A spokesperson for the Environmental Protection Department (EPD) said today (June 10) that the Ninth Technical Memorandum for Allocation of Emission Allowances in Respect of Specified Licences (the Ninth TM) has been approved by the Legislative Council on June 9. This will result in further emission reductions from the power plants of the two power companies (The Hongkong Electric Company, Limited and CLP Power Hong Kong Limited).

     The Ninth TM caps the annual emission allowances of sulphur dioxide (SO2), nitrogen oxides (NOX) and respirable suspended particulates (RSPs) from the power generation sector from 2026 and onwards at 2 852 tonnes, 11 144 tonnes and 367 tonnes, respectively. As compared with the emission allowances set under the Eighth TM, the Ninth TM will tighten the emissions of SO2, NOX and RSPs by 9 per cent, 10 per cent and 6 per cent, respectively. This will help continuously improve the air quality in Hong Kong and the Pearl River Delta region.

     In order to meet the new emission allowances, the two power companies will complete the construction of three new gas-fired generating units in or before 2024, such that the proportion of local gas generation will be around 57 per cent of the total fuel mix for electricity generation in 2024. The two power companies will also continue to acquire low-emission coal for electricity generation and maintain the performance of emission control devices so as to reduce emissions from coal-fired generating units.
      
     In accordance with the Air Pollution Control Ordinance, the emission allowances for power plants stipulated in the Ninth TM will come into effect on January 1, 2026. The EPD will conduct a further review by 2023 to ensure timely revision of the emission allowances.

     Correctional officers at Lo Wu Correctional Institution stopped a female person in custody attacking staff yesterday (June 9).

     â€‹At 6.26pm yesterday, a 29-year-old female person in custody suddenly became emotional and attacked a correctional officer inside a cell. Officers at the scene immediately stopped the assailant and called for reinforcement.

     During the incident, the officer sustained injuries to her hand. She was sent to a public hospital for further treatment after receiving examination and treatment by the institution Medical Officer. The assailant did not sustain any injury.

     The case has been reported to the Police for investigation.

     The assailant was sentenced to imprisonment for the offence of trafficking in a dangerous drug.

     The Yau Tsim Mong District Office together with the Mong Kok Police District, the Department of Health (DH) and the Auxiliary Medical Service (AMS) conducted an enforcement operation today (June 10) at a building in Tai Kok Tsui, which was included in a compulsory testing notice earlier. The operation started at around 7am and ended at around 10am today. 

     Starting from around 7am today, persons subject to compulsory testing of Tower 6, Island Harbourview, 11 Hoi Fai Road, Tai Kok Tsui, were requested to provide the SMS notification received through a mobile phone or related certification containing the results of COVID-19 tests, to show that they had taken such tests as required pursuant to the compulsory testing notice of the building within the specified period issued by the Government earlier on. The Government arranged for staff to verify the testing certification of the persons subject to compulsory testing at the entrance/exit of the building to verify whether persons subject to compulsory testing had undergone testing in compliance with the requirement. 

     During the operation, test records of around 400 persons were checked. Among them, 12 persons were found to have violated the compulsory testing notice. The Government has issued fixed penalties of $5,000 and/or compulsory testing orders to them, requiring them to undergo testing within a specified period. Non-compliance with a compulsory testing order is an offence, and offenders are liable to a fine of $25,000 and imprisonment for six months. 

     The Government reiterates that the aim of issuing a compulsory testing notice is to stop the spread of COVID-19 in the community as soon as possible to protect overall public health and safety. Persons subject to testing under a compulsory testing notice should, as far as reasonably practicable, take appropriate personal disease prevention measures, including wearing a mask and maintaining hand hygiene, and, unless for the purpose of undergoing the specified test, stay at their place of residence and avoid going out until the test result is ascertained as far as possible. 

     The Government wishes to thank the many residents who had complied with the compulsory testing notice for their co-operation to fight against the virus together. The Government will continue to enforce the law strictly. All persons subject to compulsory testing should comply with the compulsory testing notice. Any person who fails to comply with the compulsory testing notice may be liable to a fixed penalty of $5,000. The person will also be issued with a compulsory testing order, requiring him or her to undergo testing within a specified time frame. Non-compliance with the order is an offence and the offender may be liable to a fine of $25,000 and imprisonment for six months. 

