, first held in the Asia-Pacific region, also fostered ideas and rallied regional support for 6G development.
 
     Turning to innovation and technology (I&T), Mr Yau said that Hong Kong promulgated the Hong Kong I&T Development Blueprint in 2022, setting out clear development directions and major strategies including accelerating the development of new digital infrastructure.
 
     He added that artificial intelligence opens up vast new opportunities for global economic development and scientific research. Hong Kong has been pursuing an all-round strategy to develop the AI ecosystem on various fronts, such as the launch of the AI Supercomputing Centre by Cyberport to meet the strong local demand for high-performance computing power.
 
     Mr Yau said that Hong Kong will continue to work hand in hand with fellow members and stakeholders to advance sustainable infrastructure and promote eco-friendly information and communications technology for a connected future.
 
     In addition to attending the APT meeting, Mr Yau also took the opportunity to meet with Japanese political and business leaders during his stay in Tokyo. Mr Yau today paid a courtesy call on the Chairman of the Japan-Hong Kong Parliamentarian League, Ms Jimi Hanako, a Member of the House of Councillors, to give her an update on Hong Kong’s latest economic and trade developments.
 
     Upon arrival yesterday (May 29), Mr Yau paid a courtesy call on the State Minister for Foreign Affairs of Japan, Mr Miyaji Takuma. Recognising the close bilateral relations between the two places, Mr Yau updated him on the robust economic developments in Hong Kong on various fronts under the “one country, two systems” principle, and solicited Japan’s support for Hong Kong’s early accession to the Regional Comprehensive Economic Partnership. Mr Yau also met with representatives of Keizai Doyukai (Japan Association of Corporate Executives) to promote Hong Kong’s business advantages and investment opportunities.
 
     Mr Yau will return to Hong Kong tomorrow (May 31) after the APT Ministerial Meeting concludes.
Issued at HKT 17:30

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Remuneration package for Members of Eighth-Term LegCo 
A Government spokesman said today (May 30) that the Independent Commission had conducted a thorough review on the remuneration package for Members of the Eighth-Term LegCo. The Independent Commission had adopted a holistic approach and taken into account a host of factors before arriving at its recommendations.
 
Factors that the Independent Commission had considered include:

(a) the role and functions of LegCo Members;
(b) the objective to enable a broad spectrum of quality individuals from different sectors of the community to serve the public in the capacity of LegCo Members vis-a-vis other pursuits;
(c) the provision of a remuneration package that is adequate for LegCo Members to discharge their core duties;
(d) views of LegCo Members;
(e) utilisation rates of the allowances currently available to Members;
(f) the economic situation of Hong Kong; and
(g) market rates of salaries and rentals.
 
Concerning the proposals put forward by the LegCo Subcommittee on Members’ Remuneration and Operating Expenses Reimbursement (LegCo Subcommittee) to the Independent Commission in July last year, the Independent Commission considers the proposals to adopt a weighted index as the basis for annual adjustment to Members’ Office Operation Expenses Reimbursement (OOER) and abolish the one-third reduction in the monthly remuneration for LegCo Members who also serve on the Executive Council (ExCo) (Dual Members) reasonable. However, in the face of the economic situation and the pressure on public finances, including the Government proposing in the 2025-26 Budget to reinforce the fiscal consolidation programme to strictly contain public expenditure, the Independent Commission recognises that it may not be a suitable time to implement changes in the remuneration package for LegCo Members which may lead to additional financial implications.   
 
The Independent Commission has also reviewed other components of the remuneration package, including the monthly remuneration for the LegCo President, the President’s Deputy and other LegCo Members, end-of-service gratuity and medical allowance, as well as the OOER, Entertainment and Travelling Expenses Reimbursement (ETER), Setting Up and Information Technology Expenses Reimbursement (SUITER) and Winding Up Expenses Reimbursement (WUER). The Independent Commission considers the current levels adequate and recommends that status quo be maintained for these items. The Independent Commission therefore recommends that the existing remuneration package of the Seventh-Term LegCo be adopted for Members of the Eighth-Term LegCo. 
 
