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     Here is an item of interest to swimmers.

     The Leisure and Cultural Services Department announced today (May 27) that due to big waves, red flags have been hoisted at Stanley Main Beach, Shek O Beach and Big Wave Bay Beach in Southern District, Hong Kong Island; and Silverstrand Beach and Clear Water Bay Second Beach in Sai Kung District. Beachgoers are advised not to swim at these beaches.

     The Secretary for the Civil Service, Mrs Ingrid Yeung, led officials from the Civil Service Bureau (CSB) and the Digital Policy Office (DPO) on a duty visit to Shenzhen together with the delegation of the Legislative Council Panel on Public Service today (May 26). They went to learn about the use of AI by relevant local organisations there to assist in handling government administrative work. Government officials joining the visit included the Permanent Secretary for the Civil Service, Mr Clement Leung, and the Commissioner for Digital Policy, Mr Tony Wong.

     They first visited the Government Services and Data Management Bureau of the Shenzhen Municipality in Futian District to learn about the introduction and application of "AI digital employees". They then visited the Shenzhen Government Service Center to learn about the hotline 12345 and its technological application. They also visited the Shenzhen Intermediate People's Court and an innovation and technology company to learn how the AI-Enhanced Adjudication Assisting System is used and how AI assists in enhancing legal services respectively.

     The Hong Kong Special Administrative Region Government is committed to promoting the development of a smart city and digital government. With over 100 digital government initiatives being rolled out to promote digital government and the smart city, half of them involve the application of big data analytics and AI technologies. Mrs Yeung said that with the assistance of the DPO, the CSB endeavours to drive the adoption of management measures and digitalisation among bureaux and departments to reprioritise and reorganise their work, capitalise on technological solutions and streamline work processes, thereby not only enhancing work efficiency and providing convenience to the public but also optimising the use of civil service manpower resources.

     The departments are actively promoting e-government services and AI, and many of them have successfully developed their own AI systems for data processing, statistics, traffic management and environmental detection, and more. They also use big data to analyse weather data, and the kiosks for self-service applications have been well received by the public.

     Apart from the smart solutions developed by departments for their respective professional needs, in terms of common needs within the Government, HKPilot, a large language model version of a generative AI document processing copilot application self-developed by the Hong Kong Generative AI Research and Development Center (HKGAI) established under the InnoHK research clusters, is currently being piloted within the Government. It will help reduce the manpower required for handling general document processing tasks in the longer term. The HKGAI will also develop a number of applications for different areas of public affairs, such as the legal-related "LexiHK", to further integrate the application of generative AI into government affairs.

        

     The Chief Secretary for Administration, Mr Chan Kwok-ki, today (May 26) chaired a meeting of the interdepartmental working group on festival arrangements to holistically co-ordinate and steer the preparatory work of various government departments for welcoming visitors to Hong Kong during the Tuen Ng Festival long weekend of the Mainland. The Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing; the Secretary for Culture, Sports and Tourism, Miss Rosanna Law; the Secretary for Security, Mr Tang Ping-keung; the Under Secretary for Transport and Logistics, Mr Liu Chun-san, and representatives from other relevant government departments also attended.

     Mr Chan said, "On the instruction of the Chief Executive, the Working Group has consolidated the experience gained from receiving Mainland visitors during the Labour Day Golden Week of the Mainland in early May, and has evaluated the situation of visitors to Hong Kong during the Tuen Ng Festival long weekend of the Mainland for the purpose of advance planning. The Hong Kong Special Administrative Region Government will maintain close liaison with relevant organisations and the travel trade to collaboratively enhance various aspects of receiving visitors, with a view to offering a high-quality experience for them."
 
Estimated visitor flow and preparatory work
 
     According to the Immigration Department (ImmD)'s estimate, around 3.2 million passengers (including Hong Kong residents and visitors) will pass through Hong Kong's sea, land and air control points during this year's Tuen Ng Festival long weekend of the Mainland (i.e. from May 31 to June 2), among which around 2.73 million passengers will pass through land control points.

     The ImmD estimates that the peak period of outbound passengers using land boundary control points (BCPs) is expected to be May 31 (Saturday) with around 570 000 passengers; while the peak period of inbound passengers using land BCPs is expected to be June 1 (Sunday) with around 540 000 passengers. Passengers are advised to plan in advance, avoid making their journeys during busy periods and keep track of radio and TV broadcasts on traffic conditions at various control points. The busy times at BCPs are available on the website of the ImmD at www.immd.gov.hk. Furthermore, residents and passengers may also check the estimated waiting times at each land BCP at any time or place via the Immigration Mobile App. They can then plan their trips effectively and save time queuing at control points.

