Speech by SFST at Global Financial Markets Association Board Meeting Dinner
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Global Financial Markets Association (GFMA) Board Meeting Dinner today (April 21):
Peter (the Chief Executive Officer of GFMA, Mr Peter Stein), Howard (Deputy Chief Executive of the Hong Kong Monetary Authority Mr Howard Lee), members of the GFMA Board, ladies and gentlemen,
Good evening. It is an honour to join you this evening for the dinner ahead of the Global Financial Markets Association's board meeting. I would like to thank GFMA and its member associations, for bringing together the world's leading financial and capital market participants. Your collective voice on cross-border policy and market practices plays an important role in supporting efficient, resilient global capital markets and sustainable economic growth.
In today's global landscape, marked by uncertainties and shifting dynamics, Hong Kong's strengths as an international financial centre have never been more relevant. We offer a highly open and internationalised market, a regulatory regime aligned with major overseas jurisdictions, the rule of law, a rich pool of professional talent, robust infrastructure, and the free flow of information and capital. These attributes make Hong Kong not only a trusted place to conduct global operations, but also an attractive platform for companies seeking to list and grow.
Hong Kong is also the only city in the world where the global advantage and the China advantage converge. This unique position allows us to serve as the Mainland's gateway to international financial markets and as a bridge for global investors seeking exposure to China and Asia.
I am pleased to share that Hong Kong's equity markets delivered a strong performance last year, despite volatility in global markets. The Hang Seng Index saw average daily turnover surge by about 90 per cent to over US$32 billion. In the IPO (initial public offering) area, we recorded 119 new listings that raised more than US$36 billion, placing Hong Kong at the top of the global IPO league table for the year. This year, momentum has continued. As of the end of March, IPO fundraising in Hong Kong had already exceeded US$14 billion, again ranking first globally. In March alone, average daily turnover of Hong Kong stocks reached nearly US$39 billion, an increase of 8 per cent compared with the same period last year. These figures reflect the confidence that issuers and investors continue to place in our market. They also demonstrate the resilience and vibrancy of Hong Kong's equity IPO business, even amid broader global challenges.
Beyond our traditional strengths, we are actively extending our financial value chain and diversifying our offerings to further consolidate Hong Kong's position as a leading international financial centre.
One key area of focus is the development of an international gold trading market. We plan to commence trial operations of our central clearing system for gold this year. At the same time, we are exploring tax incentives for gold trading and settlement to enhance Hong Kong's competitiveness in this important segment.
Another priority is establishing Hong Kong as a digital asset hub. We have already licensed 12 digital asset trading platforms, and we continue to strengthen our regulatory framework across key areas. Just this month, we granted two stablecoin issuer licences under the new Stablecoins Ordinance. Our regime is designed to provide a clear, orderly environment that encourages innovation while ensuring robust investor protection and effective risk management. We believe this balanced approach will help foster a healthy, responsible and sustainable stablecoin ecosystem in Hong Kong.
Ladies and gentlemen, Hong Kong remains firmly committed to reinforcing our role as a top international financial centre. We will continue to build on our unique advantages, enhance our market infrastructure, and create new opportunities for global participants. I look forward to working closely with all of you to deepen collaboration and to drive the continued growth and resilience of our financial markets.
Thank you.
Source: AI-found images
Speech by FS at World Intellectual Property Day Reception 2026
Following is the speech by the Financial Secretary, Mr Paul Chan, at the World Intellectual Property Day Reception 2026 today (April 21):
Algernon (Secretary for Commerce and Economic Development, Mr Algernon Yau), David (Director of Intellectual Property, Mr David Wong), consuls-general, distinguished guests, ladies and gentlemen,
Good evening. I am pleased to join you tonight in celebration of the World Intellectual Property Day.
Today also marks the second day of the National Intellectual Property Publicity Week. For the first time, Hong Kong has brought the two together in one year, aligning WIPO (World Intellectual Property Organization)'s theme of "IP and Sports", while echoing the country's call to strengthen IP (intellectual property) protection in emerging fields and accelerate the development of new quality productive forces.
