Category: MIL-OSI

Source: Hong Kong Government special administrative region

Following is the speech by the Deputy Financial Secretary, Mr Michael Wong, at the Wealth for Good in Hong Kong Summit 2026 today (March 24):

Secretary for Financial Services and Treasury, the Honourable Mr Chris Hui, Permanent Secretary Ms Salina Yan (Permanent Secretary for Financial Services and the Treasury (Financial Services)), distinguished guests, ladies and gentlemen,

Good afternoon. Let me start by extending to all of you a warm welcome. Hong Kong launched this Summit three years ago, and I am glad to say it was an instant success.

A key goal of the Summit is to showcase what Hong Kong has to offer as a premier hub for family offices. When we started back in 2023, Hong Kong had about 2 700 single family offices. Now, the number is close to 3 400. The increase shows that more and more family offices around the world are recognising the huge benefits, and excellent services, that Hong Kong has to offer.

The theme of this year’s Summit is “Building Lasting Legacies”. We believe that family office is not just about investment performance. It is also about ensuring that precious family values can be passed on from generation to generation. It is about a lasting legacy.

This afternoon, I would like to share with you, quickly, three observations about how Hong Kong can contribute.

My first observation is that Hong Kong is a perfect base to support the prudent diversification of the investments by family offices. The world is getting more uncertain. Many conflicts are escalating and proceeding in a manner that is increasingly worrying and concerning.

Against this global backdrop, Hong Kong offers something that is quite rare and precious. Under “one country, two systems”, Hong Kong provides an economic and business environment with policy predictability and institutional trust. Our common law legal system, independent judiciary, open economy, free flow of capital, freely convertible currency, and simple tax regime all work together to provide a welcoming and dependable home for wealth that lasts through generations – a home that is hard to find, or duplicate, in this complicated world.

And we have a very vibrant financial market. Yes, it does have its ups and downs like all markets do. But, in overall terms, there is great momentum and the direction of development is very promising. The total market capitalisation of our stock market rose to over US$6 trillion last year. And Hong Kong reclaimed the number one position as the world’s leading IPO venue, raising about US$36 billion from 119 new listings. The year 2026 would most likely be another very productive year, as over 400 companies are applying to list in Hong Kong.

My second observation this afternoon relates to Hong Kong’s family-office-friendly ecosystem. As I mentioned, Hong Kong is now home to close to 3 400 single family offices.

Assets under management in Hong Kong rose to over US$4.5 trillion in 2024, which was 11 times our GDP. And we saw inflows of about US$46 billion to Hong Kong-domiciled funds. In terms of the number of ultra-high-net-worth individuals, Hong Kong ranks second in the world.

Building on this strong momentum, we will introduce more policies and measures to give family offices even stronger support. One example is the New Capital Investment Entrant Scheme, under which qualified investors will be allowed to reside in Hong Kong under appropriate terms. This scheme started operation in March 2024, and has since attracted nearly 3 200 applications. It means an anticipated investment of over US$12 billion in Hong Kong.

And we will also expand the preferential tax regimes for funds, family-owned investment holding vehicles of single family offices and carried interest. Family offices in Hong Kong will soon enjoy more flexibility as their investment portfolio evolves. At a time when family offices increasingly turn their attention to investment tools such as private credit, precious metals and commodities, carbon credits, insurance-linked securities, and digital assets, our preferential tax regimes will also evolve in a timely manner to suit their changing needs. This will be done through a piece of new legislation, which should be ready within the first half of this year.

My third, and last, observation this afternoon relates to legacy. Building a lasting legacy demands more than sound investment decisions. It depends also on robust succession architecture, cultural depth, and convictions about our future.

That is why Hong Kong is strengthening our institutional architecture to support philanthropy and the passing on of wealth from one generation to the next. We have introduced tax incentives specifically designed to encourage philanthropic giving. We do not have any estate duty, any capital gains tax, or any tax on dividends. Sounds like music to the ears of family office managers. I know. But here I am telling the truth, the whole truth, and nothing but the truth.

Also, we understand that arts and cultural assets are an increasingly important component of family wealth. Hong Kong is therefore also working very hard to strengthen our arts and culture infrastructure. We opened the M+ Museum near the end of 2021. In a space of just a few years, this wonderful museum has gained a strong reputation as Asia’s first global museum of visual culture. Right next to M+ is the Hong Kong Palace Museum, which opened in 2022, to house national treasures from Beijing’s Forbidden City. These two museums, together with the marvellous West Kowloon Cultural District, have become the must-see places for many of our visitors from all over the world.

Right this month, Hong Kong is hosting more than 100 arts and cultural events, including Art Basel Hong Kong and Art Central, both of which will open this week. Do go and take a look. You will find yourselves in the good company of many international art lovers and traders, and may even find some great art pieces to add to your enormous family collection.