     The Yau Tsim Mong District Office is grateful for the support and co-operation of the Police, the DH and the AMS to enable the enforcement action to be carried out smoothly. The Government understands that the enforcement process may cause some inconvenience to the residents, but hopes that the residents can understand. 

Following is the video speech by the Financial Secretary, Mr Paul Chan, at the AIMA APAC Annual Forum 2021 today (June 10):
 
 
Jack (Chief Executive Officer of the Alternative Investment Management Association, Mr Jack Inglis), Michael (Managing Director and Co-head of APAC, Mr Michael Bugel), Kher Sheng (Managing Director and Co-head of APAC, Mr Lee Kher-sheng), distinguished guests, ladies and gentlemen,
 
     Good morning.
 
     I'm pleased to be speaking to you today at the Alternative Investment Management Association's (AIMA) APAC Annual Forum. My thanks to AIMA for making its flagship event in the Asia-Pacific region possible in a virtual setting. 

     I last spoke to this Forum, to you, two years ago in March. Some of you may recall my comment then, that "the world we live and work in today is complicated and volatile, fraught with uncertainty". Ladies and gentlemen, that sounds now like the good old days.

     But if the global pandemic, and the economic and social turmoil it has engendered, is still with us, it is, thankfully, ebbing.
 
     Here in Hong Kong, we are in a decidedly good place today, having recovered from last year's contraction of 6.1 per cent. Our first-quarter GDP growth reached a heady 7.9 per cent. I believe the rousing performance to date this year is underpinned by real momentum for recovery, locally and also globally.
 
     It helps that our healthcare system and prudent government measures have kept the virus largely at bay. The rollout of our free COVID-19 Vaccination Programme is now into its fourth month. If you have yet to be vaccinated, I urge you to do so. It is only with your participation that our connectivity with other financial markets can fully resume.
 
     Speaking of connectivity, 64 per cent of Hong Kong's US$3.7 trillion in assets under management was sourced from non-local investors at the end of 2019. That flourishing international relationship is critical to maintaining, and expanding our role as a leading asset- and wealth-management hub.
 
     The Hong Kong SAR Government's determination to boost our asset- and wealth-management business is driven by a four-step strategy.
 
     The first step was to modernise our fund structure regime. Over the past three years, we had introduced the open-ended fund company and the limited partnership fund (LPF) regime respectively. These have, I'm pleased to say, been well received. For example, over the past eight months, there were more than 200 funds registered under the LPF regime. 

     I've been told that the industry appreciates the contractual latitude that allows parties to adopt continually evolving terms. Let me say that it reflects your Association's valuable input in the Government's policymaking. 

     We are looking to further bridge capital markets and the real economy with this regime, one in which private equity leaders play a pivotal role.
 
     We are hopeful that our limited partnership funds will fuel innovation and technology start-ups in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).
 
     The second cornerstone in the Government's strategy is to attract more funds to set up and operate in Hong Kong. In this respect, we are introducing legislative amendments to provide tax concessions for carried interest payable by private equity funds.
 
     This together with the other tax concessions already granted to funds will certainly shape how fund sponsors choose a domicile for their next generation of private equity funds.
 
     Our third step was seizing the opportunities presented by the OECD's (Organisation for Economic Co-operation and Development) on-shoring drive. We are encouraging foreign funds to look to Hong Kong, to take advantage of our comprehensive and competitive fund regimes as well as tax and financial incentives.
 
     The end result, of course, is to encourage you to establish a presence in Hong Kong.
 
     The fourth plank in our multi-pronged strategy is financial incentive. We are offering grants to open-ended fund companies and real-estate investment trusts that set up in Hong Kong over the coming three years.
 
     Up to US$130,000 will be handed out to each open-ended fund company, and more than US$1 million to each real-estate investment trust. In short, your rewarding future in Hong Kong begins the day you arrive.
 
     And, let me assure you, you'll be in good company. Hong Kong is second only to New York as the world's billionaire city. In 2019, our billionaire population recorded the largest net increase of any city in the world.
 
     The Asian region's ascent to wealth accumulation is a major magnet for family offices. Some 1 300 of the world's 7 300 single-family offices can be found in the Asia-Pacific. And we are committed to making Hong Kong the region's new family office hub.
 
