Author Archives: hksar gov

     ​Following is a question by the Hon Steven Ho and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (November 4):
 
Question:

     It has been reported that a number of incidents involving mass casualties of animals in housing estate ponds have occurred in Hong Kong in recent years, raising public concerns and anxieties over potential legal risks. It is learnt that many housing estate ponds were originally designed for landscaping purposes only, lacking circulating oxygenation and filtration systems suitable for keeping animals (including fish and turtles). However, due to acts of animal abandonment or release by members of the public, these ornamental ponds have in effect become ponds for keeping aquatic animals (fish ponds), forcing the management parties to take on caretaking responsibilities. Some housing estates, due to tight finances and a lack of professional expertise, are unable to upgrade their equipment or carry out daily maintenance, and have also failed to properly relocate the animals in the ponds when faced with complaints. In this connection, will the Government inform this Council:

(1) whether the authorities have compiled statistics on the number of ponds in various types of properties across the territory (including private housing estates, Home Ownership Scheme courts, public rental housing estates and parks under the Leisure and Cultural Services Department), as well as the number of ponds originally designed for ornamental purposes only but are actually used as “fish ponds”; if so, of the number of such ponds broken down by property type; if not, of the reasons for that, and whether it will compile such statistics;

(2) according to the service contracts awarded by the Government for the management of water features under its purview and existing guidelines, of the differences in the management and maintenance requirements between purely ornamental ponds and “fish ponds”, including cleaning frequency, hardware equipment, water quality standards, maintenance personnel qualifications and animal welfare requirements; of the difference in the annual operating expenditure between ponds for these two uses;

(3) of the measures currently in place for the authorities to deal with the problem of housing estate ponds becoming “fish ponds” due to the release or abandonment of animals; of the existing channels available to management parties to properly handle the animals in the ponds should they wish to restore the ponds to purely ornamental use; whether the authorities will provide technical and financial support should the management parties wish to retain the “fish ponds”;

(4) if members of the public knowingly release fish, turtles and other animals into ponds without oxygenation facilities, and if outsourced cleansing companies inadvertently cause mass animal casualties when cleaning the ponds, of the specific provisions under the existing legislation that are violated by such acts and the relevant penalties; of the preventive and regulatory measures that have been put in place by the authorities regarding such acts; and

(5) of the specific preventive and law enforcement measures that the authorities have put in place to reduce the release or abandonment of animals by members of the public; whether it will step up public education, and consider empowering or assisting housing estate management personnel to strengthen evidence collection and law enforcement against the relevant acts in the future?

Reply:

President,

     The Government has been committed to combating acts of cruelty to animals and improper release of animals through stringent enforcement, inter-departmental collaboration and sustained publicity and education. Artificial ponds and water feature facilities under the Leisure and Cultural Services Department (LCSD) and the Hong Kong Housing Authority (HA) form part of the overall design of the venues concerned. They are intended for public viewing and are not meant for keeping fish, turtles or other aquatic animals. Members of the public should not place or feed animals in these facilities.

     Having consulted the Culture, Sports and Tourism Bureau and the Housing Bureau, the reply to the question raised by the Hon Steven Ho is as follows:

(1) The LCSD and the Housing Department (HD) do not maintain statistics on the number of “ponds originally designed solely for viewing purposes but in fact used for keeping aquatic animals”, and the Government does not keep data on ponds within private premises. However, both the LCSD and the HD require their service contractors to properly handle any animals found in ponds intended solely for public viewing when carrying out cleansing and maintenance works, hence there is no need to compile statistics on such cases.

(2) As specified in the service contracts of the LCSD and the HA, contractors are required to clear litter from ponds every day, and perform thorough cleansing regularly. The operational expenses for relevant works are included in the respective contract sums. Both the LCSD and the HD require their service contractors to properly handle any animals found in ponds intended solely for public viewing when carrying out cleansing and maintenance works. Venue staff will immediately dissuade any acts of abandoning or releasing animals observed during patrols.