We will also enhance key components of the art lifecycle in Hong Kong. A museum-grade facility dedicated to the storage of art and high-value assets will be built within SKYTOPIA, which is Hong Kong’s airport city. This facility is scheduled to open early next year. SKYTOPIA will integrate art storage and trade, yacht and water sports, culture and leisure, and much, much more.

Ladies and gentlemen, before I close I would like to leave you with the idea that you are not just observers of Hong Kong’s efforts to be a premier hub for family offices. You are our partners, our fellow co-builders. Together, we will build not just wealth, but legacies that can withstand the test of time for generations and generations to come.

I wish everyone a most successful and productive Summit, and an enjoyable and memorable stay in Hong Kong. Thank you all very much.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Chief Executive, Mr John Lee, at the Global Free Trade Ports Development Forum of the Boao Forum for Asia Annual Conference 2026 in Hainan today (March 24):

Honourable Vice Chairman Mu Hong (Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference and Vice Chairman of the Boao Forum for Asia), honourable Secretary Feng Fei (Secretary of the CPC Hainan Provincial Committee), honourable Governor Liu Xiaoming (Governor of Hainan), distinguished guests, ladies and gentlemen,

     Good afternoon. I would like to address this forum in English to reflect Hong Kong’s status as an international city under “one country, two systems”. And bilingualism is a part of everyday life in Hong Kong. It is my great pleasure to join you today, in Hainan, at the Global Free Trade Ports Development Forum of the Boao Forum for Asia. 

     This year marks the 25th anniversary of the Boao Forum for Asia. Over the past quarter of a century, the Forum has become a premier platform for dialogue on economic co-operation, bringing together leaders, policymakers and business pioneers from across the region. Together, we foster mutual understanding and advance regional co-operation. The Boao Forum has made significant contributions to Asia’s remarkable rise on the global stage. I extend my warmest congratulations to the Boao Forum for Asia on this milestone occasion.

     This year also marks a new chapter for China, our country. Two weeks ago, the fourth session of the 14th National People’s Congress approved the Outline of the 15th Five-Year Plan for National Economic and Social Development of the People’s Republic of China. The 15th Five-Year Plan sets out the indicators for the main objectives, major strategic tasks, and major projects for the country’s development for the next five years. 

     The high-standard development of the Hainan Free Trade Port is a highlight of the Plan. The Port began its island-wide special customs operations four months ago. The Plan supports the continuous enhancement of liberalisation in trade, investment and the flow of production factors in the free trade port. 

     I congratulate Hainan on her remarkable progress in the development of the free trade port policy, which is now firmly in place. It allows for more open and free entry of overseas goods, expands zero-tariff coverage, and includes a host of business-friendly measures. Hainan is fast rising as a popular destination for global business and innovative industries. I have every confidence that this scenic island will soon become a powerful showcase for our country’s dedication to free trade and high-quality opening up. 

     At a time of mounting geopolitical tensions and rampant protectionism, China’s unwavering commitment to an open, and inclusive, economic order and multilateral trade gives this volatile world the reassurance it needs. And we are not alone in this. Much like the theme of this year’s Boao Forum for Asia, “Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation”, economies in the region are working together to ensure we remain a driver of global growth and an anchor of stability.
 
    Ladies and gentlemen, Hong Kong is no stranger to free trade and co-operation. For more than a century, Hong Kong has been a free port and a champion of free and unfettered trade. Hong Kong is the world’s No.1 in economic freedom, topping the ranking in “freedom to trade internationally”. The International Institute for Management Development ranked Hong Kong among the world’s top three most competitive economies. Our “business legislation” and “tax policy” ranked No. 1, globally. 

     Under the unique “one country, two systems” principle, Hong Kong enjoys the strong support of China, our country, while maintaining unparalleled connectivity with the world. We treasure our long tradition of the rule of law, and our common law legal system is shared by many global financial hubs. Capital, goods, talent and information flow freely in Hong Kong. Our tax system is simple and invitingly low.   

     A city of just over 1 100 square kilometres in land area, Hong Kong is the world’s seventh-largest merchandise trading entity. We are also the world’s third-largest foreign direct investment destination. Hong Kong is a founding member of the World Trade Organisation, and has signed free trade agreements with 21 economies and investment agreements with 33 economies. 

     These are not just numbers or trophies. They reflect the trust, and confidence, the global business community places in Hong Kong. It’s a hard-earned accomplishment built on decades of integrity, the respect for the rule of law, and an unwavering commitment to free trade and multilateralism. 

     If the events of the first three months of 2026 are any lesson to learn, it is that no economy can thrive in isolation. Stability requires a regional framework that is open and inclusive for everyone. At this important platform for dialogue, I would like to share with you the three directions Hong Kong is pursuing to promote growth opportunities for all. 

