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Director of the Hong Kong Economic and Trade Office, New York (HKETONY) Maisie Ho visited Raleigh, North Carolina (Oct 28 – 29) to strengthen ties with interlocutors in business, technology, and education sectors. They included Innovate Carolina, the central team for innovation, entrepreneurship and economic development at the University of North Carolina at Chapel Hill; First Flight Venture Centre, one of the most prominent incubators in the Research Triangle Park; the Chamber for Greater Chapel Hill-Carrboro and Raleigh Internet of Things (RIoT). In her meetings, Ms Ho highlighted Hong Kong’s growing start-up ecosystem and strategic focuses and discussed possible partnership and collaboration between Hong Kong and Raleigh with academics and business executives. She also attended the RIoT Demo Night, an annual demonstration and networking event hosted by the RIoT initiative which fosters collaboration among start-ups, established companies, entrepreneurs and industry professionals. The Head of Business and Talent Attraction/Invest Promotion of Invest Hong Kong (InvestHK) in New York, Ranjit Unnithan, also joined the visit.

Industry leaders discussed tokenization of real world assets

New York financial and business executives learned more about the latest developments in tokenized assets in Hong Kong at a Nov 4 panel discussion “Tokenization of Real World Assets – Perspectives from HK and the US’ in NYC”, organised by InvestHK in New York. In her opening remarks, Director of HKETONY Maisie Ho spoke on Hong Kong’s efforts to create a vibrant digital assets ecosystem, highlighting the city’s balanced regulatory approach, putting in guardrails for investor protection and at the same time enabling financial innovation such as promoting real-world asset tokenisation and developing a digital money ecosystem. Among the panelists was Chief Representative of the Hong Kong Monetary Authority (HKMA) in New York Anson Law who shared information on how the HKMA was spearheading the efforts in tokenization developments in Hong Kong to promote the wider adoption of tokenisation in the capital markets.

17 strategic enterprises welcomed in Hong Kong

The Office for Attracting Strategic Enterprises (OASES) hosted (Nov 11) the OASES Partnership Signing Ceremony to welcome a new batch of 17 strategic enterprises to set up or expand their operations in Hong Kong. These enterprises come from industries such as life and health technology, artificial intelligence and data science, fintech, and advanced manufacturing and new energy technology. Most of them will establish global or regional headquarters in Hong Kong. Strategic enterprises, including approximately 50 firms that the office had previously attracted, will invest about US$5.4 billion in total in the city over the coming years, creating over 17,000 jobs. The ceremony was officiated by Financial Secretary Paul Chan.

Hong Kong FinTech Week successfully concludes

Hong Kong FinTech Week 2024 (Oct 28 – Nov 1), with its theme “Illuminating New Pathways in Fintech”, came to a successful close with over 800 speakers and 700 exhibitors, along with more than 37,000 visitors from over 100 economies in attendance. Addressing the conference on Oct 29, Secretary for Commerce and Economic Development Algernon Yau highlighted the array of new business-friendly initiatives announced in the 2024 Policy Address that all businesses in Hong Kong, including the fintech sector, could benefit from. The city’s competitiveness and business-friendly environment has attracted over 1,100 fintech companies to call Hong Kong home. Mark your calendar when Hong Kong FinTech Week celebrates its 10th anniversary next year, Nov 3 – 7, 2025.

Strategic partnership for climate investment enhanced

The HKMA has joined hands (Nov 11) with multilateral organisations including the Asian Development Bank, Asian Infrastructure Investment Bank, and International Finance Corporation, a member of the World Bank Group, in a strategic partnership to strengthen co-operation in sustainable finance in Asia. The strategic partnership serves as a call to action for all stakeholders to unite against climate change, with Actis GP being one of the General Partners supporting the initiative, aiming to deploy at least US$500 million in Asia. Chief Executive Officer of the Exchange Fund Investment Office of the HKMA Howard Lee said Hong Kong, as a leading green finance hub in Asia, has been facilitating a significant portion of the region’s international green and sustainable bonds in recent years.

Hong Kong’s ETF market growing

Hong Kong has strengthened and solidified its role as a leading player in the Asia-Pacific ETF (exchange-traded funds) market since the launch of the first ETF in 1999. Addressing the HKEX ETF Summit 2024 (Nov 5), Acting Secretary for Financial Services and the Treasury Joseph Chan said Hong Kong now boasts a diverse range of ETF products backed by deep liquidity, attracting renowned issuers, market makers, and investors. In the first three quarters of 2024, the average daily turnover of ETFs reached US$1.7 billion, up by 10% from the average in full year 2023, and up by 32% from the average in full year 2022 respectively.

Hong Kong's economy grows in Q3

Hong Kong’s economy grew 1.8% in the third quarter of 2024 over the same period a year earlier, down from a 3.2% increase in the second quarter, according to advance estimates. The Hong Kong Special Administrative Region (HKSAR) Government said that Hong Kong’s economy continued to expand in the third quarter of 2024 over a year earlier and highlighted that total goods exports saw decelerated year-on-year growth alongside softening economic growth in some major markets. Looking ahead, the economy should continue to grow in the remainder of the year.

The HKETONY and Hong Kong Talent Engage (HKTE) jointly promoted the city’s talent initiatives at an information session organised by the International Students and Scholars Office of Columbia University on October 30. Deputy Director of HKETONY William Leung and Director of HKTE Anthony Lau introduced Hong Kong’s unique advantages, dynamic career opportunities, and various talent admission schemes. The event attracted over 60 students from diverse fields of study.