     As the water feature facilities in different housing estates and parks differ in scale, design and hardware configuration, the Government does not maintain the breakdown of data on the annual operating expenditure of the various types of ponds across the territory.

(3) To assist venue managers in handling animals in artificial ponds and water features, the Agriculture, Fisheries and Conservation Department (AFCD) has provided practical guidelines to the LCSD and the HD, as well as to property management companies across the territory through the Property Management Services Authority. The guidelines set out animal welfare matters that must be taken into account in managing ponds, covering sound management and supervision, water quality and environmental parameters, filtration and aeration systems, pond cleansing arrangements, as well as regular monitoring of animals and restoration of facilities. The guidelines also remind facility managers to seek professional advice, where necessary, on matters such as facility design, animal diet and disease prevention.

     Where a property management company intends to remove animals from a pond, appropriate measures must be taken to ensure that the animals are properly relocated. Venue managers may also approach animal welfare organisations, or call 1823 for referral to the AFCD’s Animal Management Centres for assistance.

(4) and (5) Under the Prevention of Cruelty to Animals Ordinance (Cap. 169), it is an offence to release animals improperly in a manner that causes them unnecessary suffering. Upon conviction, the maximum penalty is a fine of $200,000 and imprisonment for three years. Based on the evidence gathered, enforcement agencies will institute prosecution against persons, venue managers or service contractors suspected of cruelty to or abandonment of animals. Outsourced cleansing companies may also contravene the Ordinance if they unreasonably cause large-scale mortality of animals in a pond owing to improper procedures during cleansing.

     To address improper release of animals, apart from stepping up patrols and enforcement at release hotspots during specified festivals, the AFCD displays publicity posters and banners on public transport and at release hotspots to remind members of the public to carefully assess the impact of their acts on animals and the ecological environment before taking part in animal release activities. On the other hand, the AFCD actively promotes science-based restocking of fish as an alternative to improper release of animals. Since 2024, the Department has for three consecutive years invited religious bodies, fishermen’s organisations, environmental groups and local teachers and students to take part in the nation-wide restocking activities held on June 6, the National Fish Releasing Day. Apart from enhancing fisheries resources and protecting the marine ecology, these activities also help drive the development of related industries such as the local supply of fish fry, thereby achieving a win-win outcome. read more

     Following is a question by the Hon Chan Chun-ying and a written reply by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, in the Legislative Council today (November 4):
     
Question:

     There are a total of 46 public swimming pool complexes in Hong Kong for members of the public to swim and engage in water play. There are views that the degree of convenience of the various facilities within these complexes has a direct bearing on the public’s swimming experience. In this connection, will the Government inform this Council:

(1) as it is learnt that the Government last reviewed the means of payment for admission fees to public swimming pools in 2001, when Octopus payment was introduced, and that at present, members of the public who wish to pay such fees by other electronic means need to purchase an electronic monthly ticket via the My SmartPLAY mobile application in order to gain admission, whether the Government has plans to conduct an overall review of the means of payment for admission fees to public swimming pools, with a view to further incorporating other electronic payment means to better align with the daily habits of members of the public; if so, of the details; if not, the reasons for that;

(2) given that coin-return lockers are provided in public swimming pool complexes and users are required to bring their own five-dollar coins which they can get back after using the lockers, that there are views that such locker facilities are generally outdated and inconvenient to use, and that it is learnt that some public swimming pools on the Mainland have adopted the Radio Frequency Identification technology, enabling users to open lockers via contactless sensing without the need for additional auxiliary tools, whether the Government will consider refurbishing the existing locker facilities and adopting smart technology to enhance their convenience; if so, of the specific timetable; if not, the reasons for that; and

(3) given that wall-mounted hair dryers are provided free of charge for public use in the changing rooms of public swimming pool complexes, and that there are views that the queuing time for using such hair dryers is long and that wall-mounted hair dryers offer limited design flexibility, while hand-held hair dryers have been installed in some public swimming pool complexes (such as the Kwun Tong Swimming Pool Complex), whether the Government has considered progressively installing or replacing existing hair dryers with new models in public swimming pool complexes throughout the territory to facilitate public use; if so, of the specific timetable; if not, the reasons for that?