“The Government expresses its gratitude towards the Independent Commission for its dedicated efforts in and valuable advice on reviewing the remuneration package for Members of the Eighth-Term LegCo, as well as to the LegCo Subcommittee for making proposals to the Independent Commission.
 
     “On the proposal to abolish the one-third reduction in the monthly remuneration for Dual Members, the Government accepts the observations of the Independent Commission that as a matter of principle, a Dual Member is performing two roles and does not devote lesser time in LegCo as compared with their counterparts, and should be entitled to both honoraria in full. The Government also acknowledges the contributions and dedication of Dual Members to society, particularly in balancing their dual roles in both the ExCo and LegCo to assist the Government in gathering public opinions and explaining policies,” the spokesman said. 
 
In accordance with the said decision, the remuneration package for Members of the Eighth-Term LegCo (based on the rate effective from October 1, 2024) (Note 1) will comprise:(b) end-of-service gratuity at 15 per cent of the total remuneration for the term (payable at term end per term);
(c) medical allowance at $37,890 per annum;
(d) OOER at $2,984,860 per annum;
(e) ETER at $238,400 per annum (Note 3);
(f) SUITER at $375,000 per term (Note 4); and
(g) WUER (being 1/12 of the annual OOER plus actual severance payments per term).
 
Based on the remuneration package effective from October 1, 2024, the total funding for the remuneration package for Members of the Eighth-Term LegCo is estimated to be about $1.76 billion, or about $19.7 million per Member per term.  Implementing the results of the current review will not bring about additional financial implications.
 
The Independent Commission is chaired by Mr Carlson Tong and comprises Mr Kevin Lam, Ms Winnie Tam, Mr Philip Tsai, Professor Alexander Wai and Ms Winnie Wong as members. It advises the Chief Executive, among others, on the remuneration package for LegCo Members. The Independent Commission started a comprehensive review of the remuneration package for Members of the Eighth-Term LegCo in mid-2024 and completed it in May 2025. The Independent Commission’s Review Report is available at www.admwing.gov.hk/pdf/IC Report_Eng.pdf 
Note 1: The existing mechanism whereby Members’ monthly remuneration, medical allowance, OOER, ETER and the LegCo President’s additional entertainment allowance will be adjusted in October each year in accordance with movements of the Consumer Price Index (C) will be maintained.
 
Note 2: The existing arrangement that the monthly remuneration for the LegCo President, the President’s Deputy and Dual Members will be fixed at 200 per cent, 150 per cent and two-thirds of the monthly remuneration of their fellow LegCo Members respectively will be maintained.
 
Note 3: The LegCo President is entitled to an additional President’s Entertainment Allowance at $238,630 per annum.
 
Note 4: For Members who have claimed setting up expenses in the previous term, they can claim $262,500 in the new term.
Issued at HKT 17:15

Findings of investigation into death of PMH doctor released 
On February 10, 2025, the CHP received a notification from PMH that three doctors in its oncology department had developed acute gastroenteritis symptoms and one of them unfortunately passed away on February 7. PMH’s preliminary investigation revealed that a stool sample from one of the doctors, who had mild symptoms, tested positive for Shiga toxin genes by nucleic acid testing. Therefore, it was suspected that the cluster might be associated with Shiga toxin-producing Escherichia coli (STEC) infection. The CHP immediately conducted a comprehensive epidemiological investigation of the suspected cluster. A team of experts from the Department of Microbiology of the HKU, led by Professor Yuen, also assisted in the investigation.
 
The CHP’s investigation revealed that the bacterial culture of the stool sample from the doctor suspected of having an STEC infection but with mild symptoms did not grow any viable STEC bacteria. Samples from the other two doctors, including the deceased doctor, were negative for STEC. The CHP collected 34 environmental samples and 27 food samples from the oncology department and relevant food premises at PMH, all of which were negative for STEC. The CHP also enhanced surveillance on the staff of the oncology department of PMH, and no other related cases were detected. Based on the available information, the CHP confirmed that there was no STEC outbreak in the oncology department of PMH and that there was no linkage between the illnesses of the three doctors.
 
