Business and Finance Updates from Hong Kong Government

The Legislative Council Finance Committee today approved an extra $1 billion in funding to provide long-term housing arrangements for the flat owners of Wang Chi House (Block H) at Wang Fuk Court in Tai Po. Together with $2.8 billion from the Support Fund for Wang Fuk Court in Tai Po and $4 billion earmarked under the 2026-27 Budget for the acquisition of Blocks A to G, the long-term housing plan will now cover all eight blocks of the estate. Deputy Financial Secretary Michael Wong thanked the committee for the approval, stressing that the Government will advance the acquisition work at full speed. As of yesterday, 90% of owners had submitted signed Letters of Acceptance. This includes 1,565 letters from Blocks A to G (90.1% of flats) and 221 letters from Block H (89.1% of flats). The Government has already signed Agreements for Sale & Purchase with 769 owners, representing 43% of those who submitted acceptance letters. Addressing residents’ concerns about retrieving personal belongings after transferring property titles to the Government, Mr Wong said those with special needs can make requests through the Engagement Team and the “one social worker per household” service. He explained that the general direction is to allow residents to return and collect necessary belongings to facilitate their relocation as far as possible.

The inaugural LEAP East 2026 technology exhibition concludes today, with exhibitors noting that the event has provided a premier platform for innovation and technology firms to expand overseas. Held at the Hong Kong Convention & Exhibition Centre, LEAP East 2026 brought together 450 exhibitors and over 35,000 visitors from 30 countries and regions. A Mainland exhibitor highlighted that LEAP East maintains deep ties to the Middle East. Its debut in Hong Kong is expected to attract government organisations, investors and buyers from the region and across the globe. With the exhibition set to run in Hong Kong for the next three years, the exhibitor said this long-term commitment serves as a valuable gateway to global markets while allowing local start-ups massive exposure. Among the participants was a Hong Kong-based start-up that specialises in robotic automation solutions and collaboration platforms. Founded about six years ago, the firm seek to leverage the platform to scale its business internationally. Founder San Wong said that the domestic market is limited in scale and he hoped to leverage the exhibition to tap into international markets, particularly the Middle East. “LEAP is an exhibition that is very focused on the Middle East,” Mr Wong said. “A couple of years back, we had a client from Germany and they were actually running oil infrastructure in the Middle East. They saw that we had some products that could help robots automate the process,” he […]

LEAP East 2026, the first LEAP conference to be held outside of Saudi Arabia, highlights Hong Kong’s role as a unique gateway connecting the Chinese Mainland with the world. Running at the Hong Kong Convention & Exhibition Centre until tomorrow, the event has brought together 340 speakers, 450 exhibitors and over 35,000 visitors from 30 countries and regions. Among the exhibitors is a Saudi digital enterprise specialising in artificial intelligence and data analytics. Its Strategic Relations Vice President Majid Saad Alarifi said LEAP East can facilitate the expansion of its overseas business. He elaborated that with governments showing increasing interest in the smart city concept, Hong Kong, as a high-tech and well-governed place, provides an excellent platform allowing his firm to tap into the Asia-Pacific market. Meanwhile, at the HKSTP Pavilion set up by the Hong Kong Science & Technology Parks Corporation, 23 park companies are showcasing their innovations and services. Hong Kong Science & Technology Parks Corporation Chief Marketing Officer Hilda Chan stressed that LEAP East realises Hong Kong’s role as a super-connector. She added that the event has brought startups to Hong Kong so that they can better understand the city's ecosystem, while also allowing Hong Kong startups to connect with overseas investors and find business match-ups.

The Department of Justice (DoJ) has released the second edition of the “Collection of Success Stories: Hong Kong’s Professional Services Supporting Chinese Mainland Enterprises Going Global”. Compiling over 160 cases, the new series nearly triples the inaugural volume, showcasing Hong Kong’s capacity to provide comprehensive, full-chain, end-to-end support for Mainland businesses expanding internationally. This publication builds upon the launch of the Hong Kong Professional Services GoGlobal Platform and the first series of the collection in December. Through this initiative, the DoJ aims to foster collaboration across vital professional sectors, such as accounting and finance, to jointly support Mainland enterprises. Deputy Secretary for Justice and Chairman of the Expert Committee on Professional Services for Going Global Cheung Kwok-kwan noted that the second series covers a diverse array of cross-disciplinary practices, including the legal, accounting, financial and business consultancy sectors. He added that these cases vividly demonstrate the unique value of Hong Kong’s professional services. They highlight three defining features: full business lifecycle coverage, representation across diverse industries, and global investment footprints.

