Category: MIL-OSI

Source: Hong Kong Government special administrative region – 4

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

The Hong Kong Mortgage Corporation Limited (HKMC) today (April 21) announced the highlights of its annual results for 2025.
 
Business Highlights
 
In 2025, the HKMC and its subsidiaries continued to fulfil their core missions and social objectives, contributing to the steady growth of Hong Kong’s economy amid an increasingly complex and evolving environment. The missions of the HKMC are to promote: the stability of the banking sector, wider home ownership, the development of the local debt market, and the development of the retirement planning market.
 
Asset Purchase and Securitisation
 

• Acquired HK$6.9 billion of loan assets (2024: HK$3.9 billion)
• Purchased HK$158 million of loans (2024: HK$52 million) under the Dedicated 100% Loan Guarantee Schemes (DLGS)
• Completed the third issuance of infrastructure loan-backed securities. The issuance consists of multiple classes of US dollar-denominated secured notes backed by the cash flows from a diversified portfolio of project and infrastructure loans across different geographies and sectors, with a total size of approximately US$450.5 million
• Outstanding balance of loan portfolio was HK$78.6 billion as at December 31, 2025 (December 31, 2024: HK$95.5 billion)

Debt Issuance
 

• Issued corporate debts totalling HK$70.5 billion (2024: HK$103.5 billion), continued to be the most active issuer in the domestic Hong Kong dollar (HKD) corporate bond market
• Successfully completed the issuance of multi-currency benchmark bonds across four tranches totalling HK$25.3 billion, marking the HKMC’s largest-ever public issuance. Notably, the 30-year HKD social bond tranche is the largest-ever 30-year HKD bond issued in Hong Kong. It is also the first social bond issuance in Asia Pacific with proceeds being used to support the HKMC’s Reverse Mortgage Programme that provides essential financing for the elderly in Hong Kong
• Outstanding balance of debt securities issued was HK$155.2 billion as of December 31, 2025 (December 31, 2024: HK$148.3 billion)
• Credit ratings of AA+ from S&P Global Ratings and Aa3 from Moody’s, same as those of the Hong Kong Special Administrative Region Government

Mortgage Insurance Programme (MIP)
 

• New MIP loans drawn down amounted to HK$35.2 billion (2024: HK$47.9 billion), of which 60 per cent were secured on properties in the secondary market
• It had facilitated home purchase for about 242 000 families in total since its launch in 1999, with an aggregate loan drawdown of HK$905 billion

SME Financing Guarantee Scheme
 

• For the 80% Guarantee Product, more than 29 300 applications were approved with a total loan amount of approximately HK$125.7 billion since its launch in 2012. For the 90% Guarantee Product, over 18 600 applications were approved with a total loan amount of approximately HK$32.7 billion since its launch in 2019. The application period for the 80% Guarantee Product has been extended for two years until end-March 2028, while the one for the 90% Guarantee Product has expired at end-March 2026
• In respect of the Special 100% Loan Guarantee, more than 67 100 applications were approved with a total loan amount of approximately HK$143.9 billion since its launch in 2020. An equivalent amount of loan assets was purchased by the HKMC. The application period has expired at end-March 2024
• Since the inception of each Guarantee Product, the 80% and 90% Guarantee Products had benefitted around 25 100 local small and medium-sized enterprises (SMEs) and more than 409 000 related employees. The Special 100% Loan Guarantee had benefitted more than 40 000 local SMEs and around 400 000 related employees

Dedicated 100% Loan Guarantee Schemes
 

• Under the DLGS for Travel Sector and the DLGS for Cross-boundary Passenger Transport Trade, 227 applications were approved with a total loan amount of approximately HK$0.22 billion since the launch of the DLGS in 2023. Their application periods expired in October 2024

 

• In respect of the DLGS for Battery Electric Taxis, more than 630 applications were approved with a total loan amount of approximately HK$0.21 billion since its launch in 2023

