Special traffic arrangements for race meeting in Happy Valley
The Police will implement special traffic arrangements in Happy Valley today (June 3). These arrangements will remain in effect until the race meeting has concluded, spectators have dispersed, and traffic conditions return to normal.
A. Traffic arrangements before the commencement of the first race
The following road closure and traffic diversions will be implemented from 50 minutes before the start of the first race for day racing, or from 6pm onwards for night racing:
1. Road closure
Southbound Wong Nai Chung Road between Queen’s Road East and the up-ramp outside the Hong Kong Jockey Club (HKJC) will be closed, except for vehicles heading for Aberdeen Tunnel.
2. Traffic diversions
- Southbound Wong Nai Chung Road between Village Road and the up-ramp outside the HKJC will be rerouted one way northbound;
- Traffic along eastbound Queen's Road East heading for Wan Chai and Happy Valley will be diverted to turn left to Morrison Hill Road;
- Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via Sports Road and Wong Nai Chung Road;
- Traffic along Queen's Road East cannot turn right to Wong Nai Chung Road, except for vehicles heading for Aberdeen Tunnel;
- Traffic from Cross Harbour Tunnel heading for Queen's Road East will be diverted via the down-ramp leading from southbound Canal Road flyover to Morrison Hill Road to turn right at the junction of Wong Nai Chung Road and Queen's Road East; and
- Traffic from Cross Harbour Tunnel heading for Happy Valley or Racecourse will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, southbound Morrison Hill Road, Sports Road and Wong Nai Chung Road.
B. Traffic arrangements before the conclusion of race meeting
The following road closure and traffic diversions will be implemented from about 35 minutes before the start of the last race:
1. Road closure
- The up-ramp on Wong Nai Chung Road outside the HKJC leading to Aberdeen Tunnel;
- Southbound Wong Nai Chung Road between Queen's Road East and the up-ramp leading to Aberdeen Tunnel;
- Southbound Wong Nai Chung Road between Village Road and the Public Stands of the HKJC;
- Westbound Leighton Road between Wong Nai Chung Road and Canal Road East; and
- Southbound Morrison Hill Road between Leighton Road and Queen's Road East.
In addition, southbound Wong Nai Chung Road between the up-ramp leading to Aberdeen Tunnel and the Public Stands of the HKJC will be closed from about 10 minutes before the start of the last race.
2. Traffic diversions
- Eastbound Queen's Road East at its junction with Morrison Hill Road will be reduced to one-lane traffic heading for northbound Canal Road flyover;
- Traffic from Cross Harbour Tunnel heading for Wan Chai will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, U-turn slip road beneath Canal Road flyover, Canal Road West and Hennessy Road;
- Traffic from Cross Harbour Tunnel heading for Happy Valley will be diverted via the down-ramp leading from southbound Canal Road flyover to Canal Road East, eastbound Leighton Road and Wong Nai Chung Road;
- Traffic along southbound Morrison Hill Road will be diverted to turn left to eastbound Leighton Road;
- Traffic along southbound Morrison Hill Road heading for Happy Valley will be diverted via eastbound Leighton Road and Wong Nai Chung Road; and
- Traffic along westbound Leighton Road will be diverted to Wong Nai Chung Road.
C. Prohibition for learner drivers
Learner drivers will be prohibited to turn left from Caroline Hill Road to Leighton Road between one and a half hours before the start of the first race and one hour after the last race. In addition, learner drivers will be prohibited from accessing the following roads within the above period of time:
- Shan Kwong Road between Yik Yam Street and Wong Nai Chung Road;
- Village Road between its upper and lower junctions with Shan Kwong Road;
- Percival Street between Hennessy Road and Leighton Road;
- Canal Road East; and
- The service road leading from Gloucester Road to Canal Road flyover.
D. Suspension of parking spaces
Parking spaces on southbound Wong Nai Chung Road between Sports Road and Blue Pool Road will be suspended from 11am to 7pm for day racing, and from 5pm to 11.59pm for night racing respectively.
All vehicles parked illegally during the implementation of the above special traffic arrangements will be towed away without prior warning, and may be subject to multiple ticketing.
