Conclusion of auction of radio spectrum in 6/7 GHz band
The Office of the Communications Authority (OFCA) announced today (November 29) that the auction of the radio spectrum in the 6/7 GHz band commenced from Monday (November 25) has completed. A total of 300 MHz of spectrum in the band was bid for by three mobile network operators at a total of spectrum utilization fees (SUFs) of $630 million.
The results of the auction are listed in the table below:
Frequency block |
Frequency range
(MHz) |
Provisional successful bidder |
SUF payable
($) |
A1 - A5 |
6570 - 6670 |
China Mobile Hong Kong Company Limited |
210,000,000 |
A6 - A10 |
6670 - 6770 |
Hong Kong Telecommunications (HKT) Limited |
210,000,000 |
A11 - A15 |
6925 - 7025 |
SmarTone Mobile Communications Limited |
210,000,000 |
"Hong Kong is the first in the world to conduct the auction of radio spectrum in the 6/7 GHz band for the provision of public mobile services. Being the largest remaining single block of mid-band spectrum for mobile services, the 6/7 GHz band will enable the deployment of fifth generation (5G) and, in the future, sixth generation (6G) mobile communications services, with high-speed and capacity vital to the future sustainable development of the digital economy and mobile broadband connectivity," a spokesman for OFCA said.
Benefitting from the amendments to the Inland Revenue Ordinance (Cap. 112), which came into effect in January this year, mobile network operators can enjoy full tax deductions for SUFs payable on radio spectrum acquired.
The provisional successful bidders are required to pay the SUFs as specified in the table above and submit performance bonds to guarantee compliance with network and service rollout requirements by January 15, 2025. The assignment of the spectrum will take effect on or before March 31, 2025, with a validity period of 15 years.
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video)
The Financial Secretary, Mr Paul Chan, continued his participation in activities at the World Economic Forum Annual Meeting in Davos, Switzerland, yesterday (January 22, Davos time). He held bilateral meetings with government officials and business leaders from various countries to promote Hong Kong's new advantages.
Mr Chan participated in the Informal Gatherings of World Economic Leaders over lunch, where more than 70 political and business leaders discussed strategies to prevent a new, non-co-operative normal.
Later, he met with Professor Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF). Mr Chan emphasised that the Hong Kong Special Administrative Region Government and its relevant agencies value their participation in the WEF Annual Meetings. This platform offers an opportunity for Hong Kong to showcase its latest economic and social developments to global leaders, and the city's unique advantages under the "one country, two systems" principle. He noted that such participation also enables Hong Kong representatives to better understand international trends, exchange views with various economic and sectoral representatives, and present Hong Kong's perspectives. Mr Chan expressed Hong Kong's willingness to strengthen co-operation with the WEF in different areas, including green transition, financial services development, urban management, and more.
Mr Chan also met with the Minister of Finance of Qatar, Mr Ali bin Ahmed Al-Kuwari, and the State Secretary for International Finance, Federal Department of Finance of Switzerland, Ms Daniela Stoffel, respectively. They exchanged insights on the latest global economic and financial landscapes and discussed ways to enhance co-operation between Hong Kong and both economies in trade, financial services and infrastructure.
Mr Chan also met with representatives from Coinbase, a United States cryptocurrency exchange platform, to learn about the company's latest business development. They exchanged views on global trends and regulatory policies concerning digital assets. Mr Chan also met with senior management from Swiss Re, where he outlined Hong Kong's initiatives to strengthen its role as an international risk management centre, including the development of innovative products such as catastrophe bonds. He emphasised that Hong Kong would continue to encourage businesses worldwide engaged in infrastructure and investment projects to leverage the city for comprehensive risk management; and Hong Kong seeks to attract more domestic and international companies to establish captive insurance companies in the city.
Mr Chan will continue his itinerary in Switzerland today (January 23, Davos time).
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
FS promotes Hong Kong's new advantages to global leaders in Switzerland (with photos/video) Source: HKSAR Government Press Releases