The pathology department of PMH has conducted an autopsy and pathological examination on the cause of death of the deceased doctor. However, the post-mortem examination could not determine the exact cause of the pathological changes that led to his death. Experts from the Department of Microbiology of the HKU have detected group C rotavirus (a known rotavirus) in various tissue samples of the deceased using nucleic acid testing. However, the virus was not detected in the stool samples of the other two doctors. The experts were of the view that the initial acute gastroenteritis in the deceased was caused by group C rotavirus. The direct relationship between group C rotavirus and the cause of death was uncertain, while other contributing factors could not be ruled out.

Rotavirus is a gastroenteritis virus commonly found in children and is classified into groups A, B and C, etc. Group A is the most common (accounting for over 90 per cent of rotavirus infections worldwide), mainly affecting children under the age of 5. Scientific studies indicate that group C may infect adults and older children more frequently, with milder symptoms compared to groups A and B. According to the statistics of the Hospital Authority, there have been no deaths from rotavirus infection in public hospitals in the past 10 years. Preventive measures for rotavirus infection are similar to those for other viral gastroenteritis. It is important to maintain good personal, food and environmental hygiene.
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Separately, Escherichia coli (E. coli) is a bacterium commonly found in the intestines of humans and warm-blooded animals. Most strains of E. coli are harmless. Some strains, however, such as STEC, can produce strong toxins and cause severe foodborne disease. Generally, STEC infections are often associated with consuming contaminated food or water, such as raw or undercooked meat, contaminated fruits and vegetables, or unpasteurised dairy products. Meanwhile, the bacteria can also be transmitted from person-to-person through the faecal-oral route. Preventive measures for STEC infection are similar to those recommended for other foodborne diseases.
Issued at HKT 17:00

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SFST’s speech at “Hong Kong Night” business networking reception and seminar in Vancouver, Canada (English only) (with photo) 
Distinguished guests, industry leaders and innovators, friends in Canada and from around the world,
 
Good evening, everyone. Thanks for having me today for this very special occasion, called “Hong Kong Night”. I must say I always wonder why we have “Hong Kong night” in broad daylight. I suppose it could be a distinctive feature of this city which everybody loves. Just now, our colleague from Cathay Pacific mentioned to me that there will be a draw right after for tickets so I’m sure that explains why you are all here.
 
Let me give you some flavour in terms of how Hong Kong has been faring, and also at the same time some talking points that you may want to share after this session. I want to give you an overview in terms of how Hong Kong has done so far in financial services under my portfolio, and also in particular the reason why I’m here in Vancouver because this is my last stop, after Toronto and also Ottawa. Through this visit, I had the opportunity to see many people at the government, regulators and also financial institutions. What I am impressed most is that it’s really a place where people are looking for a change. You already have a new government. At the same time, you are looking for ways to diversify, in terms of your economy, and also in terms of financial activities. So I think Hong Kong comes at the right time, where it’s a very viable option, either you are a corporate, an individual, or even an investor, to consider that in the context of diversification.
 
Before I further proceed, maybe first of all, let me give you an overview of how Hong Kong’s been faring so far. I’ve been asked a lot in terms of the impact of tariffs on Hong Kong. I understand that there will be a fireside chat by Rocky (the Director and Head of Policy Research of the Financial Services Development Council, Dr Rocky Tung) later on, and I’ll leave that to the experts. But that said, Hong Kong being a service economy, I must say we don’t have much to export. At the same time, we are a free economy as stipulated in our Basic Law. So far so good in terms of our resilience, I would say, in the broader context of geopolitical change.
 
More specifically, in our capital market, recently we do see an upsurge in our stock market. Right now, our average daily turnover is exceeding US$32 billion, and also we’ve welcomed a number of key mega IPOs (initial public offerings), like the recent one is CATL (Contemporary Amperex Technology Co Limited). It’s a major or global battery manufacturer for EVs (electric vehicles), and they just got listed at the same time, offering a shares equivalent to the size of around HK$41 billion. And funny enough, when you look at the composition of the investors, we have those from the US. At the same time, we also have investors from the Middle East, where the Kuwait Sovereign Wealth Fund, what we call the KIA, Kuwait Investment Authority, actually put in US$500 million in that offer. So you can see that despite all the talk about the deglobalisation or decoupling, finance, in particular, capital formation takes place, and also monies after returns.
 