Actual implementation of road closure and traffic diversion will be made by the Police at the time depending on traffic conditions in the areas. Motorists should exercise tolerance and patience, and follow the instructions of police officers on site.
Source: AI-created image
Speech by FS at at HKTA 35th Anniversary Conference
Following is the speech by the Financial Secretary, Mr Paul Chan, at the HKTA 35th Anniversary Conference today (June 3):
Ka-shi (Chairman of the Hong Kong Trustees' Association, Ms Lau Ka-shi), members of the Hong Kong Trustees' Association (HKTA), distinguished guests, ladies and gentlemen,
Good afternoon. It is a pleasure to join you today to celebrate the 35th anniversary of the Hong Kong Trustees' Association.
Let me begin by offering my warmest congratulations to the HKTA - to your leadership, your members, and everyone who has contributed to building this institution and its strong reputation over the years.
Hong Kong's growth as an IFC
Looking back over the past 35 years, Hong Kong, as an international financial centre, has undergone a remarkable transformation. In particular, over the past decade or so, alongside our country's high-quality development, Hong Kong's financial centre status has been elevated to a new level.
Take our stock market as an example. Over the past 10 years, market capitalisation has more than doubled, from around $23 trillion to over $47 trillion. Bank deposits have increased by about 80 per cent, or $9 trillion, to reach over $19 trillion.
Asset and wealth management, an area closely connected with everyone here today, has grown from $18.2 trillion to more than $35 trillion. MPF (Mandatory Provident Fund) assets have also almost doubled, from around $800 billion to about $1.5 trillion.
Last week, Hong Kong was named the world's largest cross-boundary wealth management centre. It was also projected that Hong Kong's growth in this area would continue to lead the world over the next five years.
Hong Kong has indeed been moving up rapidly in the IFC league table. In the Global Financial Centres Index, our score is now only two points behind New York and one point behind London. A decade ago, the gap was around 40 points.
Our growth is not merely a story of scale. It is a story of constant reinvention. Through the reforms to our listing regime, deepening of the Connect schemes, and stronger connectivity with Southeast Asia and the Middle East, Hong Kong has been expanding its role as a bridge between the Mainland and the world. In the face of trials and tribulations, Hong Kong has remained resilient, and emerged stronger.
The trust industry is an integral part of this success. You provide the fiduciary backbone that underpins the sustained and smooth operation of MPF schemes, private trusts, family offices, philanthropic structures and other arrangements. You safeguard assets, protect beneficiaries, uphold governance, and reinforce confidence in Hong Kong as a trusted place to manage, preserve and pass on wealth. You are an indispensable institutional infrastructure safeguarding our financial security.
Going forward, I believe three major trends will bring more capital flows, more cross-boundary activities, and stronger demand for the services of our trust industry.
First, the growing demand for diversification and reallocation in an increasingly fragmented geo-economic environment. Global capital is looking for safe harbours. Investors are looking for markets that are stable, reliable and predictable, while offering opportunities and investment returns.
Second, the global wave of innovation and technology. China's technological innovation will be one of the most compelling long-term themes in the investment world. Capital that believes in the growth potential of China and Asia, and in this region's capacity for innovation, will increasingly look to this part of the world for opportunities.
And third, our country's high-level two-way opening up under the National 15th Five-Year Plan. Hong Kong will serve as a hub for more Mainland companies going global, while attracting more capital and enterprises from around the world to access Mainland opportunities through our platform.
The "Finance+" strategy
These trends are also the very basis upon which we proposed the "Finance+" strategy in the Budget this year.
The goal is clear. We want to capitalise on these major trends to grow a bigger pie, empower different industries, and create more opportunities for the financial services sector.
This means advancing further in areas where we have enduring competitive strengths.
Hong Kong has a mature and sophisticated fundraising market. Our IPO (initial public offering) performance has been strong. We have a vibrant venture capital and private equity sector. Yet, we are working to build an even more comprehensive financing chain, a richer product offering and a more vibrant financial ecosystem, so that we can unleash fully our development potential.
On products, we support the introduction of more diverse and innovative investment products and risk management tools to satisfy different investors' needs and appetites.
