Speech by SFST at Listing Ceremony of Hang Seng Gold ETF (English Only)
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Listing Ceremony of Hang Seng Gold ETF (exchange-traded fund) today (January 29):
Kelvin (Chairman of the Securities and Futures Commission, Dr Kelvin Wong), Luanne (Executive Director and Chief Executive of Hang Seng Bank, Ms Luanne Lim), Rosita (Director and Chief Executive Officer of Hang Seng Investment Management Limited, Ms Rosita Lee), ladies and gentlemen, and distinguished guests,
Good morning. It is a great privilege to address you today as we mark a pivotal new chapter in Hong Kong's financial market. With our determined efforts to position the city as a premier international gold trading hub, as indicated by the Chief Executive's Policy Address, the listing of the Hang Seng Gold ETF represents strong support for this vision and contributes to the growth and innovation of Hong Kong's gold market.
In recent years, sovereign and financial investors have increasingly sought diversification for reserves and asset allocation. Gold's attributes - as a commodity, an investment vehicle, and a safe-haven asset - have strengthened further, driving sustained price appreciation. Global gold demand in value terms surged 44 per cent year-on-year in the third quarter of last year, reaching a record US$146 billion. Gold ETF holdings also rose substantially, climbing by 222 tonnes in the quarter to exceed 3 800 tonnes, underscoring robust investor appetite amid geopolitical uncertainties and market volatility.
Photo source: reference image
We are delighted to welcome the listing of the Hang Seng Gold ETF. As the first ETF in Hong Kong that supports physical gold redemption at bank, it seamlessly blends the flexibility and liquidity of an ETF with the security of physical commodities. This enables smooth trading, secure storage, and flexible redemption - all conducted entirely within Hong Kong. We are also encouraged by the continued momentum of financial innovation here and look forward to even greater advancements. The exploration of distribution through licensed digital asset exchanges will help bridge traditional and digital finance, unlocking new opportunities.
The Hang Seng Bank, Photo source: reference image
This initiative aligns fully with the vision set out in the Chief Executive's 2025 Policy Address, which calls for accelerated development of a world-class international gold trading market. Key measures include establishing a central clearing system for gold in Hong Kong that provides efficient, reliable services in strict compliance with international standards, while inviting participation from the Shanghai Gold Exchange to facilitate collaboration with the Mainland.
A landmark milestone was achieved this Monday with the signing of a co-operation agreement between my bureau and the Shanghai Gold Exchange at the Asian Financial Forum earlier this week. This partnership lays a solid foundation for Hong Kong's gold central clearing system to connect with the Mainland market.
The Hong Kong Precious Metals Central Clearing Company Limited, wholly owned by the Hong Kong SAR (Special Administrative Region) Government, will operate this system. Together with our partners, we will drive its efficient development, ensuring alignment with international standards and also promoting greater trust, transparency, and innovation in the gold market.
In closing, I wish the listing every success. By working hand in hand with the market, we are building a more connected, efficient, and innovative gold ecosystem that benefits investors regionally and also globally. Thank you.
Mr Christopher Hui, Photo source: news.gov.hk
LegCo Members visit Kwu Tung North New Development Area in Northern Metropolis
The following is issued on behalf of the Legislative Council Secretariat:
The President of Legislative Council (LegCo), Dr Starry Lee, as well as members of LegCo Panel on Development and other Members conducted the third visit to the Northern Metropolis (NM) today (September 10) to gain insight into the latest planning and development of the Kwu Tung North (KTN) New Development Area (NDA), the efforts to conserve the ecology of and historic buildings in NM, and the Administration's measures to promote urban-rural integration.
Accompanied by the Secretary for Development, Ms Bernadette Linn, and the Secretary for Housing, Ms Winnie Ho, Members first observed the construction sites of the public housing estate Kwu Chun Estate, several private housing projects, and the MTR Kwu Tung Station at the newly constructed Road P1 in the KTN NDA. They were also briefed by the Administration on the overall planning and development concepts of the KTN NDA, as well as the latest development progress of housing, transport infrastructure, and the Government joint-user complex and general office building in the district.
Members learnt that Kwu Chun Estate is among the first batch of public rental housing projects in the NDAs of the NM, with phase one comprising about 5 000 units that will be ready for intake in phases starting from the third quarter of this year. The Kwu Tung Station is also expected to commence service in 2027. Members exchanged views with government officials on the construction of community facilities, such as markets, shopping centres, public transport facilities and schools in the NDA, and urged the Administration to ensure that community facilities are in place when residents start to move in to meet the needs of local residents.
Members also visited the Sik Sik Yuen Lady Ho Tung Welfare Centre Eco-Learn Institute in Kwu Tung. Built in 1933, the Lady Ho Tung Welfare Centre provided medical services to local villagers until its closure in 2005. The Centre was subsequently accorded Grade II historic building status, and then revitalised into an ecological learning institute in 2023. Members toured the ecology and cultural history exhibition hall and the outdoor areas, which features facilities including an eco-pond and a Chinese medical herbs garden. Members were also briefed by the Administration on policies regarding revitalisation and conservation of historic buildings, as well as the revitalisation and conservation process of the Institute.
Accompanied by the Acting Secretary for Environment and Ecology, Miss Diane Wong, Members also visited the Long Valley Nature Park and the nearby Yin Kong Village to learn about the Government's efforts to promote urban-rural integration and ecological conservation in the NM. Members noted that, to promote urban-rural integration in the NM, the Governmentproposed establishing a $200 million "NM Urban-Rural Integration Fund" as a pilot scheme to support non-governmental organisations to take forward urban-rural integration projects, as well as piloting the relaxation of planning restrictions on "Village Type Development" in Yin Kong Village, allowing houses within the village to be converted into restaurants, retail shops or guesthouses, with a view to boosting economic activities in villages and tourism development.
Members welcomed the Administration's implementation of various measures to promote integration of villages and NDAs when planning the NDAs in the NM. They exchanged views with the representatives of the Government on how to assist villagers in retrofitting their houses for engaging in economic activities, as well as the infrastructure upgrading works, such as transport and sewerage, required to cope with the additional economic activities.
A total of 64 Members attended the visit. In addition to members of the Panel on Development, other non-members also attended.
Click here to watch the video highlight of today's visit.
LegCo Members visit Kwu Tung North New Development Area in Northern Metropolis Source: HKSAR Government Press Releases
LegCo Members visit Kwu Tung North New Development Area in Northern Metropolis Source: HKSAR Government Press Releases
LegCo Members visit Kwu Tung North New Development Area in Northern Metropolis Source: HKSAR Government Press Releases
LegCo Members visit Kwu Tung North New Development Area in Northern Metropolis Source: HKSAR Government Press Releases
LegCo Members visit Kwu Tung North New Development Area in Northern Metropolis Source: HKSAR Government Press Releases
LegCo Members visit Kwu Tung North New Development Area in Northern Metropolis Source: HKSAR Government Press Releases
