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Shenzhen-Hong Kong-Guangzhou sci-tech cluster ranks 2nd globally

The Shenzhen-Hong Kong-Guangzhou cluster ranks second globally for the fifth consecutive year according to the Global Innovation Index 2024 top 100 science and technology clusters, published (Aug 27) by the World Intellectual Property Organization, giving high recognition to the Guangdong-Hong Kong-Macao Greater Bay Area’s leading position in the global innovation and technology field. For the ranking this year, the Shenzhen-Hong Kong-Guangzhou cluster filed 2,303 Patent Cooperation Treaty applications per one million inhabitants during 2019-2023, and published 3,469 scientific articles per one million inhabitants during 2018-2022, both increasing from the previous cycles.

Hong Kong’s exports posted further double-digit growth

Hong Kong’s exports posted further double-digit growth in July 2024. According to the latest external merchandise trade statistics, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 13.1% and 9.9% respectively. Exports to the Mainland, the United States and the European Union continued to expand visibly. For the first seven months of 2024 as a whole, the value of total exports of goods increased by 12.4% over the same period in 2023. Concurrently, the value of imports of goods increased by 8.0%. Looking ahead, Hong Kong’s exports should sustain a positive performance if external demand holds up, though geopolitical tensions and trade conflicts will present risks.

The Securities and Futures Commission and the Hong Kong Stock Exchange introduced temporary modifications to the listing requirements of Specialist Technology Companies and De-SPAC Transactions conducted by special purpose acquisition companies (SPACs), providing greater flexibility for both issuers and investors, as well as enhancing the attractiveness and competitiveness of Hong Kong’s capital markets. The modifications included the reduction in initial market capitalisation thresholds for listing for Specialist Technology Companies and reduction in minimum independent third party investment required for a De-SPAC Transaction. The changes will be valid for a period of three years from 1 September 2024 to 31 August 2027.

Concessionary tax for eligible intellectual property owners

A new “patent-box” tax incentive has been rolled out to allow the portion of eligible intellectual property (IP) income derived from the commercialisation or exploitation of eligible IPs of an owner or licensee in Hong Kong to be taxed at 5% instead of 16.5%. The tax rate for assessable profits from eligible IP income must be derived from eligible IPs such as patents, plant variety rights and copyright subsisting in software. Eligible IPs registered worldwide can benefit from the patent box tax incentives when their related profits are sourced in Hong Kong. Taxpayers must develop eligible IPs themselves. If R&D involves acquiring other IPs or outsourcing part of the activities, the profits eligible for the concessionary tax rate may be reduced proportionally. 

The Hong Kong Monetary Authority (HKMA) launched (Aug 29) Project Ensemble Sandbox and introduced four main themes of asset tokenisation use cases for the initial round of experimentation, marking a significant step forward in the advancement of tokenisation in real-world application within the financial sector. With a view to strengthening Hong Kong’s position as an international financial centre with an innovative spirit to create new economic sectors, the HKMA will continue to actively engage with the industry to gauge interest in tokenisation, develop new themes and identify further use cases for tokenisation.

Data connection enhanced to promote digital economy 

The connection arrangement between the HKMA’s Commercial Data Interchange (CDI) and the HKSAR Government’s Consented Data Exchange Gateway (CDEG) is now in full operation, opening to all CDI participating banks. The connection allows banks to access government data related to corporate and business operations directly, such as company names, registered office addresses and share capital structure from the Companies Registry. This helps streamline various banking processes including account opening, fraud detection and Know Your Customer.  The CDI has successfully enhanced the small and medium-sized enterprise loan approval processes, facilitating more than 27,000 loan applications and reviews, with an estimated credit approval amount exceeding US$3.1 billion as of end-June 2024.

UN pre-summit held in HK

The Financial Services & the Treasury Bureau (FSTB) co-hosted (Aug 22) with the United Nations (UN) in China the United Nations Pre-Summit of the Future Dialogue, in anticipation of the UN Summit of the Future scheduled to be held in New York on Sep 22-23. About 20 speakers examined the interrelationship between climate change, public health and artificial intelligence; scaling up investment for a sustainable future; and what the UN and Hong Kong-based institutions can do to achieve investment for a sustainable future. Secretary for Financial Services & the Treasury Christopher Hui said the HKSAR Government is working on various fronts to shape the city’s future in greener and more sustainable future, more inclusive of innovation, and more development opportunities for youth.

Hong Kong athletes win medals in Paris Paralympics

To date (Sep 3), Hong Kong athletes have won two gold, three silver and one bronze at the 2024 Paris Paralympic Games. Boccia athletes Ho Yuen-kei and John Loung won gold medals in the Women’s Individual BC3 and Men’s Individual BC1, respectively. The silver medals were awarded to badminton athlete Chan Ho-yuen in the Men’s Singles WH2, boccia athlete Cheung Yuen in the Women’s Individual BC4 and swimming athlete Chan Yui-lam in the Women’s 100-metre Butterfly S14. Swimming athlete Ng Cheuk-yan won the bronze medal in Women’s 100-metre Breastroke SB6.

