On August 2, 2024, the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) signed a Memorandum of Understanding (MOU) to establish a framework for connecting payment systems between mainland China and Hong Kong. The agreement was signed by PBOC Deputy Governor Lu Lei and HKMA Deputy Chief Executive Howard Lee. During…
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Hong Kong has been recognized as a “pivotal global financial hub” and international asset management center, joining Shanghai, Singapore, Sydney, and Dubai as one of the five new wealth hubs. The city stands out for its regulatory frameworks, capital markets, and connectivity to the Chinese mainland. This designation is based on six core areas that…
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According to recent research within the business community, approximately 63% of Hong Kong employers plan to hire contractors this year. Hong Kong is currently undergoing numerous transformation projects, which demand immediate talent. Employers face challenges in securing headcount approval for permanent roles, making contracting an attractive option for quickly and efficiently bringing in staff. The…
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The Hong Kong Special Administrative Region (HKSAR) saw a record high in new company registrations in the first half (H1) of 2024, according to the Companies Registry of the HKSAR. In H1 2024, 66,734 new local companies were registered, bringing the total number of local companies under the Companies Ordinance to a historical high of…
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Stablecoins are backed by a specified asset or basket of assets to maintain a stable value, usually pegged to a country’s currency, such as the US dollar. This stability contrasts with other crypto assets, which lack backing and are more volatile. Hong Kong is not the first jurisdiction to propose a regulatory regime for stablecoins.…
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Over the past decade, the booming development of international trade and the increasing influence of the Belt and Road Initiative have highlighted the importance of a diversified commercial dispute resolution regime, with arbitration remaining the most preferred mechanism for resolving international commercial disputes. Globally, although ad hoc arbitration is the original form, institutional arbitration has…
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The Government of the Hong Kong Special Administrative Region has initiated a two-month public consultation aimed at enhancing the Copyright Ordinance to address developments in artificial intelligence technology. The consultation will address several key issues: Copyright protection for AI-generated works Liability for copyright infringement Potential exceptions and related concerns This initiative seeks to align Hong…
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Explore the vibrant tapestry of Hong Kong, acclaimed as Asia’s World City, where 24-hour trading seamlessly interacts with the globe’s most influential financial hubs. With its sophisticated financial infrastructure, thriving innovation and technology ecosystem, and an unrivalled pool of talent, this energetic metropolis empowers investors to seize opportunities within the world’s fastest-growing region. Strategically situated…
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The Stock Exchange of Hong Kong Limited (HKEX) and the Securities and Futures Commission (SFC) are intensifying their collaboration to target IPO-related misconduct, suspicious financial arrangements, and ramp-and-dump scams that are plaguing the city’s financial markets. Over the past year, the HKEX conducted inquiries into the use of IPO proceeds by 16 newly listed companies,…
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