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OCTOBER 18 - 24, 2022

FINANCE

The governments of Hainan province and the Shenzhen municipality will issue offshore renminbi (RMB) local government bonds, up to RMB5 billion, in Hong Kong this month, which will be listed on the Hong Kong Stock Exchange. The Hainan provincial government is the first mainland provincial government to make use of Hong Kong’s financing platform and professional services for a bond. The Shenzhen municipal government is issuing bonds in the city again after its successful experience last year. Welcoming the issue, Chief Executive John Lee said that it fully demonstrates that Hong Kong is the “premier platform for the issue of RMB debt products.” Financial Secretary Paul Chan said that this increases the breadth and depth of Hong Kong’s RMB debt market.

BUSINESS AND TRADE

The Convention & Exhibition Industry Subsidy Scheme under the Anti-epidemic Fund will be further extended for six months to June 30, 2023. A new HK$1.4 billion (about US$18 million) three-year scheme will also be launched on July 1 next year to subsidize recurrent exhibitions to be staged in Hong Kong. Details will be announced later. 

EVENTS

Join the webinar From Alternative Dispute Resolution to Online Dispute Resolution this Thursday (Oct 27, 9 AM EDT) to learn more about online dispute resolution (ODR) and LawTech. Chief Executive Officer of eBRAM International Online Dispute Resolution Centre Emmanuelle Ta and Partner of Duane Morris Christopher Healy will speak on the latest industry developments and the application of ODR and LawTech in real practice. 

What are the business opportunities in Hong Kong and Southeast Asia? How do Hong Kong and the Greater Bay Area serve as your bridge to doing business in ASEAN-e-commerce, trade and supply chain, manufacturing and FinTech? Take part in the hybrid event Coupling of Hong Kong/Greater Bay Area and ASEAN in Atlanta on Oct 26 (this Wednesday) to find out more of the opportunities available. 

ARTS AND CULTURE

Starting this weekend, HKETONY is teaming up with Asian Pop-up Cinema (APUC) to showcase eight exhilarating Hong Kong films in Chicago! Kicking off the Hong Kong Cinema series will be the North American premiere of The Narrow Road and the world premiere of Deliverance on Oct 29! Lead Actress Summer Chan is scheduled to attend in person to receive her Bright Star Award. Director Kelvin Shum, screenwriter Kyle Shum, and producer Charlie Wong are also scheduled to appear for the introduction and post-film Q&A moderated by Hollywood Chicago’s Pat McDonald. Two other Hong Kong films, Tales From The Occult and Rigor Mortis, will also be presented as part of APUC Horror Marathon on Oct 30. 

SPORTS

Congratulations for Hong Kong’s star swimmer and Olympic hero Siobhan Haughey for winning three freestyle gold medals (100m, 200m, 400m) in three days at the Fina World Cup in Berlin, Germany! The perfect performance leaves Haughey atop the rankings after Leg 1 of the Swimming World Cup 2022. 

The New World Harbour Race, attracting more than 1,200 swimmers, returned to Hong Kong over the weekend (Oct 23), marking the first large-scale outdoor sports event of the year in the city. 

BASIC LAW

The Basic Law is the constitutional document of the HKSAR. Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems”.

Q: Is Chinese the only official language allowed under the Basic Law?

A: No, in addition to Chinese, English is also an official language used by the executive authorities, the legislature and the judiciary of the HKSAR. (BL Article 9)