The following is issued on behalf of the Hong Kong Monetary Authority:
 
     To facilitate cross-boundary investment by individual residents in the Guangdong-Hong Kong-Macao Greater Bay Area (the Greater Bay Area), the People's Bank of China, the Hong Kong Monetary Authority, and the Monetary Authority of Macao have decided to implement the cross-boundary wealth management connect pilot scheme ("Wealth Management Connect" hereafter) in the Greater Bay Area.  It is hereby announced that:

1. Wealth Management Connect refers to the arrangement under which individual residents in the Greater Bay Area carry out cross-boundary investment in wealth management products distributed by banks in the Greater Bay Area.  The scheme has a southbound and a northbound components, depending on the residency of the investors.  Under Southbound Wealth Management Connect, residents of the Mainland cities in the Greater Bay Area can invest in eligible investment products distributed by banks in Hong Kong and Macao by opening designated investment accounts with these banks; under Northbound Wealth Management Connect, residents of Hong Kong and Macao can invest in eligible wealth management products distributed by Mainland banks in the Greater Bay Area by opening designated investment accounts with these banks.
 
2. Wealth Management Connect is an important measure by the nation in support of the Greater Bay Area development and closer financial cooperation between the Mainland, and Hong Kong and Macao.  It is conducive to the creation of a quality living environment within the Greater Bay Area.  It facilitates cross-boundary investment by individual residents in the Greater Bay Area and promotes the opening-up of the Mainland’s financial markets as well as the mutual social and economic development of the Mainland, and Hong Kong and Macao.
 
3. Wealth Management Connect will be governed by the respective laws and regulations on retail wealth management products applicable in the three places with due regard to international norms and practices.  The People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, and the Monetary Authority of Macao will discuss and agree on the implementation details including investor eligibility, mode of investment, scope of eligible investment products, investor protection, handling of disputes, etc. under the Northbound and Southbound Wealth Management Connect.  Cross-boundary remittance under the scheme will be conducted and managed in a closed-loop through the bundling of designated remittance and investment accounts to ensure that the relevant funds will only be used to invest in eligible investment products.  Cross-boundary remittances will be carried out in renminbi, with currency conversion conducted in the offshore markets.  Cross-boundary fund flows under Northbound and Southbound Wealth Management Connect will be subject to aggregate and individual investor quota management.  The aggregate quota will be adjusted through a macro-prudential coefficient.

4. Relevant regulators in the Mainland, Hong Kong and Macao will each take necessary measures to establish effective mechanisms under Wealth Management Connect to tackle, based on the principle of territorial administration, any illicit activities in a timely manner, with a view to protecting the interest of investors.  Relevant regulators in the Mainland, Hong Kong and Macao will enter into memoranda of understanding on supervisory cooperation to establish robust supervisory cooperation arrangement and liaison mechanism in order to protect investors’ interest and maintain orderly and fair trading.

5. The Mainland financial infrastructure institutions should actively take forward preparations for Wealth Management Connect in an orderly manner and with prudent risk management.  The Wealth Management Connect pilot scheme will be formally launched once relevant rules and systems are in place.
 
     The date of formal launch of Wealth Management Connect and implementation details will be separately specified.

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

     The Hong Kong Monetary Authority (HKMA), the People’s Bank of China (PBoC), and the Monetary Authority of Macao (AMCM) jointly announced today (June 29) the launch of a cross-boundary wealth management connect pilot scheme (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and unveiled the framework of the scheme. 
 
     Welcoming the announcement, Mr Eddie Yue, Chief Executive of the HKMA, said, “The two-way cross-boundary Wealth Management Connect marks another important milestone for the Mainland’s capital account liberalisation after the Stock Connect and Bond Connect schemes.  It represents a major breakthrough in Hong Kong’s offshore renminbi business development, and a significant step to foster closer financial cooperation in GBA.  The financial sector has been looking forward to the launch of the scheme to better serve the growing demand for cross-boundary wealth management and investment services by GBA residents.  Today’s announcement once again underpins Hong Kong’s strategic importance in the Mainland’s financial open-up process and our unique role in meeting the asset management needs of residents across the boundary.  The HKMA will work closely with the Hong Kong Securities and Futures Commission, the relevant Mainland authorities, and our financial industry to formulate the implementation details based on the framework announced today, with a view to rolling out the scheme as soon as practicable.”

     Further details of the scheme can be found in the joint announcement issued by the HKMA, the PBoC, and the AMCM.
 

     The Home Affairs Department will open 19 temporary night heat shelters tonight (June 29) for people in need of the service.
 
     The shelters will be open from 10.30pm until 8am tomorrow.
 