     First, we will continue to expand our global trade network. At a time when some are drawing battle lines, Hong Kong is drawing trade routes. We choose connection over confrontation, and we value co-operation over conflict. Hong Kong actively seeks to co-operate with trading partners, including economies with strong trade relations with Hong Kong, as well as emerging markets with development potential or at strategic locations. 

     We have recently concluded investment agreement negotiations with Qatar, Bangladesh and Peru. And we are exploring the signing of new investment agreements with Saudi Arabia and Egypt. 

     Forging more free trade agreements is also a priority. We are committed to joining the Regional Comprehensive Economic Partnership, the world’s largest free trade agreement. We maintain close communication with the Partnership’s member economies, and will continue to rally their support for Hong Kong’s early accession. We look forward to contributing to the Partnership, to working with member economies in promoting regional economic integration.

     Second, we will leverage our network to connect investors with opportunities. Hong Kong has 16 offices and liaison units on the Mainland, and 15 overseas Economic and Trade Offices. Together with the offices of Invest Hong Kong and the Hong Kong Trade Development Council, we have a presence in 68 cities and cover 129 countries. 

     The HKSAR Government has set up a GoGlobal Task Force (Task Force on Supporting Mainland Enterprises in Going Global) by drawing these offices and other stakeholders together, to support the overseas expansion of Mainland enterprises. Last week, we launched a cross-sector professional services platform, under the GoGlobal initiative, to connect the expansion needs of Mainland Chinese enterprises, the demand of global buyers and investors, and Hong Kong’s world-class professional services. We offer a rich pool of multilingual talent, and a premier platform for financing and asset management. 

     Meanwhile, our Economic and Trade Express, set up last year, is also strengthening the co-ordination among Hong Kong’s global network of offices. It supports small and medium enterprises and start-ups, organising overseas business missions and providing companies with one-stop services like business matching, to help Hong Kong enterprises in exploring foreign markets. 

     Third, we will promote regional economic development and prosperity. China, our country, is the host economy of APEC, the Asia-Pacific Economic Cooperation, in 2026. Under the theme of “Building an Asia-Pacific Community to Prosper Together”, this year’s APEC meetings will be held in cities across the country. We are honoured that the APEC Finance Ministers’ Meeting will be held in Hong Kong this October. 

     Hong Kong has been a member of APEC since 1991. We participate in different aspects of APEC’s work, promoting regional macroeconomic co-operation and the real economy. 

     The APEC Finance Ministers’ Meeting will bring together finance ministers from across the region to exchange views on the regional and global economic outlook, and promote sustainable development, financial stability and greater economic co-operation. 

     The HKSAR Government, let me add, will spare no effort in making comprehensive preparations to support our country’s successful hosting of APEC 2026. That includes taking full advantage of Hong Kong’s strengths as an international financial centre, and organising the meeting to deepen international exchanges and co-operation. In turn, we will help promote harmony and the region’s sustainable development, playing our part in maintaining multilateral exchanges. 

     Ladies and gentlemen, with the world in a heightened period of turbulence, Hong Kong is committed to navigating uncertainties with openness, not in isolation. I am confident that the Free Trade Port of Hainan and Hong Kong will complement each other in building a powerful engine for free trade. Hong Kong endeavours to work with Hainan, as well as our friends from the Mainland and around the world that value free trade, to build a prosperous global community with a shared future for humanity. 

     Let’s join hands in shaping this shared future of prosperity, and embrace its new dynamics, new opportunities and new co-operation. On that note, I wish the Boao Forum for Asia every success in the next 25 years and beyond, and all of you a fruitful and healthy year. Thank you.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

​The Acting Chief Executive-in-Council (CE-in-C) today (March 24), pursuant to Article 31 of the Hong Kong National Security Law (HKNSL) and section 360C(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (the Ordinance), ordered the Registrar of Companies to strike Apple Daily Limited, Apple Daily Printing Limited, and AD Internet Limited (referred to as the three companies relating to Apple Daily thereafter) off the Companies Register. The Registrar of Companies has thereupon struck the three companies relating to Apple Daily off the Companies Register and published notice thereof in the Gazette, and the three companies relating to Apple Daily are dissolved. Details are set out in the Gazette Extraordinary Notice No. 17 of 2026 (see Annex).

Lai Chee-ying case

In the Lai Chee-ying case, Lai Chee-ying and the three companies relating to Apple Daily were prosecuted with a total of three charges of offences endangering national security, including “conspiracy to commit collusion with a foreign country or with external elements to endanger national security” (contrary to Article 29 of the HKNSL and sections 159A and 159C of the Crimes Ordinance), and “conspiracy to print, publish, sell, offer for sale, distribute, display and/or reproduce seditious publications” (contrary to sections 10, 159A and 159C of the Crimes Ordinance). The court convicted Lai Chee-ying and the three companies relating to Apple Daily of all charges on December 15, 2025, and handed down sentences on February 9 this year. Amongst others, the three companies relating to Apple Daily were each sentenced to a fine of HK$3,004,500.