Annuity Business
 

• The annuity business has taken a total of over 16 530 policies (2024: 10 835 policies), with total premiums of approximately HK$9 billion (2024: HK$4.4 billion)
• Since its launch in 2018, it had helped about 34 000 senior citizens to convert their savings into lifelong stable income

Reverse Mortgage Programme
 

• 937 applications were approved (2024: 1 033 applications), with an average property value of HK$4.1 million and an average monthly payout of HK$9,400
• Since its launch in 2011, 8 861 applications were approved

Financial Highlights
 
The audited consolidated loss after tax of the HKMC for 2025 was HK$109 million (2024: consolidated loss after tax of HK$418 million). The improved results were primarily driven by increased income from placements with the Exchange Fund which was bolstered by rising annuity premiums and capital injections made to HKMC Annuity Limited (HKMCA) (Notes 1) in 2025 and HKMC Insurance Limited (HKMCI) (Notes 2) in late 2024, coupled with a recovery in the local property market benefitting the reverse mortgage business, the increase in net interest income and the revaluation gains of US dollar-denominated exposures in cash and debt investments. Such gains were partially offset by the higher accounting loss in the annuity business resulting from a surge in new policies written and the negative accounting impact of lower discount rates on insurance liabilities revaluation.

In line with its mandate to promote the development of the retirement planning market in Hong Kong, the HKMC is dedicated to advancing the annuity and reverse mortgage businesses which are subject to the increasing sensitivity and volatility of mark-to-market accounting effect. To better reflect its core financial performance, after excluding (i) the accounting results of the HKMCA; (ii) the impact of property price changes on the long-term reverse mortgage business; and (iii) the consolidation adjustments in respect of loan portfolios with insurance cover provided by the HKMCI, the adjusted profit after tax of the HKMC for 2025 was HK$1,497 million (2024: HK$787 million). Accordingly, the return on equity and cost-to-income ratio stood at 5.2 per cent and 19.3 per cent respectively (2024: 4.8 per cent and 27.6 per cent respectively).
 
At the end of 2025, the embedded value of the annuity business was about HK$24.4 billion on the basis of the Insurance Ordinance, which comprised HK$21.5 billion of total equity and HK$2.9 billion of present value of future profits. This indicates a solid financial position of the HKMCA to develop the annuity business in the long term.

In accordance with the Guidelines on Capital Adequacy Ratio (CAR), the calculation of capital ratio follows the basis of consolidation for financial reporting with the exclusion of regulated subsidiaries which are subject to separate requirements on the maintenance of adequate capital (i.e. the HKMCA and the HKMCI, both being regulated by the Insurance Authority (IA)). Excluding the investment cost of such unconsolidated regulated subsidiaries, the HKMC’s CAR remained solid at 18.1 per cent as at December 31, 2025 (December 31, 2024: 19.9 per cent), well above the minimum requirement of 8 per cent stipulated by the Financial Secretary.

The solvency ratios of the HKMCA and the HKMCI as at December 31, 2025, calculated in accordance with the Insurance (Valuation and Capital) Rules under the Risk-based Capital regime, were about 2 times and 3.9 times respectively (December 31, 2024: 1.7 times and 4 times respectively), each well above the minimum regulatory requirements stipulated by the IA.

Amid uncertain market conditions, the HKMC adopted a prudent prefunding strategy and proactively communicated with local and international investment communities for debt issuance to support its loan purchases and fulfil its refinancing needs.

As at December 31, 2025, the HKMC’s shareholder’s equity, cash and short-term funds and investment securities were at HK$51.2 billion, HK$64.5 billion and HK$30.1 billion respectively (December 31, 2024: HK$38.9 billion, HK$52.6 billion and HK$18.8 billion respectively). With strong financing capability, solid capital and liquidity positions, the HKMC’s core operations remain resilient and stand ready to cope with any financial turbulence ahead in performing its strategic policy roles and attaining its social objectives.

The 2025 Annual Report of the HKMC containing detailed information of the financial results will be published on the HKMC’s website in due course.