Talent and migration plans refined

Hong Kong launched (Nov 1) three measures to enhance the Top Talent Pass Scheme (TTPS) and the Quality Migrant Admission Scheme (QMAS). Thirteen top Mainland and overseas universities/institutions have been added to the list of eligible universities under the TTPS, making a total of 198 eligible schools. Among the new additions are Parson School of Design and The New School, both in New York, and Rhode Island School of Design. The validity period of the first visas for Category A applicants, with an annual income reaching US$320,513, has been extended to three years to facilitate their planning to move to Hong Kong with their families. The General Points Test under the QMAS has been enhanced, with the adoption of a more objective and clear scoring criteria, and streamlining the application and selection process.

Snooker ace calls Hong Kong home

Snooker ace Ronnie O’Sullivan will call Hong Kong home, having taken up residency under the city’s Quality Migrant Admission Scheme, set up to attract elite professionals in various fields. The seven-time world snooker champion, who has previously visited Hong Kong, is due to play in the World Grand Prix at the new Kai Tak Sports Park in March 2025. He said he was drawn to the city by its great food, culture and lifestyle. Secretary for Labour & Welfare Chris Sun said O’Sullivan’s decision to obtain Hong Kong residency testifies to the attractions of the city and will inspire the Government to increase its efforts to attract outside talent.

Three-runway System to start operations on Nov 28

The Three-runway System (3RS) at Hong Kong International Airport (HKIA) is set to start operations on Nov 28. When fully operational, the 3RS will expand handling capacity at the airport to 120 million passengers and 10 million tonnes of cargo annually from 2035, significantly enhancing HKIA’s passenger and cargo capacities and further cementing Hong Kong’s reputation as an international aviation hub. The airport will start gearing up with business partners with a view to commissioning the expanded Terminal 2 by phases from end 2025 onwards.

Hong Kong Legal Week 2024 successfully concludes

The five-day flagship event of the legal sector and the Department of Justice, “Hong Kong Legal Week 2024”, with the theme of “Hong Kong Common Law System: World-Class Springboard to China & Beyond”, successfully concluded on Nov 8, with an attendance of about 2,500 participants in person and online from nearly 50 jurisdictions, demonstrating Hong Kong’s status as the leading international legal and dispute resolution services centre in the Asia-Pacific region. Delivering video remarks on Nov 8, Chief Executive John Lee said Hong Kong’s common law system remains robust and indispensable, thanks to the unique “one country, two systems” principle. To ensure a continuing flow of talented legal professionals for the city, the Hong Kong International Legal Talents Training Academy was launched, with the aim of cultivating the skills of the city’s legal and dispute resolution professionals.

Five Hong Kong universities ranked Asia’s top 20

Hong Kong’s education institutions continue to shine, with five institutions listed in the top 20 of the QS Quacquarelli Symonds Asia University Rankings 2025. The University of Hong Kong retained its second-place ranking in Asia and The Chinese University of Hong Kong moved up four places to 6th while City University of Hong Kong climbed seven places to enter the top 10. They were followed by The Hong Kong University of Science and Technology (11th) and The Hong Kong Polytechnic University (17th), underscoring Hong Kong’s position as a regional education and training hub.

Hong Kong Philharmonic to livestream concert

The Hong Kong Philharmonic Orchestra (HK Phil) returns to Central Harbourfront for its annual music extravaganza “Swire Symphony Under The Stars” for two concerts in November, under the baton of internationally renowned conductor Elim Chan. One of the concerts (6:30AM on Nov 16, New York time) will be livestreamed, enabling American and global audience to enjoy the wide repertoire of music from the world of fairy tales to classical masterpieces. Highlights include virtuoso pianist Chiyan Wong performing Tsfasman’s Jazz Suite, and HK Phil Principal Horn Lin Jiang in Glière’s Horn Concerto. The performance will cap off with spectacular fireworks set to the exhilarating 1812 Overture. Mark your calendar and tune into the live stream on the HK Phil website, Facebook page and YouTube channel, as well as the SwireThrive Facebook page.

US tech investment curbs rejected

The HKSAR Government rejected (Oct 29) a US measure restricting investment in China, including Hong Kong, on semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems. It said the US politicians once again have shown they have acted out of their own political interests, causing damage to normal trade and investment, the free market and economic order. In a statement, the HKSAR Government pointed out that the US was Hong Kong’s third-largest trading partner in 2023, with the total merchandise trade value amounting to US$60.3 billion while Hong Kong is the 27th largest trading partner of the US. The US has a US$271.5 billion trade surplus with Hong Kong during the past 10 years, the largest among its global trading partners. As at end 2022, the US ranked sixth in inward direct investment (IDI) into Hong Kong, with an IDI stock of US$45 billion. The US was placed eighth in outward direct investment (ODI) from Hong Kong, with an ODI stock of US$21 billion.

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: Would local organisations accepting financial aid from a foreign country be prohibited from operation upon enactment of the legislation?

A: No. The existing provisions relating to societies and the provisions relating to local organisations under the legislative proposals do not prohibit societies or local organisations from accepting financial aid from foreign organisations across the board. The crux of the matter is whether the local organisation concerned is a “political body”, and whether the foreign organisation which provides the financial aid is a “foreign political organisation”. If the local organisation is not a “political body” or the foreign organization, which provides the financial aid is not a “foreign political organisation”, the local organisation concerned will not be prohibited from operation only because it receives financial aid from a foreign organisation. An organisation with the objective of promoting environmental protection, charities, etc., which do not engage in activities endangering national security, will by no means be affected by the legislation on Article 23.