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Hong Kong films take centre stage in New York

Hong Kong films and talents take centre stage at the 23rd New York Asian Film Festival (NYAFF) with an impressive line-up of 11 films across various genres under the “Hong Kong Panorama” film series, including two world premieres and four North American premieres. The NYAFF presented (Jul 17) the multitalented Nicholas Tse with the prestigious Star Asia Award for his dedication and breakthrough performances over the years. The Hong Kong Economic and Trade Office, New York (HKETONY) hosted a special reception for Tse before the award presentation ceremony and the North American premiere of his latest work “Customs Frontline”, which marks his debut as an action choreographer. Congratulating Tse, Director of HKETONY Maisie Ho said his outstanding performances have captivated audiences around the world and are testaments to the depth and versatility of Hong Kong's talent and films. The festival also bestowed (Jul 14) the Star Asia Lifetime Achievement Award on veteran actor Tai Bo, whose natural on-screen talent and indispensable presence in Hong Kong cinema, has earned him numerous awards. Hong Kong’s box-office hit “Twilight of the Warriors: Walled In” will have its North American premiere as the closing film of NYAFF on Jul 28.

The magic of dragon boat racing came to life at a spectacular awakening ceremony of the Hong Kong Dragon Boat Festival in New York in the heart of New York’s Times Square. Tourists and New Yorkers alike had front-row seats to the “eye-dotting” ceremony to awaken the dragon boats for this year’s festival to be held on Aug 3 – 4 in Flushing Meadows Corona Park. First introduced to New York by the HKETONY in 1990, the festival is now one of the largest multicultural event in New York and one of the largest dragon boat festivals in the US. Director of HKETONY Maisie Ho was among the special guests and dignitaries participating in the ceremony.  She hopes the festival continues to strengthen the friendship, as well as the cultural and sporting ties between Hong Kong and New York.

Young Hong Kong musicians perform at Carnegie Hall

The HKETONY welcomed (Jul 16) a group of young musical talents from Hong Kong, who were in town to perform in the 3rd PREMIA International Young Artists Music Festival Prizewinners Gala Concert at Carnegie Hall (Jul 17 – 18). Speaking at the welcome reception, Director of HKETONY Maisie Ho congratulated the students on showcasing their talent and performing at one of the world’s most revered musical venues. “Hong Kong, renowned for its cosmopolitan ambiance and thriving art and cultural scene, has played a pivotal role in nurturing a multitude of exceptional musicians who captivate audiences both locally and internationally,” she said.

Total number of non-Hong Kong companies registered at all-time high 

A total of 66,734 local companies were newly registered in Hong Kong during the first half of 2024, with 501 non-Hong Kong companies establishing a place of business in Hong Kong and registering under the Companies Ordinance. The total number of registered non-Hong Kong companies reached 14,959 by the end of June 2024, an all-time high figure. The total number of local companies registered under the Companies Ordinance reaching 1,440,935, which was also an all-time high figure.

Institutional green bonds issued

The Hong Kong Special Administrative Region (HKSAR) Government has successfully raised (Jul 18) approximately US$3.2 billion worth of green bonds denominated in renminbi, US dollars and euros under its Sustainable Bond Programme. The bonds, which have been assigned credit ratings of AA+ by S&P Global Ratings and AA- by Fitch, are expected to be settled on Jul 24 and listed on the Hong Kong Stock Exchange and the London Stock Exchange. The offering attracted participation from a wide spectrum of investors globally, with the equivalent of more than US$15.4 billion being received in orders. Financial Secretary Paul Chan said the issuance of Government green bonds is an important initiative to promote Hong Kong’s low-carbon transformation and consolidate the city’s development as a green and sustainable finance hub.

Application for Global Fast Track 2024 opens

Invest Hong Kong (InvestHK) announced that the 7th edition of the Global Fast Track (GFT), 2024 is now open for applications until Sep 20. The programme offers global and local fintech companies the opportunities to pitch their cases on international stages and benefit from mentorship and business matchmaking to unleash their potential. The global finalists of the GFT’s pitching competition will compete in the grand finale at Hong Kong Fintech Week. Global Head of Financial Services, Fintech and Sustainability at InvestHK King Leung said the GFT has evolved into a fintech-friendly platform in the past few years, helping over 1,000 fintech companies from more than 50 economies to showcase their cutting-edge innovations and expedite their market entry in Hong Kong and beyond. Details of the GFT 2024 and the application process can be found here.

Hong Kong reaffirmed its position as a premier asset and wealth management hub with a highly-diversified investor base, globalised asset allocation and robust fund inflows, according to the key benchmarking metrics in the annual Asset and Wealth Management Activities Survey 2023 survey by the Securities and Futures Commission.  Investors outside Mainland China and Hong Kong have consistently accounted for 54-56% of total asset under management (AUM) in the past five years, while 60% of the assets managed in Hong Kong are allocated to overseas markets. AUM in Hong Kong recorded a year-on-year growth of about 2.1% to over US$3.97 trillion, and net inflows of close to US$50 billion were registered last year, representing a year-on-year increase of over 3.4 times. Overall AUM grew 2% year-on-year in 2023, while net fund inflows surged 342%.