     In terms of Mainland inbound visitors, it is estimated that around 380 000 passengers will visit Hong Kong via various sea, land and air control points during the three-day Tuen Ng Festival long weekend of the Mainland. The daily average visitor arrival is expected to increase by 16 per cent year-on-year.

     According to the estimate of the Travel Industry Authority (TIA) and the trade, it is anticipated that around 340 inbound tour groups will visit Hong Kong during the Tuen Ng Festival long weekend of the Mainland, representing an increase of about 30 per cent as compared with last year's Tuen Ng Festival long weekend of the Mainland. Major tourist spots have formulated special arrangements to handle the expected increase of people flows.

     The TIA has also reminded travel agents receiving Mainland inbound tour groups to adopt appropriate diversion measures to enable proper management of visitor flows and tour buses, with a view to offering a pleasant travel experience to visitors. In addition, District Offices will closely monitor the flow of visitors within their respective districts and notify relevant departments having regard to the actual circumstances with a view to strengthening management of the relevant spots.
 
Co-ordinate control points, traffic and public transport facilities
 
     Relevant departments have minimised leave for frontline officers to enable flexible deployment of manpower and operation of additional counters and channels, with a view to diverting passenger and vehicular flows. The Inter-departmental Joint Command Centre set up by the Hong Kong Police Force, the ImmD, the Customs and Excise Department (C&ED), and other relevant departments will be activated from May 31 (Saturday) to June 2 (Monday) to monitor the real-time situation at various control points. The Joint Command Centre will maintain close liaison with the Mainland port authorities through the established port hotlines and real-time notification mechanism, and take timely contingency actions as necessary to flexibly deploy manpower at BCPs to ensure smooth operation of the control points. The Security Bureau will also activate the Emergency Monitoring and Support Centre to monitor and co-ordinate public order at various BCPs, step up monitoring of major tourist hotspots as directed by the Chief Executive, and facilitate interdepartmental follow-up actions where necessary to respond promptly to various kinds of emergencies.

     For transport arrangements, the Transport Department (TD) has co-ordinated with relevant operators to enhance transportation services connecting various BCPs, including increasing the frequency of Hong Kong-Zhuhai-Macao Bridge (HZMB) shuttle bus (Gold Bus) to within one minute during peak hours, and Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus) to about two minutes at its highest frequency, as well as increasing the quota of cross-boundary coaches to strengthen services, and formulating a contingency plan by providing a dedicated passage for public transport vehicles at Lok Ma Chau/Huanggang Port and Shenzhen Bay Port as necessary to ensure smooth public transport services. In addition, Zhuhai's traffic management department will arrange a dedicated lane at the HZMB for the use of the Gold Bus, cross-boundary coaches and large vehicles when necessary. The MTR Corporation Limited (MTRCL) will also enhance the train services of the East Rail Line between Admiralty and Lo Wu/Lok Ma Chau at different times from May 31 (Saturday) to June 2 (Monday) to provide convenience for the travelling public and visitors. During these periods, the train frequencies to and from Lok Ma Chau will increase to approximately every 7.5 to 10 minutes, while services for Lo Wu will be enhanced to approximately every 5 to 6.3 minutes. Relevant mobile network operators and the MTRCL have also enhanced the telecommunication network and Wi-Fi capacity at high-traffic points to provide convenient access to the network for passengers in need.

     Regarding local public transport services, the TD has approached various public transport operators proactively to enhance their capacity, and reserve sufficient vehicles and manpower to meet the travel needs of visitors, including the public transport services for various tourist hotspots. The Emergency Transport Co-ordination Centre (ETCC) of the TD will continue to operate 24 hours a day to closely monitor the traffic conditions and public transport services in all districts, BCPs, and major stations across Hong Kong, and take prompt measures to address service demands and disseminate the latest traffic updates through various channels.
 
Protection of visitors
 
     The TIA will conduct inspections in districts where relatively more registered shops for inbound tour groups are located during the Tuen Ng Festival long weekend of the Mainland, and offer assistance to visitors and tourist guides to protect inbound tour group visitors' rights. Additionally, the Police will continue to step up enforcement actions against any illegal acts of taxi drivers including overcharging and refusing hires. The C&ED will also step up inspection of shops serving visitors to combat unfair trade practices.
 
Weather forecast
 
     It is expected to be windy with one or two showers on Tuen Ng Festival (May 31). The weather will be hot with sunny intervals and a few showers on June 1 and June 2. The chances of rainstorms or direct impact of tropical cyclones in Hong Kong are relatively low during the period. The above forecast is a preliminary assessment, and the Hong Kong Observatory will update the forecast depending on the latest change in weather.
 
Information dissemination
 
     To assist visitors in planning their itineraries, the Government will strengthen information dissemination including the latest inbound visitor arrivals, the situation at various BCPs, transport arrangements, latest weather forecast, etc, to enable residents and visitors to plan their itineraries according to the latest situation.

