HK's financial centre position strengthening: FS
Paul Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth. File photo: RTHK
Financial Secretary Paul Chan says Hong Kong's position as an international financial centre is strengthening, citing increased trading volumes and its leading global IPO market.
Writing in his weekly blog on Sunday, Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth and surpassing HK$3 trillion.
He said the stock market regained an upward trajectory over the past year, marked by significant increases in trading volume, with the average daily turnover now exceeding HK$240 billion.
Chan noted that since Hong Kong Exchanges and Clearing added chapter 18A to its main board listings rules – enabling listings for biotech companies without revenue or profits – the number of such companies has risen significantly.
"Since the implementation of the '18A' reform in 2018, the number of newly listed companies in the new economy and biotechnology sectors has risen to about 370, accounting for approximately 14 percent of all listed companies, with a market capitalisation share exceeding 27 percent and trading volume share surpassing 30 percent," he said.
"The '18C' reform introduced in 2023, along with the recent proposal for a 'Technology Enterprises Channel' and the facilitation of the return of China concept stocks listed in the United States, reflects our ongoing assessment of circumstances and commitment to reform, continually enhancing the attractiveness and competitiveness of the stock market."
Turning to innovation, the finance chief reported significant investment in research and development (R&D) and growth in start-ups, expressing expectations for Hong Kong to become a top cross-border wealth management hub.
"Innovation and technology is another important engine for Hong Kong's economic development. Local R&D expenditure approached HK$33 billion in 2023, rising 10 percent year-on-year. The number of local start-ups reached a record high of about 4,700 by the end of last year," he said.
"Science Park and Cyberport, as flagship innovation and technology hubs, have nurtured and supported 22 listed companies and 20 unicorns, with their start-ups holding over 700 intellectual property rights."
Chan also said he will lead a delegation of about 30 start-up representatives to the World Economic Forum's Annual Meeting of the New Champions in Tianjin.
He said the goal is to introduce Hong Kong's examples in innovative technology R&D and application to international investors and innovation leaders.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
HKFP
6 hours ago
- HKFP
Lawmaker urges more English-language TV, radio programming, two years after gov't cuts to required broadcast hours
A lawmaker has called on the government to ensure more English-language TV and radio programming, two years after the government relaxed rules for programming hours. At a legislative meeting on Wednesday, pro-Beijing lawmaker Starry Lee said Hong Kong needed to capitalise on its strengths and position as a international hub for high-calibre talent ahead of the upcoming 15th National Games and other international events. Lee, who heads the DAB party, urged the 'setting up of well-established English information channels for [the] demonstration of Hong Kong's cultural diversity, openness and inclusiveness…,' including a 24-hour RTHK English-language channel and the use of social media platforms. It comes two years after the required broadcast hours for English programming on English-language stations was reduced from 80 per cent to 55 per cent. Public consultation According to a written response by Acting Secretary for Commerce and Economic Development Bernard Chan, there are a total of five English-language TV channels and three radio channels in Hong Kong. 'These help exhibit Hong Kong's diversity and global vision, proactively telling good stories of the country and Hong Kong and enabling non-Chinese speaking persons in Hong Kong to have a better understanding of various information about Hong Kong and Mainland China,' Chan's response said. As for international talent, The Hong Kong Talent Engage (HKTE) provides them comprehensive support services aiding their integration into local society, he added: '[T]he HKTE's promotional and publicity materials, including its online platform, TV Announcements in the Public Interest, social media posts, etc, are already fully available in English, and its themed seminars on living in Hong Kong also offer online livestreaming and simultaneous interpretation services.' According to Chan, the Information Services Department and the Leisure and Cultural Services Department will continue producing more English-Language social media content, including for promoting the upcoming National Games. In the third quarter of this year, the Office of the Communications Authority will launch a public consultation on the free-to-TV licence renewals.