Reply:

President,

     My reply to the question raised by the Hon Chan Chun-ying is as follows:

(1) The Leisure and Cultural Services Department (LCSD) has been keeping abreast of advances in electronic payment technology and actively promoting smart city development, to keep pace with the consumption and payment habits of the public. Since September 30, 2024, the LCSD has offered various electronic payment options for admission fees at all public swimming pools across the territory. At present, in addition to cash and Octopus, swimmers may pay admission fees via the Faster Payment System, Octopus Wallet, PayMe, Hong Kong and Mainland Alipay, Hong Kong and Mainland WeChat Pay and UnionPay App. The arrangement provides the public with electronic payment methods they commonly use in daily life, effectively enhancing admission efficiency and convenience. The LCSD will continue to review the operation of various swimming pool complexes and having regard to technological development and public demand, optimise the relevant payment service arrangements in due course.

(2) When constructing or renovating facilities of leisure venues, the LCSD takes a holistic view of various factors such as public views, venue nature, anticipated usage and operational needs. As for the proposal to introduce smart lockers at public swimming pools, under the principle of optimal utilisation of public resources, the LCSD will consider carrying out improvement or replacement works in due course, having regard to the condition of and actual demand for facilities at individual venues.

(3) Currently, hair dryers of fixed wall-mounted, height-adjustable wall-mounted and handheld models are provided in the LCSD’s public swimming pools. The LCSD continues to monitor the use of various facilities at its venues, including the usage of hair dryers in changing rooms, as well as the operational safety and wear and tear across different designs of hair dryers. The LCSD will, in the light of public views, work out improvement solutions with relevant works departments for timely enhancement. In general, the LCSD and works departments will comprehensively assess the actual usage and wear and tear of the existing hair dryers, and install or replace them with suitable equipment in accordance with established procedures. read more

     ​The two-day main conference of Hong Kong FinTech Week x StartmeupHK (HKFW x SMUHK) 2026 concluded on November 3 at the Hong Kong Convention and Exhibition Centre, bringing together government officials, regulators, entrepreneurs, investors, technology pioneers and business leaders, alongside more than 30 delegations from the Chinese Mainland and international markets to explore new opportunities under the three core growth engines: Finance+, AI+ and Global Connectivity.
 
     Now in its 11th edition, HKFW x SMUHK 2026 focused on how businesses can harness the combined power of capital, technology and global connectivity in Hong Kong to unlock new avenues for growth. Running November 2 and 3 as the centrepiece of the week-long programme, the main conference discussions explored how finance can drive innovation and industrial transformation, how AI is reshaping industries and creating new sources of value, and how enterprises can expand internationally by connecting with new partners, markets and opportunities through Hong Kong’s global networks and ecosystem.
 
     HKFW x SMUHK is organised by the Financial Services and the Treasury Bureau, the Commerce and Economic Development Bureau and Invest Hong Kong (InvestHK), in collaboration with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Insurance Authority (IA).
 
Connecting finance, innovation and global growth
 
     The Chief Executive, Mr John Lee, delivered his opening remarks at the main conference. As technology and new patterns of investment and global trade create fresh opportunities, he highlighted Hong Kong’s ability to provide businesses with the certainty to invest, innovate and flourish for the long term. Mr Lee said, “Less than two months ago, the HKSAR (Hong Kong Special Administrative Region) Government unveiled Hong Kong’s First Five-Year Plan for Economic and Social Development. It is closely aligned with the National 15th Five-Year Plan, which sets out a clear direction for Hong Kong to leverage its strengths and better integrate into and serve the overall national development. More than a policy document, our inaugural Five-Year Plan portrays Hong Kong’s outlook for businesses, investors and innovators.” Mr Lee said that the Five-Year Plan could help businesses capitalise on the far-reaching promise of Hong Kong and the abundance of opportunities arising from national and global development.
     
