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.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, Photo source: reference image