HKFP
6 hours ago
- HKFP
Guangdong vehicles to be allowed in Hong Kong's urban areas from Nov, starting with daily quota of 100
Guangdong vehicles will be allowed to drive into Hong Kong's urban areas from November, the transport and logistics minister Mable Chan has announced. The government will initially offer a quota of 100 vehicles a day for cars arriving via the Hong Kong-Zhuhai-Macau Bridge as part of the Southbound Travel for Guangdong Vehicles scheme, Chan said at a press conference on Wednesday. The vehicles' drivers must have valid licenses, and the vehicles must undergo examinations before being permitted on Hong Kong roads, Chan said. Drivers will also need to apply in advance for the dates they wish to drive in the city, Chan added. Regarding the daily quota of 100 vehicles, Chan said authorities would monitor 'society's reaction' and 'the user experience' before gradually increasing the number. 'Although we are starting small, we would like to make an early head-start so that we have a firm and useful basis for us to advance quicker and on a larger scale,' Chan added in Cantonese. The minister said authorities are considering allowing vehicles to stay for around three days. The vehicles should follow Hong Kong laws and driving rules, and authorities will provide information about the city's roads, legal knowledge and route guidance to Guangdong residents in the following months, Chan said. Currently, the only mainland vehicles that can drive in Hong Kong are those belonging to Guangdong companies qualified under a scheme in the province. These companies have a limited quota of cars that can drive on Hong Kong roads. Chan said when she met with the press that mainland Chinese vehicles saw an accident rate of just 0.2 per cent in Hong Kong in the first half year of 2024, which was lower than the accident rate of 1.67 per cent for local vehicles. The official did not respond directly when reporters asked how drivers of Guangdong vehicles can be prevented from offering paid for-hire services. In Hong Kong, it is illegal for drivers of private cars to take passengers with payment. New parking lots Chan said the Transport Department was reaching out to parking lots, including those at shopping malls, to enhance payment channels for parking. Information about parking facilities will be offered to Guangdong drivers as well, Chan added. Apart from driving into Hong Kong's urban areas, the Southbound Travel for Guangdong Vehicles scheme will also allow Guangdong drivers to park at the Hong Kong end of the Hong Kong-Zhuhai-Macau Bridge, and from there, transit to Hong Kong International Airport without entering Hong Kong territory. Steven Yiu, the executive director of airport operations at the Airport Authority, said during the press conference that an automated 'transit parking lot' would be launched in November to serve drivers from the Greater Bay Area, targeting those who may only be transiting through Hong Kong. The automated parking lot, providing around 1,800 spaces, will be located at the Hong Kong end of the Hong Kong-Zhuhai-Macau Bridge. Meanwhile, another parking lot will be put into service in the first half of 2026, Yiu said. Drivers can park there, go through Hong Kong customs and access the city via public transportation. Chan's remarks came three days after her trip to Guangdong on Monday to discuss the scheme with mainland authorities. Before her trip, she had told state-backed media that initially, Guangdong drivers will only be allowed to park at the Hong Kong end of the Hong Kong-Zhuhai-Macau Bridge. Plans for Guangdong vehicles to drive into Hong Kong's urban areas would be done gradually and 'in phases,' she said, without disclosing a timeline. Hong Kong officials first announced a plan to introduce the southbound travel scheme for Guangdong vehicles in late 2023. The scheme was meant to begin last year but was delayed.
RTHK
a day ago
- RTHK
Property plays help Hang Seng Index end higher
Property plays help Hang Seng Index end higher The Hang Seng Index has ended the day up 149 points, or 0.62 percent, at 24,221. File photo: RTHK Mainland Chinese stocks were flat on Wednesday as investors weighed persistent global trade tensions and refrained from placing massive bets, while Hong Kong shares closed higher. The Hang Seng Index ended the day at 24,221, up 149 points or 0.62 percent, while the Hang Seng China Enterprises Index, which tracks Chinese H-shares listed in the city, gained 0.5 percent. The local property sub-index added two percent, helping to boost the markets. Cash-strapped property giant New World Development surged nearly 10 percent after closing a HK$88.2 billion refinancing deal. On the mainland, the benchmark Shanghai Composite Index closed down 0.09 percent at 3,454 while the Shenzhen Component Index closed 0.61 percent lower at 10,412. Their combined turnover was 1.38 trillion yuan, down from 1.47 trillion yuan on the previous trading day. Shares in the papermaking and cement industries led the gains, while those in aircraft manufacturing and electronic information sectors suffered the most. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 1.13 percent to close at 2,123. Defensive sectors helped lift the markets onshore, with the banking sector sub-index up 0.8 percent while liquor distiller sector advanced 0.6 percent. Tech shares weighed on the markets, with the semiconductor sector and AI-related shares losing around two percent each. Caution prevailed across the region as investors await developments in trade talks, after US President Donald Trump said he was not considering extending the July 9 deadline for countries to negotiate trade deals with the United States. (Reuters/Xinhua)