     He also pointed to growing international confidence in Hong Kong, reflected in investors continuing to put their capital to work in the city, talented professionals worldwide turning to Hong Kong for their future, and international companies choosing the city to build and scale. Looking ahead, he highlighted the opportunities arising from technological advancement, Asia as a driving force in global economic growth, and China as a major engine for transformation. With access to global capital, strong international connectivity and deep connections with the Mainland, Hong Kong is well positioned to help businesses move from research and commercialisation to scale up, and from the city into Chinese Mainland and global markets.
     
     The Financial Secretary, Mr Paul Chan, shared his vision in his keynote address advancing the development of fintech through three priorities: efficiency as the engine, inclusion as the purpose, and trust as the foundation. Mr Chan said, “This is how we take fintech further: not simply by launching more pilots, but by bringing their benefits into the daily operations of businesses. The Government will provide clear rules and reliable infrastructure. I invite you to bring practical applications to Hong Kong.”
 
Finance+ and AI+: advancing innovation across markets and industries
 
     Building on the conference’s overarching vision, policymakers and industry leaders explored how financial empowerment and tech innovation are opening new possibilities across various industries and the wider economy.
 
     In his panel discussion “FinTech Nexus: Where Data, Tokens and AI Converge”, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, named the three tools that he considered fundamental to bridge the world and the future in fintech: data as an enabler, tokenisation as the new infrastructure and AI as the new intelligence, are the tools and instruments to bridge the world and the future in the world of fintech. He elaborated afterwards that the Government, regulators and the industry are all working together to capitalise on the three tools. Through legislation, enhancing regulatory measures, encouraging and facilitating innovation, providing more use cases as well as nurturing more talents, not only infrastructure will be built but also a robust ecosystem, thus supporting the whole sector to grow sustainably.
 
     The Secretary for Commerce and Economic Development, Mr Algernon Yau, said, “Amidst geopolitical complexities, inflationary pressures and global economic uncertainty, innovation and technology companies and start-ups need a trusted platform, a reliable international hub and world-class professional services to chart their course and expand into new markets. These are exactly the distinctive strengths that Hong Kong offers. Hong Kong’s First Five-Year Plan marks a significant step in mapping out the city’s development priorities and provides the business community with greater certainty and a clearer strategic direction for further growth. We will continue our efforts to enhance Hong Kong’s business environment, making it an ideal launchpad for global businesses, including start-ups, to thrive and expand.”
 
     The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, said “Hong Kong ranks third in the world and first in Asia in the Global Financial Centres Index, with our fintech offerings leading the world. Innovation thrives on certainty. Under the direction of Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, we are establishing the regulatory regime for virtual asset dealing, advisory, management and custody service providers, with a target of introducing the relevant amendment bill into the Legislative Council within this year, to clarify compliance pathways for the market. Hong Kong adheres to the international principle of ‘same activity, same risk, same regulation’. Our transparent, robust, and highly predictable regulatory framework is precisely the cornerstone for innovators to establish a foothold in Hong Kong”.
 
     Across the wider innovation economy, speakers also discussed how emerging technologies are reshaping the foundations of economic competitiveness, including the infrastructure and collaborative ecosystems needed to support the development of frontier industries, ensure technologies can be adopted at scale, and create long-term sources of growth across the economy.
 
     The Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, said, “Innovation alone is not enough. To cultivate ‘new productive forces’, basic research requires a clear pathway to commercialisation, cutting-edge technology needs real-world application scenarios, and start-ups demand a holistic ecosystem of talent, capital, industry, and market access. Hong Kong is uniquely positioned to fulfill these needs. Through initiatives such as AI+, enhancing physical computing infrastructure, co-ordinating AI development and risk governance, encouraging patient capital, closer collaboration across the Greater Bay Area (GBA), and accelerating major developments including the Northern Metropolis, we are building an ecosystem where research can meet industry, innovation can find real-world applications, and start-ups can grow into globally competitive businesses. Our ambition is to streamline the journey between an idea and impact, ensuring that innovation becomes new industries, new opportunities and new sources of growth for Hong Kong.”
 