These two seemingly divergent themes indeed share one same spirit: IP is a key driver of innovation and industry development.
Promoting IP trading
IP is a strategic asset for economic transformation, and a critical bridge that turns creativity into economic value.
There is substantial economic value to be unlocked through IP. Consider the scale of innovation in the Greater Bay Area (GBA) in IP terms. At last count, the GBA had close to 820 000 valid invention patents, nearly one-sixth of the national total, showing the breadth and depth of investable innovation on our doorstep.
With our common law system, a strong tradition of the rule of law, and world-class professional services, Hong Kong is well positioned to build ourselves into a regional IP trading hub. Indeed, our country fully supports Hong Kong’s development in this direction, as reaffirmed in the National 15th Five-Year Plan.
IP trading is, of course, important. But it is only part of the story. Our goal is to unlock the value of IP in full, and to enable it to play a much stronger role across the economy.
Over the years, we have taken proactive steps to realise this vision. The Budget this year takes this further forward. We are advancing the IP agenda on three key fronts: strengthening the tax regime, promoting IP valuation and financing, as well as nurturing talent.
On the tax front, we have advanced a series of reforms over the years. For example, the patent box regime is now in place. Qualifying IP income is taxed at a concessionary rate of 5 per cent, compared to the standard profits tax rate of 16.5 per cent.
We have also recently completed the trade consultation on tax deductions for capital expenditure incurred on IP acquisitions. Our aim is to amend the Inland Revenue Ordinance this year. This will help lower transaction costs and encourage more IP trading activities in Hong Kong.
More importantly, the case for IP trading is to realise the value of IP in the marketplace. We are now connecting the dots to form a full IP value chain, from creation and protection to transaction and financing.
To this end, valuation is the foundation. It provides an objective basis for trading and financing. The HKSAR (Hong Kong Special Administrative Region) Government supports the Hong Kong Technology and Innovation Support Centre to launch a Pilot Patent Valuation Support Scheme to help SMEs (small and medium-sized enterprises) establish the value of their patent assets, with reference to the national standards, or Guobiao.
Financing is the last mile in unlocking the commercial value of intangible assets. The IP financing sandbox, launched at the end of last year, allows stakeholders to capture the full life cycle value of IP. In essence, when patents can serve as collateral, innovation and technology companies will be able to convert patents into active capital. This will help address the needs of innovative enterprises, particularly the smaller innovations, who are rich in IP assets but lack tangible assets.
On talent, both nurturing specialists and upskilling the existing talent pool are essential. The IPD (Intellectual Property Department) has expanded its team of patent examiners, strengthening our capacity to handle original grant patent applications. Last year, the number of such applications processed increased by more than 30 per cent.
In this year's Budget, I announced the establishment of an Intellectual Property Academy, and allocated $52 million for a two-year pilot scheme. The Academy will commence operations by the end of this year, serving different sectors of the community. It will provide practical, on-the-job training aligned with the Qualifications Framework.
IP and sports
Ladies and gentlemen, when we talk about IP, people often think first of patents and technology. But of course, trademarks, copyright, and designs matter just as much. They are intangible assets that businesses work hard to build.
This is why this year's World IP Day theme - "IP and Sports" - is so relevant. IP is everywhere in sports: in equipment and gear, team and event branding, broadcasting, sponsorship and digital content.
I understand many of you here come from the legal profession. IP is indeed an integral part of the wider matrix of sports legal services. Recently, Hong Kong has made good progress in sports-related arbitration. I encourage you to capture the opportunities of IP in sports too. They sit at the heart of modern sport, and opportunities are abundant as we continue to expand and diversify Hong Kong's sports offerings.
My thanks to the IPD for organising this evening’s reception. I wish you all a rewarding World IP Day and the best of health and IP business in the time ahead. Thank you.
