(Policy Address 2022) Hong Kong to improve financial services

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Hong Kong is to issue measures to focus on its financial services as an international financial center and the largest offshore RMB business hub.

The Hong Kong Exchanges and Clearing Limited (HKEX) will revise the main board listing rules next year to make it easier to raise funds for high-tech companies that have not yet met the profit and loss requirements. commercial registration. It also plans to revitalize the GEM (formerly known as the Growth Enterprise Market) to provide small and medium-sized enterprises (SMEs) and start-ups with a more efficient fundraising platform.

“We will build on our strengths as the largest offshore RMB business center to promote the launch of more RMB-denominated investment tools and the provision of stable and highly efficient treasury services,” he said. said Chief Executive John Lee Ka-chiu during his 2022 policy address.

He added that the government will also promote mutual market access, including by introducing a bill this year to waive stamp duty payable for trades made by dual-desk market makers.

Meanwhile, the city will develop green and sustainable finance and make Hong Kong an international carbon market, Lee said.

In addition, the city will boost Fintech competitiveness by introducing bills proposing to establish a statutory licensing regime for virtual asset service providers.

“We also aim to attract no less than 200 family offices to establish or expand their operations in Hong Kong by the end of 2025,” he noted.

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