     The Hong Kong Tourism Board will launch a dedicated webpage for the Tuen Ng Festival long weekend of the Mainland, offering a range of practical information including operational arrangements of major local attractions, arrangements for public transport and cross-boundary services as well as various featured activities. The page will also link to the ImmD's webpage on immigration statistics for visitors' reference. The content of the dedicated page will be continuously updated to assist both locals and visitors to plan their itineraries and participate in the various featured activities.

    

     The Secretary for Health, Professor Lo Chung-mau, attended the opening ceremony of the Hospital Authority (HA) Convention 2025 today (May 26) and met with multiple high-level delegations from the Mainland and overseas for in-depth exchanges on healthcare co-operation and development between Hong Kong and other regions, highlighting Hong Kong's advantage as a "super connector".
 
     Professor Lo said, "Hong Kong enjoys the distinctive advantages of having strong support from the motherland and close connection with the world under 'one country, two systems'. The HA Convention fully capitalises on Hong Kong's international and professional advantages in the healthcare field in providing a broad platform for participants from the Mainland and overseas to exchange and share experiences in hospital management and healthcare services, and facilitate communication and networking between industry players from different parts of the world, demonstrating Hong Kong's important role as a 'super connector'."
 
     At the opening ceremony, Professor Lo also witnessed the successful national accreditation of the Chest Pain Centre of Queen Mary Hospital, making it the first chest pain centre in Hong Kong established in accordance with the national accreditation standards while demonstrating national healthcare service standards to the international community. He said, "The establishment of a chest pain centre can improve the efficiency of diagnosis of acute chest pain and speed up the time for patients to receive cardiac surgery, thereby improving patient care, including lowering the death rate, shortening the length of hospitalisation and reducing the rate of hospital readmission. The adoption of the national accreditation standards by the Hong Kong Special Administrative Region will also facilitate integration into the overall national development by fully utilising Hong Kong's advantage of having strong support from the motherland and close connection with the world, with a view to demonstrating the excellence of the national healthcare standards to the international community, and helping promote the development of the national accreditation standards of chest pain centre into an internationally recognised standard."
 
     Over the course of the Convention, Professor Lo met with multiple delegations from the Mainland and overseas and attended various events, taking the opportunity to promote medical co-operation and exchanges between Hong Kong and other regions.
 
     Professor Lo subsequently met with the Director-General of the Health Commission of Guangdong Province, Mr Liu Liqun, and his delegation to explore the exchange of healthcare talent between the two places, and to exchange views on healthcare collaboration projects, such as the Elderly Health Care Voucher Greater Bay Area Pilot Scheme and the cross-boundary use of electronic health records.
 
     After the meeting, both sides attended the welcoming ceremony for the Mainland Healthcare Talents Visiting Programmes. Professor Lo is pleased to note that since the launch of the visiting programmes in 2022, 80 outstanding doctors and two batches of a total of about 170 nurses from the Mainland have come to the HA on exchange, while more than 25 specialists in organ transplantation, cardiology, orthopaedics, neurology, rare diseases and pathology have also been arranged by the HA to conduct exchanges at public hospitals in Beijing, Shanghai and Guangdong. He said, "The Mainland Healthcare Talents Visiting Programmes have effectively facilitated bilateral on-site clinical training and exchanges between healthcare professionals of the two places and broadened their horizons through mutual learning, thereby complementing each other's strengths in terms of healthcare personnel and clinical services, and enhancing the quality of healthcare services of both places."
 
     Afterwards, Professor Lo and the Consul General of France in Hong Kong and Macau, Mrs Christile Drulhe, jointly witnessed the signing of the Declaration of Intent between the HA and the National Conference of University Hospital General Managers (CNDG) of France, which formally establishes a strategic collaborative partnership between the two organisations in deepening mutual exchanges, promoting the joint development of hospital services and exchange of medical expertise. As a vital component of the French public healthcare system, the CNDG is covering 40 per cent of the public healthcare services in France. Its delegation shared the cutting-edge experience in green hospitals and hospital innovation at the HA Convention.
 
     Professor Lo will continue to meet with multiple delegations coming to Hong Kong to attend the HA Convention tomorrow.

              

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

     The Hong Kong Mortgage Corporation Limited (HKMC) today (May 26) announced the highlights of its annual results for 2024.

