SFST: Celebrating Successful Listing of PT Merdeka Gold Resources on HKEX

Speech by SFST at listing ceremony of PT Merdeka Gold Resources Tbk

Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at listing ceremony of PT Merdeka Gold Resources Tbk (PT Merdeka Gold Resources) today (June 26):

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

Carlson (Chairman of the Hong Kong Exchanges and Clearing Limited, Mr Carlson Tong), Mr Kartono (President Commissioner of PT Merdeka Gold Resources, Mr Santoso Kartono), ladies and gentlemen, distinguished guests,

Good morning. It is a great pleasure of mine to join you all today to celebrate the listing of PT Merdeka Gold Resources on the HKEX (Hong Kong Exchanges and Clearing Limited). I extend my warmest congratulations to the company, its leadership, shareholders, and all those who have worked tirelessly to bring this milestone to fruition.

This listing marks not only a significant achievement for PT Merdeka Gold Resources as a leading Indonesian gold producer, but also a testament to the growing confidence of international mining enterprises in Hong Kong as a premier capital-raising and trading hub. It is also the company's deep confidence in Hong Kong's strategic plan to build a full-chain ecosystem here and in the Asia time zone. Your decision to list here underscores the strong economic ties between Hong Kong and Indonesia, and more broadly, with our Belt and Road partners.

Hong Kong is actively building a vibrant international gold trading market. Amid complex geopolitics, our city's security, stability, and robust financial infrastructure position us well as an attractive destination for physical gold storage, trading, settlement, and delivery. Guided by the National 15th Five-Year Plan, we are leveraging "one country, two systems" to deepen co-operation with the Mainland and international markets, thereby contributing to national strategies while enhancing our role in global gold pricing and trading.

Key initiatives are well underway. We are expanding gold storage capacity in Hong Kong towards over 2 000 tonnes in the coming years. A government-owned central clearing system for gold is on track for trial operations this year, developed in close partnership with the Shanghai Gold Exchange to deliver efficient, reliable services aligned with international standards. We are also broadening investment products, including gold ETFs (exchange-traded funds) and tokenised gold, contemplating tax incentives for gold-related activities, and fostering an industry-led trade association to strengthen global connections.

These efforts aim to create a comprehensive, liquid, and trusted ecosystem that benefits producers, investors, and market participants in the gold market alike. The listing of PT Merdeka Gold Resources is a welcome and timely addition that enriches our market and exemplifies the opportunities Hong Kong offers to dynamic enterprises from the region.

We remain fully committed to working with partners like PT Merdeka Gold Resources to realise the full potential of Hong Kong as an international gold trading centre. I wish the company continued success, sustained growth, and fruitful engagement with the Hong Kong and global investment communities.

Thank you and congratulations.

HKEX, Photo source: reference image

Hong Kong Customs combats unfair trade practices by postnatal care centre

Hong Kong Customs yesterday (June 25) arrested a female director and salesperson of a postnatal care centre suspected of having applied false trade descriptions in the course ofselling postnatal services, in contravention of the Trade Descriptions Ordinance (TDO).

Customs earlier received information from members of the public alleging that a postnatal care centre, when selling postnatal services, had falsely claimed to have partnerships with multiple private hospitals, offering appointment-free medical consultation services, and claimed to have collaborated with a well-known restaurant to provide postnatal meals. Upon using the services, customers found that there were material differences from what the centre had promised and services delivered. Customs subsequently launched an investigation and verified with the relevant hospitals and the restaurant, all of which confirmed that they had no partnership with the postnatal care centre.

After investigation, Customs officers yesterday arrested a 40-year-old local female director and salesperson of the centre.

An investigation is ongoing and the arrested person has been released on bail pending further investigation.

Customs reminds traders to comply with the requirements of the TDO and consumers to procure services at reputable businesses.

Under the TDO, any trader who applies a false trade description to a service supplied or offered to be supplied to a consumer commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

Members of the public may report any suspected violations of the TDO to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Source: AI-found images