The Government has welcomed the Legislative Council's passage of the Stamp Duty (Amendment) (No. 2) Bill 2026, which sets out rules for the calculation and payment in Renminbi (RMB) of stamp duty arising from dual-counter stock transactions conducted at the RMB counter. The measure, passed today, will allow investors to settle both their trades and the associated stamp duty, in RMB, at the same RMB counter. It is expected to increase the RMB counter’s turnover and liquidity, strengthening the RMB’s role as an international investment currency. The legislation will be published in the Government Gazette on July 17. To facilitate system preparations by the Hong Kong Exchanges & Clearing, the industry and relevant government departments, the new arrangements will commence on a day to be announced separately by the Secretary for Financial Services & the Treasury by way of a notice published in the Gazette.

The inaugural LEAP East 2026 technology conference officially opened today at the Convention & Exhibition Centre. Welcoming the event to Hong Kong, Financial Secretary Paul Chan noted that it marks the first LEAP conference held outside Saudi Arabia. Addressing the opening ceremony, Mr Chan said the event underscores the deepening partnership between Hong Kong and Saudi Arabia, while highlighting the city’s unique role as a gateway connecting the Mainland with the world.  Mr Chan outlined Hong Kong's strengths as an ideal innovation base, citing its common law system, robust intellectual property protection, free flow of capital, goods, talent and data, low and simple tax regime and stable business environment. He invited Saudi and Gulf enterprises to utilise Hong Kong as an international fundraising and risk-management platform. He also reaffirmed the Hong Kong Special Administrative Region Government’s commitment to strengthening bilateral co-operation in innovation, infrastructure, green technology, healthcare, advanced manufacturing and professional services.  “There is enormous potential for us - Hong Kong and Saudi Arabia - to do more together. Both of us are gateways to our respective regions, and our capital markets are already linked - through mutual listings of exchange-traded funds.  “We warmly welcome Saudi and Gulf enterprises to leverage Hong Kong's capital markets through listings, bond issuance, asset management and other […]

Hong Kong today launched, on a trial basis, a gold central clearing and settlement system, along with targeted initiatives to build a modern, full-chain trading ecosystem. Launching the measures, the Financial Services & the Treasury Bureau said they include rolling out the initial phase of "Delivery Connect with the Shanghai Gold Exchange", and a new HAU price ticker designed to furnish a specific reference rate tailored for Hong Kong. There are plans to expand storage capacity and refining capabilities, diversify gold investment products, explore tax incentives, co-ordinate insurance arrangements, bolster the flexibility of Mandatory Provident Fund investments in gold exchange-traded funds, and institute an industry-led trade association. Financial Secretary Paul Chan underscored that the National 15th Five-Year Plan incorporates explicit support for Hong Kong in establishing a commodity trading ecosystem. “The commencement of the trial operation of the gold central clearing and settlement system today marks a significant step forward in developing Hong Kong's gold trading infrastructure,” he said. Mr Chan also highlighted that the Government is committed to building a thriving gold trading ecosystem. “This will further enhance the richness, depth, and breadth of our financial markets, create new investment opportunities for local and overseas investors, and inject new momentum into the development of the financial sector.” Secretary for Financial […]

Chief Executive John Lee met Governor of the People's Bank of China Pan Gongsheng today to exchange views on economic and financial issues.  Welcoming Mr Pan and his delegation to Hong Kong, Mr Lee said that the National 15th Five-Year Plan supports Hong Kong in consolidating and enhancing its status as an international financial centre. This includes strengthening its functions as a global offshore renminbi (RMB) business hub, an international asset and wealth management centre and an international risk management centre, as well as building a commodity trading ecosystem.  To proactively seize these major opportunities and promote high-quality development, the Hong Kong Special Administrative Region Government is preparing Hong Kong's First Five-Year Plan.  Mr Lee highlighted that the Hong Kong SAR Government will continue to leverage Hong Kong's unique advantages under the "one country, two systems" principle, enjoying strong support from the motherland while staying closely connected to the world. He added that the city will continue to promote mutual market access between Hong Kong and Mainland financial markets, facilitating the two-way flow of capital and enhancing the city’s global competitiveness.           Hong Kong ranks among the world’s top three international financial centres, and stands as the world's largest offshore RMB business hub and cross-boundary wealth management centre.  Mr Lee noted that with the country's support, Hong Kong […]