Notes:

1. A wholly-owned subsidiary of the HKMC that carries on long term insurance business
2. A wholly-owned subsidiary of the HKMC that carries on general insurance business

Source: Hong Kong Government special administrative region – 4

     The Intellectual Property Department (IPD) today (April 21) hosted a reception to celebrate the World Intellectual Property (IP) Day 2026. The Financial Secretary, Mr Paul Chan, and the Secretary for Commerce and Economic Development, Mr Algernon Yau, attended the reception and officiated at the toasting ceremony.
 
    In addressing the reception, Mr Chan highlighted the substantial economic value of IP in the region. The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) now has close to 820 000 valid invention patents, representing nearly one-sixth of the national total.
 
     Mr Chan said that the country fully supports Hong Kong’s development as a regional IP trading centre, as reaffirmed in the National 15th Five-Year Plan. He underlined that in the Budget this year, the Government is advancing the IP agenda on three key fronts: strengthening the tax regime, promoting IP valuation and financing, as well as nurturing talent.
 
     He highlighted that the Government completed the trade consultation on tax deductions for capital expenditure incurred on IP acquisitions. The aim is to amend the Inland Revenue Ordinance this year.
 
     He also said that the Government has launched the IP Financing Sandbox, which allows stakeholders to experiment the full lifecycle of IP financing arrangements. Moreover, the Government supports the Hong Kong Technology and Innovation Support Centre to launch a Pilot Patent Valuation Support Scheme to help SMEs ascertain the value of their patent assets, with reference to the national standards, or Guobiao.
 
     Mr Chan also highlighted that on the talent front, the Government has allocated $52 million for a two-year pilot scheme to establish an IP Academy. The Academy will commence operations by the end of this year and will offer practical, on-the-job training aligned with the Qualifications Framework.
      
     In his welcoming remarks, the Director of Intellectual Property, Mr David Wong, said that the Government is pioneering efforts in helping enterprises fully leverage their IPs for financing and commercialisation and promoting IP education by providing relevant training to working individuals from different sectors. He emphasised that the Government’s sustained investment in fostering the development of IP is a key pillar for consolidating the development of a knowledge-based economy.
 
     The World Intellectual Property Organization set the theme of this year’s World IP Day as “IP and Sports: Ready, Set, Innovate!”. Exhibits of the 15th National Games were displayed at the venue. They showcased the power and commercial value of IP, as demonstrated by the huge volume of sale of merchandise associated with the two official mascots that have attracted widespread attention across the GBA.
 
     About 180 guests including stakeholders from the legal community and IP-related associations, academics, consulate representatives, government officials and representatives from the public and business sectors attended the reception.

    Celebrated annually on April 26, the World IP Day aims to increase general understanding of IP, pay tributes to inventors and creators, and explore how IP helps shape the world. The IPD promoted the World IP Day and related activities through various channels, including sponsoring the “Licensing Academy” workshops of the Asian Licensing Conference to offer industry players insights into new developments in IP licensing.

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Legislative Council Secretariat:

     The Legislative Council (LegCo) Panel on Health Services visited the CUHK Medical Centre (CUHKMC) today (April 21) to learn about the hospital’s clinical services, operational model and latest developments.

     Accompanied by the Chairman of the Council of the Chinese University of Hong Kong (CUHK), Professor John Chai, the Vice-Chancellor and President of the CUHK, Professor Dennis Lo, the Acting Dean of the Faculty of Medicine of the CUHK, Professor Patrick Yung, and the Chief Executive Officer of the CUHKMC, Dr Chung Kin-lai, Members gained an understanding of the development of the CUHK, its Faculty of Medicine and the CUHKMC, as well as the synergy of their tripartite partnership at the History Gallery.

