The Office for Attracting Strategic Enterprises (OASES) has successfully facilitated the entry or expansion of 66 strategic enterprises in Hong Kong, reinforcing the city’s reputation as a global hub for innovation and business. Key Highlights:New and Expanded Operations: About 60% of these enterprises have established new operations in Hong Kong, while the remaining 40% have…
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Bank of China (Hong Kong) Ltd (BoC HK) Envisions Greater Use of Renminbi in Cross-Border Deals. Bank of China (Hong Kong) Limited, the second-largest bank in Hong Kong by assets, anticipates a rise in the use of the renminbi (RMB) for cross-border transactions. The bank plans to expand RMB-related services next year, driven by growing…
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The sector’s Assets Under Management (AUM) nearly tripled in 2023 compared to 2022, reflecting robust growth. Despite ongoing global uncertainties, including geopolitical tensions, interest rate fluctuations, and digital disruptions, most AUM firms in the sector remain optimistic about the market’s future. Industry leaders are particularly confident about the next five years, driven by significant wealth…
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HSBC chief executive Georges Elhedery’s proposed restructuring of the bank has reignited discussions about a potential break-up of the group. One top-20 investor has suggested the bank consider a complete split between its eastern and western operations. Rajiv Jain, founder of GQG Partners—which holds an $800mn stake in HSBC—said the bank’s long-term direction “should really…
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The Mainland-Hong Kong Science and Technology Cooperation Committee has unveiled its 2024-2025 workplan, aimed at advancing innovation and technology (I&T) collaboration between Hong Kong and the Mainland. Key aspects of the plan include: Alignment with the Hong Kong Innovation and Technology Development Blueprint:Focus on establishing Hong Kong as a global innovation hub.Acceleration of strategic initiatives…
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Hong Kong SAR has the potential to serve as a key investment and financing hub, supporting the development of Shanghai and other mainland businesses and enabling them to expand globally by leveraging Hong Kong’s unique resources and position. Currently, over 1,400 mainland companies are listed on the Hong Kong Stock Exchange, with nearly 200 originating…
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The Securities and Futures Commission (SFC) of Hong Kong, SAR, announced plans to issue additional licenses for virtual asset trading platforms by the end of 2024, marking a significant step toward a regulated cryptocurrency market. Dr. Eric Yip, SFC Executive Director, reported strong transaction growth in Hong Kong’s virtual asset sector from 2023 to 2024.…
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Hong Kong has maintained its standing in the 2024 World Justice Project Rule of Law Index, ranking sixth in East Asia and the Pacific and 23rd globally out of 142 countries and jurisdictions, the government announced. The Government of the Hong Kong Special Administrative Region (HKSAR) highlighted that Hong Kong continues to surpass several European…
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Hong Kong SAR ranked as the world’s freest economy amongst 165 economies, up by one notch from 2023, according to the Fraser Institute’s Economic Freedom of the World 2024 annual report. Amongst the five areas of assessment in the report, the city ranked top in ‘freedom to trade internationally” and “regulation,” whilst its ranking in…
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