Hong Kong and Mainland Olympians honoured

Hong Kong Olympic delegation was feted with a bus parade and welcome home reception (Aug 21), celebrating their achievements at the Paris 2024 Olympics. They also shared their Olympic experience with students. Addressing the reception, Chief Executive John Lee said that the Hong Kong athletes showcased their abilities in Paris, and had the most heartening achievements, including two gold and two bronze. A total of 35 athletes competed in 13 events at the Paris 2024 Olympics.

The Mainland gold medalists visited Hong Kong on Aug 29 – 31. They took part in sports demonstrations and showcased their sporting talent and shared their experiences at a gala show. The delegates also held friendly chat with local young sportspeople and interacted with the audience.

Applications open for Hong Kong PhD Fellowship Scheme 

Candidates interested in pursuing new full-time PhD degrees in Hong Kong, irrespective of their country of origin, prior work experience and ethnic background, are eligible to apply for the Hong Kong PhD Fellowship Scheme at eight of the city’s universities. The fellowship provides an annual stipend of US$43,230 and a conference and research-related travel allowance of US$1,790 per year for each awardee for a period up to three years. Interested candidates can submit their applications for the 2025/26 scheme between Sep 1 and Dec 1.

A total of 60 students were selected as the 2024/25 cohort of awardees of the Hong Kong Scholarship for Excellence Scheme. Officiating at the award presentation ceremony (Aug 23), Secretary for Education Dr Choi Yuk-lin said that the Hong Kong Special Administrative Region (HKSAR) Government has always attached great importance to the development of young people, and the scheme highlights its commitment to and efforts in fostering the talent development of the next generation. All awardees received their formal secondary school education in Hong Kong. Among them, 51 will take up undergraduate studies and nine will pursue postgraduate studies at world-renowned universities in the US and elsewhere, across a wide spectrum of disciplines. 

Outstanding artworks from nearly 90 galleries across 13 countries and regions are featured at the ART021 HONG KONG Contemporary Art Fair (Aug 28 – Sep 8). The fair, staged for the first time in various venues across Hong Kong, is organised into five main sections, namely Sculpture, Galleries, Videos, Expansion, and the Greater Bay Area Art Week. The fair has already attracted around 30,000 attendance for the initial three days.  A notable highlight is the display of the iconic “LOVE” sculpture, which captures the spirit of universal human emotions, for the first time in Hong Kong. 

Works of HK artist Kila Cheung to be showcased in New York

New paintings, sculptures, and limited editions by Hong Kong painter and sculptor Kila Cheung will be showcased in his latest solo exhibition “Little Fires Everyone” in New York Sep 7-28, where he explores the essence of daily life and the impact of collaboration, delving into the inner energy of individuals, navigating the complexities of contemporary life, each with their own inner child. A graduate of the Hong Kong Polytechnic University, his works span painting, sculpture and wood carving. He has held solo exhibitions in London, Tokyo and Taipei

 Asia+ Festival to start in September

The second edition of the Asia+ Festival will be held from September to November, highlighting the arts and culture of nearly 30 countries from Asia, the Middle East and Belt & Road regions. Secretary for Culture, Sports & Tourism Kevin Yeung explained that the festival is an initiative that ties in with the National 14th Five-Year Plan, under which Hong Kong is actively developing into a centre for international cultural exchange. The second edition of the festival will see an increase in the number of performances and activities from 29 last year to over 100.

Remarks on press freedom disapproved

The HKSAR Government said (Aug 29) it strongly disapproves of remarks by foreign officials and anti-China bodies slandering freedom of the press in Hong Kong. A spokesperson of the HKSAR Government said Hong Kong citizens enjoy freedom of the press and freedom of speech as protected under the Basic Law and the Hong Kong Bill of Rights. In fact, the Hong Kong National Security Law and the Safeguarding National Security Ordinance clearly stipulate that human rights shall be respected and protected in safeguarding national security. “Like all other places in the world, such rights and freedoms are not absolute. Journalists, like everyone else, have an obligation to abide by all the laws. Their freedom of commenting on and criticising government policies remains uninhibited as long as they do not violate the law,” the spokesperson said.

The Basic Law (BL) is the constitutional document of the HKSAR. It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. Article 23 of the BL stipulates that the HKSAR shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the Central People’s Government, or theft of state secrets, to prohibit foreign political organizations or bodies from conducting political activities in the HKSAR, and to prohibit political organizations or bodies of the HKSAR from establishing ties with foreign political organizations or bodies.

Q: Will the Article 23 legislation have retrospective effect?

A: The offences created by this legislation do not have retrospective effect. This is in line with Article 12 of the Hong Kong Bill of Rights.