     For further information, please call the department's hotline before midnight on 2572 8427.
 
     The 19 night heat shelters are located at:
 
Hong Kong Districts:
———————
 
Central and Western –
Sai Ying Pun Community Complex Community Hall
3/F, Sai Ying Pun Community Complex
2 High Street, Sai Ying Pun
 
Eastern –
Causeway Bay Community Centre
3/F, 7 Fook Yum Road, Causeway Bay
 
Southern –
Lei Tung Community Hall
Lei Tung Estate, Ap Lei Chau
 
Wan Chai –
Wan Chai Activities Centre
LG/F, Wan Chai Market, 258 Queen's Road East, Wan Chai
 
Kowloon Districts:
——————
 
Kowloon City –
Hung Hom Community Hall
1/F, Kowloon City Government Offices
42 Bailey Street, Hung Hom
 
Kwun Tong –
Lam Tin (West) Estate Community Centre
71 Kai Tin Road, Lam Tin
 
Sham Shui Po –
Shek Kip Mei Community Hall
G/F, Block 42, Shek Kip Mei Estate, Sham Shui Po

Wong Tai Sin –
Tsz Wan Shan (South) Estate Community Centre
45 Wan Wah Street, Tsz Wan Shan
 
Yau Tsim Mong –
Henry G Leong Yaumatei Community Centre
60 Public Square Street, Yau Ma Tei
 
New Territories Districts:
————————–
 
Islands –
Tung Chung Community Hall
G/F, Tung Chung Municipal Services Building
39 Man Tung Road, Tung Chung
 
Kwai Tsing –
Kwai Shing Community Hall
Podium, Block 6, Kwai Shing West Estate, Kwai Chung
 
North –
North District Community Centre
4/F, 2 Lung Wan Street, Sheung Shui

Sai Kung –
Hang Hau Community Hall
G/F, Sai Kung Tseung Kwan O Government Complex
38 Pui Shing Road, Hang Hau, Tseung Kwan O
 
Sha Tin –
Lung Hang Estate Community Centre
Lung Hang Estate, Sha Tin
 
Tai Po –
Tai Po Community Centre
2 Heung Sze Wui Street, Tai Po
 
Tsuen Wan –
Lei Muk Shue Community Hall
G/F, Hong Shue House, Lei Muk Shue Estate, Tsuen Wan
 
Tuen Mun –
Butterfly Bay Community Centre
Butterfly Estate (near Tip Sum House), Tuen Mun
 
Yuen Long –
Long Ping Community Hall
Long Ping Estate, Yuen Long
 
Yuen Long –
Tin Yiu Community Centre
Tin Yiu Estate, Tin Shui Wai
      
     The temporary night heat shelters will resume their functions as either community centres or community halls in the daytime for hire by the local community and cannot continue to be open as heat shelters. People may choose to take refuge from the heat during the daytime in the common areas in any of the 21 designated community centres or community halls. Their opening hours are from 9am to 10pm. For addresses of the community centres or community halls, please browse the following webpage: www.had.gov.hk/file_manager/en/documents/public_services/emergency_services/List_CH_CC_Day_E.pdf.

     â€‹Hong Kong Customs seized about 25 000 items of suspected counterfeit mobile phone accessories with an estimated market value of about $900,000 at the River Trade Terminal, Tuen Mun, on June 27. 

     Through risk assessment, Customs officers on that day inspected a 40-foot container arriving in Hong Kong from Nansha, Guangdong, destined for Algeria. Upon inspection, Customs officers seized the batch of suspected counterfeit mobile phone accessories in the container.

     Investigation is ongoing. 

     Hong Kong Customs will continue to work closely with Mainland Customs and overseas law enforcement agencies to combat cross-boundary counterfeit goods transshipping activities vigorously through intelligence exchanges and joint enforcement actions.

     Under the Trade Descriptions Ordinance, any person who imports or exports any goods to which a forged trademark is applied commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected counterfeiting activities to Customs' 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk).

  

The following is issued on behalf of the Hospital Authority:

     As at noon today (June 29), one COVID-19 confirmed patient (case number: 1107) was discharged from hospital in the past 24 hours. So far, a total of 1,105 patients with confirmed or probable infections have been discharged.
 
     At present, there are 602 negative pressure rooms in public hospitals with 1,170 negative pressure beds activated. A total of 92 confirmed patients are currently hospitalised in nine hospitals, among which one patient is in critical condition (case number: 595), and the remaining 91 patients are in stable condition.
 
     The Hospital Authority will maintain close contact with the Centre for Health Protection to monitor the latest developments and to inform the public and healthcare workers on the latest information in a timely manner.