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Basic Housing Units Bill gazetted 
     The Bill requires SDUs in residential buildings to comply with a set of minimum standards of living conditions, including internal floor area, headroom, fire safety, structural safety (i.e. loading), lighting and ventilation, toilet, water supply point, as well as water and electricity meters, and to obtain BHU recognition before they are allowed to be let out for habitation. There would be criminal liability on the person who lets out unrecognised SDUs, while the tenants concerned will not be held liable.
 
     A Government spokesperson said, “As a transitional arrangement to implement the BHU regulatory regime progressively, the Government will set up a 12-month registration system for residential flats with pre-existing SDUs, under which a 36-month grace period will be provided to SDUs in registered flats for carrying out necessary alteration works and making applications for BHU recognition. Unregistered SDUs, registered SDUs with grace period expired, as well as new SDUs entering the market must apply for recognition as up-to-standard BHUs before they can be lawfully let out for habitation.”
 
     The spokesperson added, “Since the establishment of the Task Force on Tackling the Issue of Subdivided Units in October 2023, the Government has extensively consulted various stakeholders on the handling of the SDU issue. A two-month stakeholder consultation exercise was conducted in December 2024 on the legislative proposals for the BHU regulatory regime. The LegCo Panel on Housing was also consulted in December 2024 and March 2025 respectively. During the period, nearly 40 engagement sessions were organised with nearly 700 participants met, and a total of some 2 200 written submissions of views (including around 1 600 template submissions) were received. Stakeholders generally supported the policy objective and legislative framework of the BHU regulatory regime. The Bill has suitably reflected the views received. Overall speaking, stakeholders and society have responded positively to the legislative proposals.”
 
     The Government will make every effort to facilitate the LegCo’s scrutiny work and strive for the LegCo’s passage of the Bill as soon as possible, with a view to rolling out the BHU regulatory regime in March 2026, which represents a significant milestone in eradicating substandard SDUs.
Issued at HKT 9:20

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Speech by CE at HKEX 25th Anniversary Celebrations (English only) (with video) 
Distinguished guests, ladies and gentlemen,
 
I’m delighted to speak to you in celebrating the 25th anniversary of HKEX.
 
What a grand day this is for HKEX, the fast-beating heart of the financial community that has been instrumental in powering Hong Kong’s rise these past 25 years. With the resounding support of our country, our financial community, which also includes our world-class regulators and the financial and professional services sector, helps to cement Hong Kong’s place as one of the world’s top three international financial centres.
 
For HKEX – for all of us – it’s been a remarkable journey. Since HKEX’s listing in 2000, Hong Kong has emerged as a premier global listings destination, with the number of listed companies here rising from 790 to more than 2 600 today.
 
A few more telling numbers. Over the past quarter of a century, our total market capitalisation has soared six times, while the average daily turnover has increased nine times.
 
Over the years, Hong Kong has become known, worldwide, as a preferred destination for a great many large and high-profile initial public offerings (IPOs).
 
This year has been particularly rewarding. Last month, we welcomed the largest global IPO of the year to date. And Hong Kong leads the world in IPO fundraising, with 29 listings and raising nearly US$10 billion in the first five months of the year. That, ladies and gentlemen, is a seven-time growth, year-on-year.
 
That remarkable surge in IPOs and market turnover also manifests strong global confidence in our financial ecosystem. 
 
HKEX plays a crucial role, too, in facilitating Hong Kong’s rise as a “super connector” and “super value-adder” between our country and the world at large. This past year, it added Abu Dhabi and Dubai to its list of recognised stock exchanges, which now total 20.
 
And then there’s the mutual access programmes linking up the markets between Hong Kong and the Mainland, from the expansion of eligible ETFs (exchange-traded funds) under Stock Connect, and the enhancement of mutual recognition of funds arrangement, to the improvement measures for Bond Connect trading, and the recent announcement of plans to expand products under Swap Connect. 
 
Together, these initiatives have realised deeper, more interconnected financial ties between the Mainland and Hong Kong markets.
 
Despite today’s global challenges, and the economic chaos they’re creating, the Hong Kong SAR (Special Administrative Region) Government is resolutely committed to working with HKEX and our regulators to boost market liquidity.
 
I am grateful to HKEX for its unwavering support of the Government’s policy priorities. In the past year, HKEX has adopted a variety of initiatives, including enhancing the specialist technology listing regime, narrowing the trading spread and launching its technology enterprises channel.
 
Those measures also include maintaining trading under severe weather conditions. That enables investors to manage their portfolios and minimise market risks.
 