     The Under Secretary for Environment and Ecology, Miss Diane Wong, highlighted that Hong Kong serves as a strategic nexus connecting markets, capital, technology, and talent. Through the HK$400 million Green Tech Fund and the newly established Hong Kong Green Technology Innovation Centre, the Government is determined to support the development of green technologies and transform research outcomes into green and low-carbon technology with high application and commercialisation potential. Miss Wong said the Green Technology Bridgehead Programme to be launched next year will also support green technology and environmental companies that intend to use Hong Kong as a springboard to expand into international markets.
 
     Altogether, the discussions reflected how the themes of Finance+ and AI+ are extending beyond individual sectors, creating new opportunities at the intersection of finance, technology, sustainability and industrial development.
 
Strengthening trusted and connected financial markets
 
     As financial services continue to evolve alongside advanced digital technologies, the conference also explored the foundations needed to support innovation at scale. Discussions examined how market infrastructure, regulatory frameworks and cross-sector collaboration can help foster innovation while maintaining the trust, resilience and stability that underpin international financial centres.
 
     The Chief Executive of the HKMA, Mr Eddie Yue, moderated a panel discussion on “Navigating the New Frontier: AI, Tokenisation, and Quantum in Global Finance”. He highlighted the successful adoption of emerging technologies in financial services hinges on maintaining resilience and public trust. The HKMA continues to play the role as a facilitator, and sustained collaboration between the public and private sector is essential in fostering a dynamic ecosystem that advances innovation while upholding trust and responsibility. He also noted that Hong Kong is well placed to capitalise on new growth opportunities in fintech. Building on the good progress made under “Fintech 2030”, banks and fintech firms can better harness data, AI, tokenisation and other emerging technologies.
 
     During a panel discussion, the Chief Executive Officer of the SFC, Ms Julia Leung, set out the SFC’s strategic vision for harnessing AI and tokenisation to strengthen Hong Kong’s financial markets while upholding investor protection and market integrity. AI development and adoption in Hong Kong are growing rapidly in scale and speed. She advocated an agile and proportionate approach to agentic AI, with autonomy calibrated to the impact and reversibility of activities and robust safeguards for higher-risk applications. Ms Leung also underscored the need to reinforce cyber resilience as AI-enabled threats accelerate. On tokenisation, she said meaningful scale would come when it is embedded in market operations and delivers tangible benefits through greater efficiency, accessibility, liquidity and faster settlement.  
 
     The Chief Executive Officer of the IA, Mr Clement Cheung, emphasised the imperative role of insurance in reinforcing Hong Kong’s position as an international innovation and technology centre. He also highlighted the IA’s efforts in promoting responsible AI adoption in the insurance industry, in particular the encouraging progress of the AI Cohort Programme in respect of establishing insurers’ AI Centres of Excellence in Hong Kong, strengthening talent pipeline and incubating R&D use cases. “In alignment with Hong Kong’s First Five-Year Plan, our AI strategy leverages our mature insurance market, strong institutional capabilities, robust regulatory framework and cross-border ecosystem. We will continue to foster a vibrant AI ecosystem to translate the national strategic priorities into sector-specific actions for greater resilience,” said Mr Cheung.  
 
Hong Kong – Powering long‑term global growth
 
     A recurring theme throughout the conference was how technology is changing not only industries, but also reshaping the way businesses are built and scaled. Increasingly, companies are designed for regional and global markets from the outset, requiring access to capital, talent, infrastructure and trusted networks across multiple jurisdictions. Against this backdrop, Hong Kong’s unique combination of financial strength, innovation capability and global connectivity can help businesses navigate this new landscape and scale with confidence.
 
