Tag Archives: China

     A 49-year-old incoming male driver was sentenced to four months’ imprisonment and fined $1,000 at the West Kowloon Magistrates’ Courts today (May 15) for importing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance (DCO).

     Based on risk assessment and intelligence analysis, Customs officers and police officers of the Airport Police District mounted a joint anti-illicit cigarette operation on January 17 at the Hong Kong-Zhuhai-Macao Bridge Hong Kong Port and intercepted an inbound private car which was declared to be empty. Upon inspection, Customs officers seized about 30 000 duty-not-paid cigarettes from the hollow spaces of the doors, under the seats, in the centre console and the rear compartment. The driver was subsequently arrested and the private car was also seized. The estimated market value of the duty-not-paid cigarettes seized in the case was about $150,000 and the duty potential was about $99,000.

     Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences. Customs reminds members of the public that under the DCO, tobacco products are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.

     Customs will continue to combat cross-boundary smuggling activities with firm enforcement action.

     Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

  

     A former director of Ace Technology Group Limited was prosecuted by the Labour Department (LD) for violating requirements under the Employment Ordinance (EO). The former director was convicted earlier and was sentenced at the Kwun Tong Magistrates’ Courts today (May 15) to 200 hours’ community service. The former director was also ordered to pay the employees concerned an outstanding sum of about $439,000.
          
     The company wilfully and without reasonable excuse contravened requirements of the EO, failing to pay two employees’ wages and payment in lieu of notice within seven days after the expiry of the wage periods and termination of employment contracts of about $306,000, and also failing to pay the awarded sums of about $439,000 within 14 days after the date set by the Labour Tribunal (LT). The former director concerned was prosecuted and convicted for his consent, connivance or neglect in the above offences.
           
     “The ruling will disseminate a strong message to all employers, directors and responsible officers of companies that they have personal liability to ensure payment of wages and sums awarded by the LT or the Minor Employment Claims Adjudication Board to employees within the statutory time limit stipulated in the EO,” a spokesman for the LD said. 
      
     â€‹”The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees’ statutory rights,” the spokesman added. read more

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

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
      
     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
      
     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012. read more

     The Islands District Office (IsDO), in collaboration with relevant government departments and local organisations, conducted a rescue and evacuation drill today (May 15) to enhance their and residents’ preparedness in the event of serious flooding in Tai O, and to further increase residents’ understanding of the emergency response plan.
 
     The IsDO, the Fire Services Department, the Hong Kong Police Force, the Hong Kong Observatory (HKO), the Drainage Services Department, the Social Welfare Department, the Housing Department, the Civil Engineering and Development Department, the Civil Aid Service, the Tai O Rural Committee, the Neighbourhood Advice-Action Council, the Hong Kong Young Women’s Christian Association Tai O Community Work Office, the Hong Kong Red Cross and the Buddhist Fat Ho Memorial College participated in the drill. The drill simulated an actual situation with unexpected elements to increase the difficulty. Participating departments and organisations were required to carry out rescue tasks immediately under unexpected circumstances, posing challenges to and strengthening their response capabilities.

     According to the emergency response plan, when the HKO forecasts that the sea level at Tai O would rise to 3.3 metres above Chart Datum or more in the coming few hours, the emergency response plan for severe flooding in Tai O will be fully activated. The HKO will issue an alert to relevant government departments, organisations, Tai O resident representatives and fishermen representatives by SMS. Upon receipt of the alert, the IsDO will activate an emergency co-ordination centre at the Tai O Rural Committee Office, jointly set up by government departments and non-governmental organisations. The emergency co-ordination centre will co-ordinate any necessary evacuation, rescue and emergency relief efforts for Tai O.
 
     Upon receipt of the HKO’s alert, resident representatives and fishermen representatives in Tai O will also help disseminate the information to residents to enable them to stay vigilant and take refuge in safe locations if necessary. In addition, temporary shelters at the Tai O Rural Committee Office, the Hong Kong Young Women’s Christian Association Tai O Community Work Office and the Buddhist Fat Ho Memorial College, and the Transit Centre situated at Lung Tin Estate will be opened for residents in need.

          

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

     Following the launch of the Mainland and Hong Kong interest rate swap markets mutual access scheme (Swap Connect) on May 15, 2023 as part of the national strategy of steadily advancing the opening-up of Mainland’s financial markets, transaction volume under the scheme has been growing steadily. In May 2024, Swap Connect was enhanced to provide more flexibility for offshore institutional investors to manage interest rate risk, and strengthen the appeal of RMB assets to offshore investors. As of the end of April 2025, 20 Mainland dealers and 79 offshore investors had participated in Swap Connect, completing more than 12 000 interest rate swap transactions with an aggregate notional amount of approximately RMB 6.5 trillion.
      
     To further promote the collaborative development of financial derivatives markets on the Mainland and in Hong Kong, as well as the high-level opening-up of Mainland’s financial markets, after assessing the operational experience of Swap Connect and feedback from Mainland and offshore investors, the People’s Bank of China, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority plan to further enrich the product types under Swap Connect. First, the tenor of interest rate swap contracts would be extended to 30 years to meet the diverse risk management needs of market institutions. Second, the product scope of Swap Connect would be expanded by including interest rate swap contracts using the Loan Prime Rate (LPR) as the reference rate. Relevant financial infrastructure operators in both markets will roll out these enhancement measures progressively.
      
     Looking ahead, regulatory authorities on the Mainland and in Hong Kong will continue to provide guidance to the financial market infrastructure operators in both markets to continue to enhance relevant arrangements, taking into account the operation experience of Swap Connect, with a view to steadily advancing the further opening-up of Mainland’s financial markets, promoting RMB internationalisation in a steady, orderly and sound manner, and supporting the successful development of Hong Kong as an international financial centre. read more