Precision timing, acoustic testing and medical technology may serve different sectors, but they all rely on the same imperative: exactness. Hong Kong’s professional testing and certification (T&C) services offer just that. The Innovation & Technology Commission’s Standards & Calibration Laboratory (SCL) provides services including calibration of power measurements for electrical networks, as well as medical laboratory instruments, where precision is vital. Through its rigorous metrological standards, the SCL safeguards many aspects of everyday life in the community. A brand-new free-field acoustic anechoic chamber at the SCL was installed last year when the laboratory moved into the Tseung Kwan O Government Offices.               The chamber suppresses echoes to create an extremely quiet environment for research on architectural and environmental acoustics and for the calibration of high‑precision acoustic instruments. Exceptional accuracy    “The chamber’s inner walls are fitted with specially shaped sound‑absorbing materials to largely reduce echoes, providing an absolutely quiet testing environment,” said Andrew Au, an electronics engineer at the commission. The facility helps local testing and certification bodies calibrate their equipment and deliver more reliable acoustic performance tests. The SCL also houses an atomic clock system, which operates at the exact caesium frequency, working in tandem with the global […]

The total value of retail sales in May, provisionally estimated at $33.8 billion, was up 7.9% compared with the same month a year earlier, the Census & Statistics Department said today. After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales represents a 4.8% year-on-year increase. Online sales accounted for 10.1% of the total retail sales value in May. Provisionally estimated at $3.4 billion, the value of this segment rose 33.1% from the same month a year earlier. The value of sales of consumer goods “not elsewhere classified” increased 14.8% in May 2026 compared with the same period a year earlier. There were also increases in the following categories: jewellery, watches and clocks, and valuable gifts (up 25.8%); commodities in supermarkets (up 0.9%); clothing (up 3%); commodities in department stores (up 9.2%); medicines and cosmetics (up 3.5%); electrical goods and other consumer durable goods not elsewhere classified (up 13%); motor vehicles and parts (up 1.7%); footwear, allied products and other clothing accessories (up 4.7%); books, newspapers, stationery and gifts (up 4.5%); furniture and fixtures (up 4.6%); and optical items (up 10.3%). Meanwhile, the value of sales of food, alcoholic drinks and tobacco dropped 0.3% in May compared with the same month in the previous year. This was followed by sales of fuels (down 12.2%); and Chinese drugs and herbs (down 9.5%). The Government […]

The Government today launched a two-month public consultation on policy proposals relating to the Trade Descriptions Ordinance (TDO), including a statutory seven-day cooling-off period on pre-paid consumer contracts for beauty and fitness services. Explaining the proposals, it said issues such as improper selling tactics and risks stemming from pre-payment models are particularly concentrated in the beauty and fitness services industries. Consumers often enter into long contracts involving substantial pre-payments under the sway of aggressive commercial practices or persuasive sales tactics. It added that there are limitations to the existing TDO in terms of investigatory work by Customs.  A comprehensive review of the ordinance has therefore been conducted, with reference to various factors, including practices. Various policy proposals are included in the public consultation document. The statutory cooling-off period on pre-paid consumer contracts for beauty and fitness services is intended to give consumers room to reconsider any pre-payment agreements. The proposed cooling-off period is seven calendar days, and the proposed refund period is 14 calendar days. A regulatory threshold based on the contract amount would be established. Proposed thresholds for consideration include $3,000 and above, $8,000 and above or $15,000 and above. The Government also proposes imposing a statutory two-year limit on contract durations, as well as other restrictions on pre-paid […]