     The Director-General of Investment Promotion, Ms Alpha Lau, said, “Hong Kong FinTech Week x StartmeupHK 2026 has helped foster meaningful connections, partnerships and business opportunities that endure well beyond the close of the main conference. Under Hong Kong’s First Five-Year Plan, the city is consolidating and enhancing its status as an international financial centre, developing an international innovation and technology centre, and expanding its global co-operation network. InvestHK is committed to advancing that vision, matching global capital with the founders shaping what comes next, and giving both a runway into the Chinese Mainland, Asia and beyond.”
 
     While the main conference has concluded, HKFW x SMUHK 2026 continues across the city through November 6, with community and partner events extending industry discussions, investor engagement and business connections beyond the conference. The remaining programme also includes a two-day GBA Immersive Executive Tour to Shenzhen, offering participants first-hand exposure to one of the world’s most dynamic innovation ecosystems.
 

                          

     Following is the keynote speech by the Financial Secretary, Mr Paul Chan, at the Global Financial Leaders’ Investment Summit – Conversations with Global Investors today (November 4):

Kelvin (the Chairman of the Securities and Futures Commission, Dr Kelvin Wong), Eddie (The Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Eddie Yue), distinguished guests, ladies and gentlemen,

     Good morning. It is a pleasure to be with you again at the Conversations with Global Investors.

     The agenda today ranges from the macro environment and asset management to private markets, artificial intelligence, Asia and wealth. The panels cover different ground, but they return to one common question. In an environment that keeps shifting, how do we identify growth opportunities, and help capital position for the long term?

     To answer this, we need to look at both sides of the market: businesses and investors.

     Businesses need different kinds of capital at different stages of their development. Investors, in turn, need different ways to participate in their growth, suited to their own mandates and investment horizons. The role of Hong Kong is to bring both sides together.

     This morning, I would like to share our next phase of work from both perspectives, and the foundation on which both depend.

Diverse Capital for Growing Businesses

     Let me begin with businesses, and how they find the right capital in Hong Kong at each stage of their development.

     Take artificial intelligence as an example. A technological breakthrough does not translate automatically into commercial success. A company still has to turn technology into products, and demand into revenue, before it scales and becomes a sustainable business.

     Many such companies are in China. Our country offers favourable conditions for that journey. That includes a vast domestic market, deep research capabilities, complete manufacturing and supply chain networks, and extensive testing grounds. 

     For a company, turning its potential into sustained growth requires capital of different forms, from one stage to the next, much like a relay.

     In the early stages, a company needs equity investors who are prepared to underwrite technological and commercial risk. As it expands, it needs growth capital and industry partners. Once cash flows become more predictable, credit and bonds can play a larger part. The public markets then provide further fundraising capacity, and give early investors, including those in private markets, a channel to exit and rebalance their portfolio.

     This is where Hong Kong comes into play. Under the “one country, two systems” framework, Hong Kong is closely connected to the Chinese Mainland, while our common law system, free flow of capital and international networks provide a trusted and familiar environment for global investors to take part in China’s enormous growth.

     Here, we already bring together venture capital, private equity, family offices and asset managers, with deep equity and bond markets. Our task is to connect them more closely across the corporate lifecycle.

     At the front end of that relay, we have a vibrant venture capital and private equity ecosystem which manages around US$250 billion in assets, second in Asia only after the Chinese Mainland. But we have also come to recognise that patient capital matters more and more. Here, the Hong Kong Investment Corporation plays a catalytic role. As a government investment flagship for emerging industries, it has directed around 70 per cent of its invested capital to early and growth-stage companies. Every dollar it has invested has drawn in more than 8 dollars of long-term international capital.

     From the public policy standpoint, public investment performance is measured not only by how much capital has been deployed, but by how much market participation it could mobilise. Patient capital is not judged by return expectations alone, but by the businesses that it nurtures, and the ecosystem that it builds.

     As companies grow, the public markets take over. In the first nine months of this year, IPO proceeds in Hong Kong reached HK$388 billion, while follow-on fund raising reached HK$570 billion. So our market does not stop at the listing. It supports companies as they continue to develop.