The court held in its reasons for sentence that the offence of “conspiracy to print, publish, sell, offer for sale, distribute, display and/or reproduce seditious publications” in this case fell within the most serious category for its type, and the two offences of “conspiracy to commit collusion with a foreign country or with external elements to endanger national security” fell within the category of offences of “a grave nature”. The court further pointed out that, without the facilitation from the three companies relating to Apple Daily, two of the charges in this case could not have occurred, and that there were no valid mitigating factors in respect of the three companies.

Striking the three companies relating to Apple Daily off the Companies Register

Article 31 of the HKNSL stipulates that the operation of an incorporated or unincorporated body such as a company or an organisation shall be suspended or its licence or business permit shall be revoked if the body has been punished for committing an offence under that law. Given that the three companies relating to Apple Daily have been convicted and punished by the court in accordance with the law, the Hong Kong Special Administrative Region (HKSAR) Government has a responsibility to enforce the relevant provisions in Article 31 of the HKNSL regarding the three companies relating to Apple Daily.

Taking into account all the relevant circumstances of the case, it is necessary for the HKSAR Government to revoke the registration of the three companies relating to Apple Daily, and prohibit the operation or continued operation of the three companies in the HKSAR, in order to effectively safeguard national security. In this light, the Secretary for Security issued written notices to the three companies relating to Apple Daily respectively on February 11, affording them an opportunity to make representations regarding the intention of the Secretary for Security to make recommendation to the CE-in-C under section 360C(1) of the Ordinance. Replies were received from the directors of the three companies on February 25, confirming that there were no representations from those companies. Taking into account all the relevant circumstances of the case, including the conviction and severity of the offences committed by the three companies relating to Apple Daily and the recommendation by the Secretary for Security, the Acting CE-in-C today ordered the Registrar of Companies to strike the three companies relating to Apple Daily off the Companies Register.

A spokesman for the HKSAR Government stressed, “Safeguarding national security is a matter of fundamental importance. The court pointed out in its reasons for verdict that, being the majority shareholders of Next Digital Limited, the holding company of the three companies relating to Apple Daily, Lai Chee-ying was actually in control of the three companies. He closely managed and exercised hands-on control on the editorial direction of Apple Daily. Whether pre- or post-HKNSL, Lai Chee-ying utilised Apple Daily’s platform to publish seditious articles, and requested foreign countries to impose sanctions or blockades, or engage in other hostile activities against the People’s Republic of China and the HKSAR. The senior management of Apple Daily were fully aware of Lai Chee-ying’s intention and provided support by executing his editorial directions. The court also ruled that the conspiracies in the first charge of ‘conspiracy to print, publish, sell, offer for sale, distribute, display and/or reproduce seditious publications’ and the second charge of ‘conspiracy to commit collusion with a foreign country or with external elements to endanger national security’ were facilitated by the three companies relating to Apple Daily, and that they were knowing and willing parties to the conspiracies. Therefore, to safeguard national security, it is necessary to exercise the power under section 360C of the Ordinance to strike the three companies relating to Apple Daily off the Companies Register, in order to achieve a reasonable balance between safeguarding national security and protecting human rights and freedoms.”

The three companies relating to Apple Daily have become “prohibited organizations”

“The Registrar of Companies has struck the three companies relating to Apple Daily off the Companies Register, and on publication of notice in the Gazette, the companies shall be dissolved and become ‘prohibited organizations’. Any person who engages in the acts specified in sections 62 to 65 of the Safeguarding National Security Ordinance commits an offence, including acting as an office-bearer or a member of a prohibited organization; and giving aid of any kind to a prohibited organization, and is liable on conviction to a maximum fine of HK$1,000,000 and imprisonment for 14 years,” said the spokesman.

“The HKSAR Government will continue to resolutely safeguard national security to prevent, suppress, and impose punishment for acts and activities endangering national security, ensuring that laws are observed and strictly enforced, so as to bring offenders to account. The HKSAR Government appeals to members of the public not to participate in any activities of prohibited organizations, or have any connection with them by dissociating themselves from prohibited organizations.”

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     The Chief Executive’s Policy Unit (CEPU) today (March 24) announced at the Strategic Public Policy Research Funding Scheme (SPPRFS) Briefing Session that the SPPRFS 2026-27 is open for applications between now and May 12, 2026.

     The SPPRFS and the Public Policy Research Funding Scheme (PPRFS) aim at encouraging local tertiary institutions and public policy research think tanks (including university and civil society think tanks) to apply their expertise to conduct evidence-based research on key public policy issues, and to facilitate the knowledge transfer of research findings to policy considerations, serving as a channel for the Government to tap the public policy research expertise of society.