Financial Secretary Paul Chan today concluded his visit to Xi’an by attending The First Western Commercial Space Conference, meeting Chairman of Chinese People’s Political Consultative Conference Shaanxi Provincial Committee Xu Xinrong. Speaking at the conference, Mr Chan highlighted Xi’an’s strong scientific research capabilities, robust industrial chain and deep pool of technological talent in the aerospace industry. He pointed out that for the commercial space industry to thrive, it must successfully secure financing, expand market reach and maintain steady development. Mr Chan discussed Hong Kong’s unique positioning under the “one country two systems” principle, noting that the city can act as an international interface for the western region’s aerospace industry across capital, research and market perspectives. In terms of capital, the Financial Secretary said Hong Kong can help technology enterprises with raising funds, valuation, pricing and cross-boundary mergers and acquisitions using internationally recognised rules. For scientific research, the city’s universities can partner with Xi’an institutions on key technologies, drive the commercialisation of research outcomes and leverage global networks to attract top-tier talent. Regarding market development, Hong Kong can help Mainland enterprises expand overseas by facilitating standards conversion and product validation. Mr Chan stressed that Hong Kong will leverage its openness, […]

Talent engagement has been one of the core policies of the current-term Government. In an interview with news.gov.hk marking his fourth year in office, Chief Executive John Lee highlighted Hong Kong’s strong progress in drawing global talent, noting that more than 290,000 professionals have arrived through various talent schemes, a figure that readily surpasses the Government’s targets. In the International Institute for Management Development’s World Talent Ranking 2025, Hong Kong advanced to fourth place worldwide and ranked top in Asia. Mr Lee described this rise in talent competitiveness as a success story under his leadership, and proof that the Government’s talent policy is working in the right direction. “This is important because talent will be positive for us if the talent joins me, but will probably be negative to me if it goes to my competitor because he becomes more competitive and I become less competitive.” Mr Lee also emphasised the substantial economic value the talent schemes continue to deliver for the city. He cited studies indicating that talent is expected to contribute around 1.2% to Hong Kong’s gross domestic product, but stressed that the actual figure is likely to be higher, as individual talents bring in their family members and contribute to the broader economy. Mr Lee singled out the Top Talent Pass Scheme (TTPS), which recruits graduates from the world’ top 100 universities, for recognition. The influx of personnel via the […]

The Government is helping both local and Mainland businesses to expand their global reach. In an exclusive interview with news.gov.hk, Chief Executive John Lee outlined that the establishment of the “GoGlobal Task Force” last year was aimed squarely at supporting enterprises in navigating their pathways to international markets. Mr Lee said: “When we talk about being a ‘Super Connector’, we can of course introduce and connect – but it is more than connect – we do value-adding.” The Chief Executive explained the Government adds value to firms’ operations. This includes sharing networks and knowledge, advising on business plans, explaining how professional services can help, offering guidance on raising money, and advising on compliance with local laws, all areas in which the Government has good experience. He elaborated that the Hong Kong SAR Government’s networks can help to ease the path for Mainland businesses to gain a foothold in other countries. “That is why I have done my recent visit to Central Asia, taking with me a big delegation comprising both Hong Kong and Mainland delegates, including professionals, and industries which are involved in mining, logistics, solving water problems, or new energy.” Mr Lee explained that through hands-on partnerships, these Mainland businesses gain a deeper understanding of what Hong Kong can offer. “Through doing it with us, they understand what Hong Kong can do for them. It is not just by reading […]

Financial Secretary Paul Chan today continued his visit to Xi’an, where he called on CPC Shaanxi Provincial Committee Secretary Zhao Yide, and toured a university and a high-tech zone. Mr Chan and Mr Zhao held an in-depth exchange of views on further strengthening Shaanxi-Hong Kong co-operation. The finance chief said the two places can deepen co-operation in areas such as innovation, research and development, commercialisation of research outcomes, the cultivation of innovative enterprises, and financing for listings, as well as talent exchanges and higher education. He invited Xi’an enterprises to send delegations to visit Hong Kong, connect with Hong Kong enterprises and the investment community, and explore further co-operation. In the morning, Mr Chan visited Northwestern Polytechnical University, where he met the university’s President Prof Song Baowei. He held a discussion session with innovation and technology enterprises, and spoke to more than 200 teachers, students and alumni. The Financial Secretary said that globalisation is shifting from an “efficiency first” model to one that places equal emphasis on “efficiency and resilience”, with supply chain security, self-reliance in core technologies, and cross-boundary regulation becoming key considerations. Mr Chan remarked that Hong Kong’s capital, talent and professional services can help to connect Xi’an’s technological achievements with international markets. He described this model in […]