     Over the same period, around 60 per cent of new issuers in Hong Kong had international business operations, and some in their prospectus have earmarked proceeds for overseas expansion. This is in line with the mega trend of Chinese companies going global.

     In other words, we are building a market that supports businesses throughout their development journey, rather than one that simply facilitates equity dealing.

Diverse Allocation for Investors

     That brings me to the other side of the market. The financing needs of businesses at different stages also create investment opportunities with different risk, duration profile and return characteristics. Participation in corporate growth is not confined to equities. It extends to credit, bonds and other instruments.

     Hong Kong is broadening these choices through a more complete fixed income, currencies and commodities market, or FICC (fixed-income, currency and commodity). What we want to add is not simply more products, but market functionality that responds to real allocation, funding and hedging needs.

     Renminbi business is an important part of this. As at the end of June this year, the outstanding stock of dim sum bonds in Hong Kong was close to RMB1.9 trillion. The five-year China Government Bond futures launched in August work in tandem with Bond Connect and Swap Connect, giving investors more tools to manage interest rate risk.

     With the support of the Central Government, the HKMA has expanded its RMB Business Facility to RMB500 billion, with tenors extended to three years, supporting longer-term bank financing. By the end of August, renminbi loans in Hong Kong exceeded RMB1 trillion. Renminbi financing, investment and risk management are gaining momentum and connecting more closely.

     Diversification does not eliminate risk, but it spares investors from over-concentration. Doing it well requires tools to manage risk, and the ability to mobilise assets already held.

     An investor who holds high-quality bonds may still need to raise funds for margin calls for the equity holding. Separating them adds cost, and in volatile markets it can create liquidity pressure.

     We are removing these frictions through a central depository platform established by HKMA and HKEX (Hong Kong Exchanges and Clearing Limited). Besides, earlier this week, the HKEX futures and options clearing houses began accepting eligible China Government Bonds and policy bank bonds as non-cash collateral. This is about using assets more efficiently, not about adding leverage.

     As for gold and commodities, I covered their recent developments yesterday and will not repeat them today.

     Our goal is wider allocation choice, coupled with the right tools to manage risk and liquidity, in support of longer-term value creation.

Market Quality for Long-Term Commitment

     Whether we are supporting businesses with diverse capital or enabling investors to participate through diversified allocation, both rest on one shared premise: a market that can be trusted.

     As the range of investable assets expands, the case for comprehensive risk disclosure grows stronger. As markets become more interconnected, clear rules and effective investor protection across jurisdictions become more critical. They are the foundation to inspire trust.

     And trust is the greatest asset for an international financial centre. It lowers the premium demanded by investors and consequently the cost of capital for businesses. Every market participant benefits from it, and every participant has a stake in maintaining it.

     Hong Kong will keep raising the efficiency of our markets, with faster approvals, more streamlined processes and clearer frameworks for new products. But these advances will not come by compromising the integrity of our markets. Better systems and processes must go hand in hand with the high standards which we uphold.

     What we safeguard is the ability of investors to judge on credible information, to transact in an orderly market and to have their rights protected. That is not a promise to remove volatility or guarantee returns. It is the basis on which businesses and investors can make long-term decisions.

     Ladies and gentlemen, Hong Kong will continue to widen the choices for financing and allocation, so that businesses can find the right capital at every stage of their development, and investors can participate in the growth of China and Asia across different asset classes and markets.

     What we hope you find in Hong Kong is not only your next investment, but a range of pathways for value creation, and the confidence to commit for the long term.

     Thank you. read more

     Following is the speech by the Acting Chief Executive, Mr Chan Kwok-ki, at the World Class University Presidents Forum 2026 today (November 4):

Minister Huai (Minister of Education, Mr Huai Jinpeng), Deputy Director Sun (Deputy Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region Mr Sun Shangwu), President Lin (President of the China Association of Higher Education, Ms Lin Huiqing), Professor Shum (Council Chairman of the Hong Kong University of Science and Technology, Professor Harry Shum), Professor Ip (President of the Hong Kong University of Science and Technology, Professor Nancy Ip), distinguished university presidents, ladies and gentlemen, 

     Good morning. It is a pleasure to welcome you all to the World Class University Presidents Forum 2026 here in Asia’s World City, Hong Kong. I extend my warmest greetings to presidents, leaders, and scholars of world-renowned universities, and to esteemed representatives from around the world, gathered here at the Hong Kong University of Science and Technology.