Earlier this year, I am pleased to note, the London Metal Exchange, a wholly-owned subsidiary of HKEX, added Hong Kong as an approved delivery point in its global warehousing network. 
 
The approval of seven new warehouses here in just a few months is a clear and compelling statement of Hong Kong’s status as an international financial, shipping and trade centre. It will go a long way to supporting our building of a vibrant commodity trading ecosystem in Hong Kong, and attracting more companies to establish a presence here.
 
Once again, my heartfelt congratulations to HKEX on your silver jubilee – a quarter of a century of outstanding service. Working together, I’m confident we will ensure Hong Kong’s continuing success as one of the world’s surpassing financial centres.
 
Thank you.
Issued at HKT 17:45

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Composite Interest Rate: End of May 2025 
The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 41 basis points to 1.61 per cent at the end of May 2025, from 2.02 per cent at the end of April 2025 (see Chart 1 in the Annex). The decrease in composite interest rate reflected the decreases in the weighted funding cost for deposits and interbank funds during the month (see Chart 2 in the Annex) (Note 2).
 
The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of May 2025 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hkIssued at HKT 17:30

Statistics of payment cards issued in Hong Kong for first quarter 2025 
The payment card statistics (see Annex) include quarterly data on credit and debit cards issued in Hong Kong under the credit and/or debit card schemes of the eight payment card scheme operators (Note 1). The HKMA began to publish the payment card statistics on a quarterly basis in June 2010 to enhance transparency of the payment card industry in Hong Kong, in line with international practice.
 
According to the quarterly statistics, the total number of credit cards in circulation (Note 2) was 21.88 million by the end of Q1/2025. The figure represents a 4.5 per cent increase from the previous quarter and a 9.5 per cent increase from the previous year. The number and value of credit card transactions (including retail sales and cash advances) (Note 3) are susceptible to seasonal factors and the general economic environment, making the trends more prone to fluctuation. The total number of credit card transactions was 332.44 million for Q1/2025, representing a 2.0 per cent decrease from the previous quarter and a 10.0 per cent increase from the same period in 2024. The total value of credit card transactions was HK$274.1 billion for Q1/2025, representing a 1.0 per cent increase from the previous quarter and a 8.4 per cent increase from the same period in 2024. Of the total transaction value, HK$186.1 billion (67.9 per cent) was related to retail spending in Hong Kong, HK$79.0 billion (28.8 per cent) in retail spending overseas and HK$9.0 billion (3.3 per cent) in cash advances.
 
The total number of debit cards in circulation is not available due to overlapping of debit card brands in a single card. Like the number and value of credit card transactions, the number and value of debit card transactions in relation to retail sales and bills payments (Note 4) are also affected by seasonal factors. On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments decreased by 1.8 per cent to 54.48 million while the total value increased by 1.1 per cent to HK$73.8 billion in Q1/2025. When compared to the same period in 2024, the total number increased by 12.8 per cent and the total value dropped by 2.0 per cent in Q1/2025.Issued at HKT 17:30

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Statistics of Stored Value Facilities Schemes issued by SVF Licensees 
As compared with the end of Q1/2024, the total number of SVF accounts in use at the end of Q1/2025 was up by 9.9 per cent, and the total float and SVF deposit was up by 11.6 per cent. The total number and value of SVF transactions during Q1/2025 were up by 5.4 per cent and 43.3 per cent respectively year-on-year. 
Note 2: “Total number of SVF accounts in use” refers to the total number of SVF accounts that can be used as at the end of the reporting period. Issued at HKT 17:30

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Hong Kong Customs arrests male owner of wedding decoration company suspected of engaging in unfair trade practices in sale of servicesIssued at HKT 17:15

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Man convicted and jailed for engaging in illicit cigarette distribution activities (with photo)Issued at HKT 17:00

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Government appoints HKEX Risk Management Committee members 
     “Ms Kwok and Mr Sun are experienced professionals with profound knowledge in the financial services sector. We believe that they will continue to provide insightful advice to the RMC and contribute to formulating appropriate risk management policies for the HKEX,” the spokesman said.
 
     The RMC was established in March 2000 with the role of formulating policies on risk management matters relating to the activities of the HKEX and its subsidiaries for submission to the Board of the HKEX for consideration.
 
     The RMC is chaired by the Chairman of the HKEX, Mr Carlson Tong Ka-shing. Other serving members are Mrs Susan Chow Woo Mo-fong, Mr Hugo Leung Pak-hon, the Executive Director (Supervision of Markets) of the Securities and Futures Commission, the Executive Director (Monetary Management) of the Hong Kong Monetary Authority, and the Chairman of the Hong Kong Interbank Clearing Limited.
Issued at HKT 17:00

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