Of course, that is not alone in terms of what we are welcoming. We also welcome Canadian companies to list in Hong Kong as well. Right now, we have around six Canadian companies already listed in Hong Kong, like Manulife and also some of the mining and oil and gas companies. I do very much welcome many more listings, especially from this part of the world, where it could be tech, could be mining, or for other types of new economic activities.
 
The second part I want to highlight, apart from how Hong Kong has been faring, is in terms of my observations so far this year, so far in my visit. Apart from the general ones that I just highlighted, I do see a number of areas that Hong Kong and Canada can work together. First of all, wealth management, because I got the chance to see and meet a number of insurance companies and banks from this part of the world. In fact, many of them are heavily invested and also have a strong presence in Hong Kong, like Manulife, which takes up 27 per cent of our Mandatory Provident Fund, a pension service system in Hong Kong. And also Sun Life, which is in collaboration with Dah Sing Bank in Hong Kong through the bank insurance businesses. Also we have CIBC (Canadian Imperial Bank of Commerce) and others that already have a strong presence in corporate banking in Hong Kong.
 
Many people see wealth management as an emerging trend, an area where we should work together. Because in the way that we see the world, like all of you, people are looking for ways to diversify. Many of the traditional markets where people want to park their wealth in the Anglo-Saxon world, people are still changing their minds in terms of whether they should diversify through geography or through products. In either way, Hong Kong is an option, because we have been the largest offshore cross-boundary wealth management centre so far in Asia, and we are looking to be the biggest one in the world. It is an area that we are very keen to develop further. Right now, we have 2 700 single family offices. We are going to have facilitated at least 200 more family offices by the end of this year. Also, we are going to have more tax concessions for family offices to cover private credit, carbon credit, and virtual assets. I will leave these details to our Invest Hong Kong colleagues. They will have all the details. All I want to say is wealth management, in particular in terms of family offices and high-net-worth individuals, is an area that I think Hong Kong can walk closely together with this country.
 
The second area that I think is important to note in terms of collaboration is about what the host mentioned just now – the Web Summit Vancouver. The reason that I’m here is because we just passed a law to regulate stablecoin issues in Hong Kong. It is a big topic, not just in Hong Kong, but regionally, because many people see virtual assets as speculative. But that said, stablecoins being underpinned by fiat currency is a different animal, which potentially can be used in the form of payment. At a time when the US dollar or US-related assets are being questioned, I think many of the alternatives, also at the same time, in the form of stablecoins, have that role to play.
 
In that regard, I have more to share in terms of our ecosystem effort to build an ecosystem in Hong Kong for our virtual assets. We have already 10 virtual asset exchanges, and also at the same time, we are going to issue licenses for stablecoin issuers. And very soon, we will also regulate these virtual asset custodians. For anyone of you who are participating, in this space, I do urge you to look at what Hong Kong has done and also at the same time how you can leverage the opportunities for your own development.
 
Last but not least, in terms of what I want to inform this group is having debriefed all of you about what Hong Kong has done in terms of wealth management and virtual assets and also fintech in general, I’m sure that you do see a lot of need to come to Hong Kong. So even though you may not be able to get those free tickets, I’m sure you’re all rich enough to buy your own and also give yourself a reason to come to Hong Kong soon. And anytime, anywhere, you’re most welcome. Thank you.
Issued at HKT 16:49

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CHP announces two new melioidosis cases 
     So far, seven melioidosis cases have been recorded in Hong Kong this year. In 2024, 23 melioidosis cases were recorded. 
     According to literature, melioidosis cases are more common after typhoons or rainstorms. The bacterium Burkholderia pseudomallei in soil and muddy water may become exposed to the ground after typhoons or rainstorms, and the bacteria could spread more easily with strong winds or rainstorms. As such, the number of melioidosis cases may increase.      ​The CHP appealed to members of the public to seek medical advice if they develop symptoms, in particular people with diabetes or other immunocompromising conditions, in order to receive an appropriate medical diagnosis and treatment. For more information on melioidosis, please visit the website of the CHP at www.chp.gov.hk/en/healthtopics/content/24/101110.htmlIssued at HKT 16:30

Financial results for month ended April 30, 2025