     InvestHK and the Hong Kong Monetary Authority (HKMA) have set up a one-stop shop for potential family office clients. It offers personalised assistance to family offices, wherever in the world they may be, to help them find their way to us, Asia's world city.
 
     Our financial regulators are equally supportive. The Securities and Futures Commission (SFC) and the HKMA have made exemptions from a number of requirements for family offices. For example, a single family office only serving its group companies would not require a licence from the SFC.
 
     And there's more. InvestHK will soon launch a dedicated family office team to target private wealth clients worldwide. I am hopeful it will bring you a wealth of business opportunities. 
 
     The Greater Bay Area will certainly realise a wealth of business prospects for Hong Kong companies, and the companies that work with Hong Kong.
 
     In 2019, the Greater Bay Area's GDP per capita exceeded US$23,000. And the cluster city development of nine cities in Southern China, together with Hong Kong and Macao, is just getting started.    
 
     Hong Kong's central role in the Greater Bay Area presents boundless promise for the asset- and wealth-management sector. For each and every one of you.
 
     That includes the Greater Bay Area's Wealth Management Connect scheme (Connect scheme), which is expected to be launched very soon.
 
     The new Connect scheme will expand your customer base and boost Hong Kong's role in managing the flow of capital in and out of the Mainland.
 
     It will also promote the use of Renminbi, reinforcing Hong Kong's standing as the world's offshore Renminbi business hub.
 
     COVID-19 has been a sobering reminder that we are all susceptible to natural perils. It also reminds us that the financial system and larger considerations such as sustainability and inclusivity are inextricably linked. I'm pleased to see that the Forum will feature a spotlight on responsible investing – on integrating environmental, social and governance factors in investment decisions.
 
     I can tell you that Hong Kong's financial future will be green and sustainable, and that includes achieving carbon neutrality before 2050.
 
     Our Green and Sustainable Finance Cross‑Agency Steering Group was created to help Hong Kong become the region's leading green finance hub. I'm confident our fund managers will profitably support us in this ambitious undertaking.
 
     Since the launch of the Government Green Bond Programme in 2018, the Hong Kong SAR Government has issued green bonds in two batches, one of which remains the longest-tenor, US dollar-denominated government bond in Asia.
 
     Our green commitment is working hand-in-hand with market forces. The issuance of green bonds in Hong Kong last year rose to new heights. And we remain Asia's most popular green-bond listing venue.
 
     And there's more to come. We will double the borrowing ceiling of the Government Green Bond Programme to nearly US$26 billion. That will allow us to issue green bonds totalling some US$23 billion over the next five years. And we plan to issue retail green bonds to engage the general public as well.
 
     We will also promote Hong Kong as a centre for Chinese companies looking to raise funds for green projects.
 
     The Hong Kong Exchange last year launched its Sustainable and Green Exchange (STAGE). STAGE, as it's known, is Asia's first multi-asset sustainable investment product offering. I'm confident it will become a central hub for data and information on green finance investment throughout the region.
 
     My thanks, again, to the AIMA, for giving me this welcome opportunity to address you. With a worldwide membership of 20 000, and a regional office here in Hong Kong for 22 years, you are a valued contributor to Hong Kong's continuing success as one of the world's leading financial services' centres.
 
     I wish you all a fruitful Forum, the best of health and business and a wealth of everything that is dear to you and yours. And I look forward to seeing you all, in person, right here in Hong Kong at next year's Forum.
 
     Thank you.

     â€‹The Electrical and Mechanical Services Department (EMSD) today (June 10) announced that the department collected eight liquefied petroleum gas (LPG) samples from auto-LPG filling stations and LPG terminals on a random basis in May 2021 for laboratory tests. The results show that the LPG quality of all these samples complied with auto-LPG specifications.
 
     The detailed test results are available on the EMSD's website (www.emsd.gov.hk/en/rl/lpg_sample_analysis_simple). Enquiries can also be made to the EMSD's hotline on 2333 3762.
      
     In addition, the EMSD has been vetting independent third-party test reports submitted by LPG supply companies for each shipment to ensure that the quality of imported LPG complies with the specified requirements.