     We meet under the theme “Higher Education Reimagined: Innovating for the Future”. This theme speaks to our time. We live in an age of rapid technological change, systemic economic shifts, and unprecedented global challenges. In this transformative landscape, universities are no longer just communities of learning and skills development. They are engines of innovation, guardians of truth, and architects of our collective future.

     For Hong Kong, higher education has always been a vital pillar of our success. We are proud to be a global hub for education and talent. We are the only city in the world with five universities in the global top 100. And the latest QS Asia University Rankings, released just yesterday, again show the strength of our higher education system – Hong Kong has five universities in Asia’s top 10, and three in Asia’s top five.

     This is not by chance. It is the result of sustained government investment, clear policy direction and the hard work of our universities. It reflects our commitment to excellence, openness, academic freedom and institutional autonomy.

     But Hong Kong is not standing still. To keep our competitive edge and lead in this new era, we must continually expand our horizons and align closely with national development.

     We published Hong Kong’s first-ever Five-Year Plan for Economic and Social Development in September this year, and this historic blueprint shows our commitment to accelerating the integrated development of education, technology, and talent.

     A prime example of our forward-looking strategy is the development of the Northern Metropolis University Town. The Northern Metropolis is in northern Hong Kong and adjoins Shenzhen. We will build three university towns there. Each will have a campus area, a technology area, an industry area and a living community area. Under our “One Town, Five Elements” approach, we will integrate education, technology, industry, talent and urban development to drive the overall development of the university towns. Together with the surrounding technology, industry and living community areas, the three university towns will cover more than 1 000 hectares.

     And together with the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, which consists of the Hong Kong Park and the Shenzhen Park and located on the two sides of the Shenzhen River, the university towns will be Hong Kong’s main launchpad into the Greater Bay Area. They will drive innovation and serve our nation’s future.

     We are committed to building world-class university towns. They will blend top-tier education, cutting-edge research, and vibrant living. Government, industry and investors will work together to turn brilliant ideas into economic growth.

     Our commitment to internationalisation is firm. Our flagship “Study in Hong Kong” initiative is transforming Hong Kong into an international education hub. We have expanded non-local student quotas at publicly funded institutions, enhanced government scholarship schemes, and rolled out targeted talent initiatives to attract top global scholars and researchers. We welcome students from the Chinese Mainland, the Belt and Road countries and regions, and around the world. We welcome you to join our vibrant, multicultural academic community.

     Hong Kong is a bridge between the Mainland and the global higher education system. We are opening doors for our youth to engage with diverse cultures and cutting-edge ideas. By nurturing globally-minded innovators, we plant the seeds for a more collaborative and prosperous world.

     Distinguished presidents and friends, the challenges of our century — climate change, public health crises, and the ethical governance of AI — demand deep cross-border co-operation and collective wisdom. No single institution, no single nation or place can solve these issues alone.

     This Forum is a valuable platform for meaningful dialogue, alliance-building and shared vision. As you deliberate over the coming days on the future of universities, intelligent-age education, and sustainable economic growth, I encourage you to build visionary partnerships and inspire new pathways for higher education. Let us seize this opportunity to chart a bolder, brighter course for higher education worldwide, and ensure our institutions continue to light the way for generations to come.

     In closing, I would like to express my sincere gratitude to the Ministry of Education for its unwavering guidance, and to the China Association of Higher Education, the Hong Kong University of Science and Technology, and all co-organisers and supporting bodies for their dedication in bringing this magnificent event to life.

     I wish the Forum great success. To our overseas guests, I wish you a most memorable and fruitful stay in Hong Kong. Thank you very much.