     Members toured the Sports Medicine and Rehabilitation Centre, the Endoscopy Centre and the Day Surgery Centre; and they were presented with the surgical robotic system designed by the CUHK team. Members noted that the Sports Medicine and Rehabilitation Centre delivered comprehensive rehabilitation services catering to both elite athletes and the general public, and observed the application of advanced equipment such as the gait analysis system and exoskeleton. Members also learnt how medical innovations developed by the CUHK were being applied in advanced endoscopic surgeries at the Endoscopy Centre.

     Members noted the hospital’s adoption of medical technology, including the use of surgical robotic system to successfully complete more than 130 urological surgeries. The system is specifically optimised for performing procedures within the narrow confines of the pelvic cavity. The clinical data indicates that the system contributes to reduced postoperative complications and accelerated recovery. Moreover, the hospital has introduced the Unity MR-Linac system, one of only two such systems in Hong Kong, to deliver high-precision radiotherapy to cancer patients.

     Members then received a briefing from the representatives of the CUHKMC on the latest situation of the hospital. They noted that the hospital had been proactively introducing measures on generating revenue and managing costs. Members also exchanged views with the representatives of the CUHKMC on how to continuously improve the the CUHKMC’s financial and operational situations.

     A total of 13 members and non-members of the Panel on Health Services participated in the visit.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the World Intellectual Property Day Reception 2026 today (April 21):

Algernon (Secretary for Commerce and Economic Development, Mr Algernon Yau), David (Director of Intellectual Property, Mr David Wong), consuls-general, distinguished guests, ladies and gentlemen, 
     On the tax front, we have advanced a series of reforms over the years. For example, the patent box regime is now in place. Qualifying IP income is taxed at a concessionary rate of 5 per cent, compared to the standard profits tax rate of 16.5 per cent.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Information Services

Today was the second day of phased arrangements for residents of seven blocks of Wang Fuk Court in Tai Po to return to their units. The Government said 275 people from 78 households turned up and the access arrangements were carried out in an orderly manner and operated smoothly.

Ten middle-zone floors of Wang Sun House were opened today.

Concluding the arrangements, the Government said a total of 271 people of 77 households registered to return to their units today through the “one social worker per household” service, while 275 people of 78 households actually turned up, including one household which reported sick and was absent yesterday.

The average time residents spent entering and leaving the building today was one hour and 48 minutes, with the shortest time being 21 minutes and the longest three hours and 25 minutes. About 13% of the residents stayed in the building for less than one hour.

A total of 34 people of 14 households went up and down the building more than once within three hours. Among them, 23 people of eight households made one additional trip, eight people of four households made two additional trips, while one person of one household made four additional trips, with the highest record of one person of one household making five additional trips and another making four additional trips.

The integrated enquiry counter today received 11 cases of requesting police assistance and two cases involving residents seeking help due to physical discomfort, as well as two cases seeking psychological counselling services.

The 11 cases of requesting police assistance involved suspected loss of property, including camera, jewellery and gold items. Officers were immediately deployed to assist in searches, and lost property was recovered in four cases.

In another four, the units concerned were severely damaged and residents believed after investigation that the property might have been destroyed by fire.

For the remaining three cases, there were no signs of ransacking in the units and the residents could not provide details on the property concerned.

After reviewing the experience from the first day of arrangements, two adjustments have been made on site starting today.

The first adjustment involved expanding the personal protective equipment donning area at Kwong Fuk Community Hall, adding more tables and chairs, and setting up more marquees for rain protection.

The second adjustment involved adding more tables and chairs in the resident waiting area at Tai Po Baptist Public School, and expanding the on-site storage area to facilitate residents while they wait for transport.

The Government outlined that it deploys over 1,000 personnel from various departments each day, including Police, the Civil Aid Service, the Fire Services Department, the Auxiliary Medical Service, the Home Affairs Department, the Social Welfare Department, the Housing Department, and the Housing Bureau, and staff mobilised from other departments, as well as District Services & Community Care Teams members to fully support residents returning to their units.

Source: Hong Kong Information Services

Secretary for Justice Paul Lam called on the Supreme People’s Court and central ministries respectively in Beijing for two consecutive days to discuss and exchange views on the progress and work of the key policy initiatives of the Department of Justice (DoJ).

