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Secretary for Health deeply concerned about management of public healthcare system

HK

Secretary for Health deeply concerned about management of public healthcare system
HK

HK

Secretary for Health deeply concerned about management of public healthcare system

2024-06-21 22:12 Last Updated At:06-22 01:08

Health bureau calls for major reforms in public hospitals to ensure patient safety and well-being amid recent incidents

The Health Bureau (HHB) is deeply concerned about the multiple recent incidents in relation to caring procedures for patients and operation of equipment occurred in public hospitals. The HHB is of the view that such incidents reflect the dire need for improving the management of public healthcare system to ensure medical safety and the well-being of patients.

The HHB instructed the Hospital Authority (HA) today (June 21) to conduct a comprehensive review of the systemic issues and the need for reform with regard to the management of public hospitals while reviewing the causes of individual incidents and taking relevant improvement measures in a proactive manner. The HA is required to submit a report together with recommendations to the HHB within three months.

The Secretary for Health, Professor Lo Chung-mau, said, "Patients' safety should at all times be accorded the topmost priority in the healthcare system. In the light of the multiple recent incidents related to healthcare services of public hospitals, I have written to the Chairman of the HA to express serious concern, task the HA to follow up on the relevant incidents expeditiously, and instruct the HA to initiate with utmost intent a comprehensive and independent review regarding the associated systemic issues of public hospitals, including the monitoring mechanism for compliance with medical procedures, staff appraisal and accountability of the management, internal risk management systems, contingency response as well as arrangements of communication and announcements. I have demanded the HA to complete the review and submit a report covering recommendations on corresponding enhancement measures within three months. Subject to HA's report, the HHB will carefully examine HA's system and the need for reform.

"The HA is required to take every measure to ensure that patients of public hospitals receive the most optimal medical care, prevent the occurrence of medical and equipment incidents, and minimise the risks posed to patients and staff, with a view to maintaining the healthcare quality in Hong Kong and upholding public confidence in the public healthcare system."

Source: AI-generated images

Source: AI-generated images

HKSAR Government's Institutional Green Bonds Offering

The following is issued on behalf of the Hong Kong Monetary Authority:

The Government of the Hong Kong Special Administrative Region of the People's Republic of China (the HKSAR Government) today (July 18) announced the successful offering of approximately HK$25 billion worth of green bonds (the Green Bonds), denominated in Renminbi (RMB), US dollars (USD), and euro (EUR) under the Government Sustainable Bond Programme (previously known as the Government Green Bond Programme).

Following a virtual roadshow on July 16, 2024, the Green Bonds were priced on July 17, 2024 as follows:

  • RMB2 billion 2-year tranche at 2.60 per cent;
  • RMB2 billion 5-year tranche at 2.70 per cent;
  • RMB2 billion 10-year tranche at 2.80 per cent;
  • RMB2 billion 20-year tranche at 3.05 per cent;
  • RMB2 billion 30-year tranche at 3.15 per cent;
  • US$1 billion 3-year tranche at 4.336 per cent; and
  • EUR750 million 7-year tranche at 3.379 per cent.
  • The offering attracted participation from a wide spectrum of investors globally, with more than HK$120 billion equivalent in orders. In particular, the 20-year and 30-year RMB Green Bonds were offered for the first time by the HKSAR Government, among which the 30-year bond is also the longest tenor RMB bond offered by the HKSAR Government so far, providing new benchmarks for the market.

    The Financial Secretary, Mr Paul Chan, said, "The issuance of Government green bonds is an important initiative to promote Hong Kong's low-carbon transformation and consolidate Hong Kong's development as a green and sustainable finance hub. Global institutional investors responded enthusiastically to the subscription of these Green Bonds, reaffirming our efforts on this front. The inaugural offering of the 20-year and 30-year RMB bonds helps to extend the offshore RMB yield curve, further enrich offshore RMB product offerings, and promote RMB internationalisation in an orderly manner."

    The Green Bonds are being issued by the HKSAR Government under the Global Medium Term Note Programme dedicated to green bond issuances established in early 2021. The Green Bonds are expected to be settled on July 24, 2024 and listed on the Hong Kong Stock Exchange and the London Stock Exchange. The Green Bonds have been assigned credit ratings of AA+ by S&P Global Ratings and AA- by Fitch.

    The Hong Kong Monetary Authority acted as the HKSAR Government's representative in this green bond offering. Proceeds raised will be credited to the Capital Works Reserve Fund to finance or refinance projects that provide environmental benefits and support sustainable development.

    The HKSAR Government published its Green Bond Framework (the Framework) in March 2019, which sets out how green bond proceeds will be used to fund projects to improve the environment and facilitate the transition to a low carbon economy. The Framework was subsequently updated in February 2022, reflecting the HKSAR Government's latest commitments and strategy in combatting climate change and aligning with the latest international standards and practices in the green bond market. Vigeo Eiris, which is now part of Moody's ESG Solutions, has provided a Second Party Opinion for both the original and updated Green Bond Framework. The Green Bonds have also received the Green and Sustainable Finance Certificate (Pre-issuance Stage) from the Hong Kong Quality Assurance Agency. The HKSAR Government has since published four annual reports on the allocation of the proceeds from previous green bond issuances and the expected environmental benefits of the projects financed.

    The list of Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers, and Joint Green Structuring Banks for the Green Bonds offering are set out at the attached Annex.

    Investors' Distribution by Category

    Category

    RMB

    Green Bonds

    USD

    Green Bonds

    EUR

    Green Bonds

    Banks

    71%

    57%

    48%

    Central banks, sovereign wealth funds and international organisations

    13%

    22%

    14%

    Fund managers, private banks, insurance companies and others

    16%

    21%

    38%

    Note: The RMB and EUR Green Bonds were offered in Reg S format and the USD Green Bonds in 144A / Reg S format (Note).

    DISCLAIMER:

    NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION OR DISSEMINATION WOULD BE PROHIBITED BY APPLICABLE LAW.

    THIS ANNOUNCEMENT IS NOT MADE BEING MADE AVAILABLE IN, AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION OR DISSEMINATION WOULD BE PROHIBITED BY APPLICABLE LAW.

    THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF, OR A SOLICITATION OF AN OFFER TO BUY, SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION.

    THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH ALL APPLICABLE STATE LAWS. THERE WILL BE NO PUBLIC OFFERING OF SUCH SECURITIES IN THE UNITED STATES.

    Note: Reg S pertains to offerings of securities made outside of the United States. Rule 144A pertains to placements of securities to qualified institutional buyers in the United States meeting the requirements of that Rule.

    Source: AI-generated images

    Source: AI-generated images

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