New measure on Northbound Swap Connect margin collateral arrangement welcomed

The HKMA and the SFC welcomed (Jul 9) the announcement by the People’s Bank of China that it will allow offshore investors to use onshore bonds under Northbound Bond Connect as margin collateral for Northbound Swap Connect transactions, further promoting synergies between Bond Connect and Swap Connect, thereby further invigorating market participation in the Connect Schemes. This measure will also provide Northbound Swap Connect investors with the additional choice of non-cash collateral, reducing their liquidity cost and improving capital efficiency. It will also help vitalise offshore investors’ onshore bond holdings and further enhance the attractiveness of onshore bonds.

The Financial Services & the Treasury Bureau and the Hong Kong Monetary Authority (HKMA) jointly issued (Jul 17) the consultation conclusions on the legislative proposal to implement a regulatory regime for fiat-referenced stablecoin (FRS) issuers in Hong Kong. Secretary for Financial Services & the Treasury Christopher Hui said in addition to the existing regulatory regime for virtual asset (VA) trading platforms, the establishment of a licensing regime for FRS issuers will further strengthen the VA regulatory framework in Hong Kong in line with international standards and effectively mitigate possible financial stability risks associated with FRS issuance activities. Separately, the HKMA announced that three institutions will participate in the stablecoin issuer sandbox, starting Jul 18. The sandbox, launched in March 2024, is part of the HKMA’s efforts in facilitating the sustainable and responsible development of stablecoin ecosystem in Hong Kong.

Visitor arrivals on the rise

Visitor arrivals to Hong Kong reached 3.13 million in June, according to provisional figures from the Hong Kong Tourism Board (HKTB), marking a 14% increase year on year.  Cumulatively, about 21 million visitors arrived in Hong Kong in the first six months of 2024, a 64% year-on-year increase, with a daily average of 116,000 visitors. Among them, about 16.1 million visitors arrived from the Mainland, nearly a 60% year-on-year increase. Five million were non-Mainland visitors, representing an 80% year-on-year increase. Visitors were satisfied with their overall experience in Hong Kong. According to the latest HKTB Departing Visitor Survey, the popular places visited among overnight visitors included Tsim Sha Tsui, Temple Street/ Ladies’ Market, The Peak, Hong Kong Disneyland and West Kowloon Cultural District.

The Chief Executive-in-Council conditionally approved (Jul 17) the relaxation of the Enhanced Financial Arrangements for the West Kowloon Cultural District (WKCD) to lift the “Build-Operate-Transfer only” restriction for residential developments within Zone 2 of the cultural district and permit the sale of residential developments. Secretary for Culture, Sports & Tourism Kevin Yeung said that relaxing the financial arrangement will provide the economic prerequisites for the operation of the WKCD and resolve the WKCD Authority’s current cash flow problem. The authority shall observe a number of key performance indicators on financial discipline set by the HKSAR Government, including a triennial cap on operating deficits and a cap on the percentage of staff cost to the total annual operating expenditure. For new capital projects, the authority shall demonstrate to the satisfaction of the Government the reasonableness of the cost estimates for any new projects before they can be given the status of committed projects.

Hong Kong innovation and technology talent lauded

Representatives from Hong Kong have stood out in a number of innovation and technology (I&T) competitions or exhibitions globally and on the Mainland, including the Edison Awards 2024, the 2023 R&D 100 Awards and the 49th International Exhibition of Inventions of Geneva. At the Geneva event, a record-high number of over 350 prizes were won by Hong Kong, with the Police Force and the Fire Services Department receiving Gold Medals with Congratulations of the Jury. Local scholars and scientists also received a number of globally renowned individual awards and made significant contributions to the country. Chief Executive John Lee said their remarkable achievements not only reflected the international recognition of Hong Kong’s R&D outcomes, but also exemplified the profound strength of Hong Kong's I&T sector, laying a solid foundation for developing the city as an international I&T centre with the support of the National 14th Five-Year Plan.

In a statement (Jul 18), the HKSAR Government said enacting legislation on Article 23 of the Basic Law and refining the laws concerning safeguarding national security are the constitutional responsibilities of the HKSAR, thus it strongly condemned and opposed the US Congress' Select Committee on the Strategic Competition Between the US & the Chinese Communist Party and the US Congressional-Executive Commission on China for making untruthful, slandering and smearing remarks against them. In accordance with international law and practice based on the United Nations Charter, safeguarding national security is an inherent right of all sovereign states. The HKSAR law enforcement agencies have been taking law enforcement actions based on evidence and strictly in accordance with the law in respect of the acts of the people or entities concerned, and have nothing to do with their political stance, background or occupation. As guaranteed by the Basic Law and the Hong Kong Bill of Rights, all defendants charged with a criminal offence shall have the right to a fair trial by the Judiciary exercising independent judicial power. The courts shall exercise judicial power independently, free from any interference.

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 organisations or bodies from conducting political activities in the HKSAR, and to prohibit political organisations or bodies of the HKSAR from establishing ties with foreign political organisations or bodies.

Q: Has reference been made to the laws on safeguarding national security in foreign countries?

A: Many common law jurisdictions, including western countries such as the United States, the United Kingdom, Canada, Australia and New Zealand, and Singapore have enacted various laws to safeguard national security. Appropriate reference have been made to the legislative experience of other countries, based on the practical need of the HKSAR to cope with the past, present and future national security risks that can be foreseen.