This morning, Mr Lam visited the Hong Kong International Arbitration Centre (HKIAC) Beijing Representative Office to learn about how the office assists the HKIAC in further developing the Mainland market following its establishment in Beijing. The opportunities brought about by the revised Arbitration Law of the People’s Republic of China were also discussed.

Mr Lam then went to the State-owned Assets Supervision & Administration Commission of the State Council to discuss opportunities for co-operation in areas such as capacity building programmes and talent training between the two sides.

He also met Vice Minister of Justice Wu Zeng to discuss issues relating to legal matters concerning the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), including “allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong”, the development of the GBA lawyers’ scheme, and the co-operation between Mainland and Hong Kong law firms.

At the start of his visit yesterday morning, Mr Lam called on the Supreme People’s Court to meet President of the Supreme People’s Court Zhang Jun. They discussed the mutual legal assistance arrangements and training for foreign-related legal talent between the Hong Kong Special Administrative Region and the Mainland.

In the afternoon, Mr Lam called on the Ministry of Commerce where he introduced to Deputy China International Trade Representative Jiang Chenghua the DoJ’s measures to strengthen Hong Kong’s professional services sectors in supporting Mainland enterprises going global, and ways to encourage Mainland enterprises to adopt Hong Kong law as the applicable law while expanding overseas and to choose Hong Kong as the destination for dispute resolution.

During the meeting with Vice Minister of Foreign Affairs Hua Chunying, both sides exchanged views on issues such as supporting the Hong Kong SAR and the DoJ in collaborating with international legal organisations and enhancing Hong Kong’s status as the centre for international legal and dispute resolution services.

Source: Hong Kong Information Services

Chief Secretary Chan Kwok-ki, leading a delegation of the Working Group on Planning & Construction of the University Town under the Committee on Development of the Northern Metropolis, began a four-day visit to Korea today.

The delegation will conduct on-site visits to study the development models and practical experiences of local university towns, with a view to providing a solid reference for the planning and construction of the Northern Metropolis University Town (NMUT).

Today, the delegation first met Ambassador for International Relations of Sejong City Government Lee Ho-shik to learn about the local development of shared university campuses, as well as the experiences of industry-academia-research integration and talent attraction. They also exchanged views on deepening co-operation in the education field between the two places.

Mr Chan said the Hong Kong Special Administrative Region Government is actively developing the NMUT, with the aim of establishing it as an international education and innovation and technology hub.

He expressed hope that through the visit, the delegation could draw on Sejong’s successful experience in building a multi-university ecosystem and learn from its experiences, considerations and insights in campus planning, shared facility management, talent attraction strategies, and the creation of a university community that drives innovation and economic growth.

The Chief Secretary also hoped the visit would promote exchanges and co-operation in the education sector between the two places.

Afterwards, the delegation visited the Sejong Common Campus, where they toured institutions and facilities, including a shared academic and cultural support centre. They also met Sejong Common Campus Foundation Chairman Han Seog-soo to gain an in-depth understanding of the campus’ operation and planning.

Officially opened in 2024, the Sejong Common Campus houses a number of Korea’s top-tier universities, including Seoul National University, Chungbuk National University, Chungnam National University, Hanbat National University and the Korea Development Institute School of Public Policy and Management.

Mr Chan said the Sejong Common Campus created an integrated, open and collaborative ecosystem with multiple institutions, which is innovative and forward-looking in higher education development.

He added that the campus has integrated education, technology and talent development, achieving results in sustainable and smart campus development, deep integration of industry, academia and research, as well as the establishment of an entrepreneurship ecosystem.

Mr Chan hoped to bring the successful experience from Sejong back to Hong Kong, helping the city build a more innovative, sustainable and vibrant NMUT that effectively integrates education, research and industry, while continuing to promote deeper exchanges and co-operation in the education sector between the two places.