Hang Seng Gold ETF Launch Marks New Era for Hong Kong's Gold Market

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

KCDO received report of suspected hacking into instant messaging application account of Sub-district Care Team

The Kowloon City District Office (KCDO)this evening (March 16)received a report of suspected hacking into the instant messaging application account of a Sub-district Care Team which may have resulted in the leakage of personal data of service users.

The operating organisation of the Kadoorie Sub-district Care Team (i.e. Kowloon City Youths Association) reported to the KCDOthis eveningthat the instant messaging application account of Kadoorie Sub-district Care Team was suspected to have been hacked. The incident may have resulted in the leakage of personal data, including names, telephone numbers, addresses and full or partial Hong Kong Identity Card numbers, of 10 service users.

Regarding this incident, apart from informing affected service users immediately and reminding them to be vigilant, the operating organisation has also reported to the Police and notified the Office of the Privacy Commissioner for Personal Data. The operating organisation is reviewing and will further strengthen its security measures. If anyone suspects a person impersonating a member of the Kadoorie Sub-district Care Team, they may contact the Kadoorie Sub-district Care Team, the KCDO or call182 111to verify the person's identity. In case of suspicious circumstances, please call the 24-hour Anti-Scam Helpline 18222.

The KCDO apologises to the persons affected for any inconvenience caused and has set up a hotline (2712 9182) for enquiries. Members of the public may also visit the Care Teams' dedicated webpage (www.had.gov.hk/en/public_services/district_services_community_care_teams/fraud_prevention.htm) to learn about the anti-fraud measures.Members and volunteers of Care Teams will wear Care Team uniforms and display Care Team member or Volunteer Certificates of Identity for identification when providing caring services. The KCDO has asked the Care Team for heightened vigilance and strengthened security measures and to continue to handle and keep personal data confidential strictly according to the guidelines. The Home Affairs Department has also reminded all Care Teams accordingly.

Source: AI-found images