Bonds are a good example. We are working to attract more national governments, international institutions and companies to issue bonds of various tenors and currencies here. We are also developing a one-stop, multi-asset class post-trade securities infrastructure. That will cover both Mainland and Hong Kong equity and debt securities, facilitating cross-product collateralisation to enhance market liquidity.
Exchange-traded products (ETPs) are another example. In 2024, there were fewer than 200 listed ETPs in Hong Kong, with an AUM (asset under management) of about $460 billion. Today, the number has grown to more than 240, with AUM reaching around $650 billion, a 40 per cent increase in just two years' time.
So are gold and commodities. We are strengthening this market by expanding warehousing capacity, enhancing settlement arrangements, and supporting product innovation through digitalisation, tokenisation and development of derivatives.
Together, these initiatives are opening up new horizons for Hong Kong's financial markets, broadening the range of opportunities for investors and creating new room for growth across the financial services sector.
For the trust industry, our efforts to facilitate re-domiciliation are highly relevant. Since last year, 37 companies have moved their place of incorporation to Hong Kong, while preserving their legal identity and business continuity. They include some of the world's leading insurance companies.
Later this year, we will introduce a bill to enhance our tax regime for funds and family offices.
These send a clear message. Hong Kong is an open and welcoming home for family offices, trusts, funds, talent and enterprises.
A word to the trust industry
Ladies and gentlemen, I believe the trust industry is well placed to benefit from the "Finance+" strategy. But to capture these opportunities, three priorities are important.
First, uphold the highest standards of integrity and professionalism. Trustees have a special role because you often stand at the centre of long-term relationships involving families, beneficiaries, investors and institutions. That trust carries tremendous responsibilities.
Second, strive for excellence and embrace technology and innovation. Technology is transforming investment products, compliance, administration, reporting and risk management - in short, every aspect of your operations. Embracing technology is no longer optional.
At a more fundamental level, artificial intelligence (AI) and digitalisation are reshaping the very foundations of the trust business - from what constitutes an asset, to how ownership and control are established and exercised, how fiduciary duties are discharged, and how business is conducted. For trustees, this poses new challenges in custody, valuation, cross-boundary regulatory compliance, daily administration and cyber security.
But it also creates new opportunities. For example, as assets become more digital, the market will need greater legal certainty, stronger governance and trusted fiduciary oversight. These are areas where Hong Kong has clear strengths, and where our trust industry can play an important role in safeguarding assets for families, pension members and investors.
Our task, together, is to harness cutting-edge technology while staying true to the timeless principles of prudence and loyalty, so that the trust business remains an anchor of confidence in an increasingly digital market.
Third, invest in talent. More complex rules, more cross-boundary work, new technologies and new product types will increase demand for experienced trustees, risk managers, compliance professionals, lawyers, accountants, and wealth planners.
We need people who can discharge fiduciary duties in the age of technological and digital transformation. We need people who understand family succession, public accountability and cross-boundary regulation in the age of AI. And we need people who understand both the Chinese Mainland and the world - people who can bridge the two and contribute to both.
I am pleased to note that the HKTA has long been committed to professional training, which is essential to building a deeper and more resilient talent pool for Hong Kong.
On our part, the Government is committed to building a stronger asset and wealth management ecosystem and the trust industry. We will continue to work with the industry to further enhance the competitiveness of Hong Kong as a centre of excellence for the trust industry.
Closing
Ladies and gentlemen, for 35 years, the HKTA has demonstrated leadership, professionalism and commitment to excellence.
The next 35 years will be even more exciting. The global geo-economic balance is shifting. Technological innovation is accelerating. Wealth in Asia is fast building up and clients are becoming more sophisticated and demanding. Families, enterprises and investors will need better structures, better governance and better advice.
But the foundation of success will remain true and the same: professionalism, integrity and trust.
I am confident that the HKTA will continue to bring the industry together, lead with vision, and contribute to the next stage of Hong Kong's success as an international financial centre.
The Government will be your partner every step of the way.
Once again, my heartfelt congratulations to the HKTA on your 35th anniversary. Here is to the next 35 years.
Thank you very much.
Source: AI-found images
Speech by FS at at HKTA 35th Anniversary Conference Source: HKSAR Government Press Releases
Speech by FS at at HKTA 35th Anniversary Conference Source: HKSAR Government Press Releases
Source: AI-found images