Business Highlights

     In 2024, 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$3.9 billion of loan assets (2023: HK$2.8 billion)

• Purchased HK$5.1 billion of loans (2023: HK$24.5 billion) from the Special 100% Loan Guarantee under the SME Financing Guarantee Scheme (SFGS) and HK$52 million of loans (2023: HK$189 million) from the Dedicated 100% Loan Guarantee Schemes (DLGS)
• Completed the second 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 US$423.3 million

• Outstanding balance of loan portfolio was HK$95.5 billion as at December 31, 2024 (December 31, 2023: HK$109.5 billion)

Debt Issuance

• Issued corporate debts of HK$103.5 billion for 2024 (2023: HK$98.3 billion), being the most active issuer in the domestic market of Hong Kong dollar (HKD) corporate bonds
• Successfully completed the issuance of multi-tenor HKD benchmark bonds of HK$12 billion, being the largest-ever HKD senior unsecured public bond transaction at the time of issuance
• Successfully completed the third social bond issuance of approximately HK$23.8 billion equivalent in triple-currency of HKD, Renminbi and US dollar, being the largest social bond issuance in Asia Pacific
• Outstanding balance of debt securities issued was HK$148.3 billion as at December 31, 2024 (December 31, 2023: HK$161.7 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$47.9 billion (2023: HK$83.1 billion), of which 56 per cent were secured on properties in the secondary market

• It had facilitated home purchase for about 235 000 families in total since its launch in 1999, with an aggregate loan drawdown of HK$869.8 billion

SME Financing Guarantee Scheme
 

• For the 80% Guarantee Product, more than 27 400 applications were approved with a total loan amount of approximately HK$118.4 billion since its launch in 2012. For the 90% Guarantee Product, over 14 700 applications were approved with a total loan amount of approximately HK$26.5 billion since its launch in 2019. The application periods for both 80% and 90% Guarantee Products have been extended for two years until end-March 2026

• In respect of the Special 100% Loan Guarantee, more than 67 000 applications were approved with a total loan amount of approximately HK$143.7 billion since its launch in 2020, of which HK$143.6 billion of loan assets were purchased by the HKMC. The application period expired at end-March 2024

• Since the inception of each Guarantee Product, the 80% and 90% Guarantee Products had benefitted over 22 400 local small and medium-sized enterprises (SMEs) and 374 400 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 100 applications were approved with a total loan amount of approximately HK$36.3 million since its launch in 2023

Annuity Business
 

• Taking a total of 10 830 policies (2023: 2 205 policies), with total premiums of HK$4.4 billion (2023: HK$1.6 billion)

• Since its launch in 2018, it had helped about 22 000 senior citizens to convert their savings into lifelong stable income

Reverse Mortgage Programme (RMP)
 

• 1 033 applications were approved (2023: 797 applications), with an average property value of HK$4.7 million and an average monthly payout of HK$11,300

• Since its launch in 2011, 7 924 applications were approved

Financial Highlights

     The audited consolidated loss after tax of the HKMC for 2024 was HK$418 million (2023: consolidated loss after tax of HK$260 million). The increase in accounting loss was largely due to the negative impact of property price drop on fast-growing reverse mortgage business which was partly mitigated by the increase in net interest income together with the return from the placements with the Exchange Fund.

     Since the HKMC is mandated to promote the development of the retirement planning market in Hong Kong, it is dedicated to advancing the annuity and reverse mortgage businesses which are subject to the increasing sensitivity and volatility of mark-to-market accounting effects. For better assessment of the financial performance, after excluding (i) the accounting results of the HKMC Annuity Limited (HKMCA), a wholly-owned subsidiary of the HKMC operating annuity business; (ii) the impact of property price changes on the reverse mortgage business given its long-term nature; and (iii) the consolidation adjustments in respect of loan portfolios with insurance cover provided by the HKMC Insurance Limited (HKMCI), another wholly-owned subsidiary of the HKMC operating general insurance business, the adjusted profit after tax, return on equity and cost-to-income ratio for 2024 would be HK$787 million, 4.8 per cent and 27.6 per cent respectively (2023: HK$724 million, 5.3 per cent and 28.1 per cent respectively).

     At the end of 2024, the embedded value of the annuity business was about HK$12.4 billion on the basis of the Insurance Ordinance, which comprised HK$11.2 billion of total equity and HK$1.2 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). Excluding the investment cost of such unconsolidated regulated subsidiaries, the HKMC's CAR remained solid at 19.9 per cent as at December 31, 2024 (December 31, 2023: 21.6 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, 2024, calculated in accordance with Insurance (Valuation and Capital) Rules (Cap. 41R) under the new Risk-based Capital regime effective on July 1, 2024, were about 1.7 times and 4 times respectively, each well above the minimum regulatory requirements stipulated by the Insurance Authority. 

     Amid uncertain market conditions, the HKMC adopted prudent prefunding strategy and proactively communicated with local and international investment communities for debt issuance to support its sizable loan purchase and fulfil its refinancing needs. With strong financing capability and liquidity position, 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 2024 Annual Report of the HKMC containing detailed information of the financial results will be published on the HKMC's website in due course.