Speech by SFST at launch ceremony of Platform and Nominee Services of HKEX Integrated Fund Platform
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the launch ceremony of the Platform and Nominee Services of the Hong Kong Exchanges and Clearing Limited (HKEX) Integrated Fund Platform today (October 28):
Bonnie (Chief Executive Officer of the HKEX, Ms Bonnie Chan), distinguished guests, ladies and gentlemen,
Good afternoon. It is a great pleasure of mine to join you today at the launch ceremony of the Platform and Nominee Services of the Integrated Fund Platform. I would like to congratulate HKEX on this important milestone, and to thank the SFC (Securities and Futures Commission), the industry task force, and all the participating distributors, fund houses and transfer agents for their partnerships in bringing the platform to this stage.
Hong Kong is the world's largest cross boundary wealth management centre, and our assets under management (AUM) reached a record high of $42.2 trillion as at the end of last year, with a year-on-year increase of 20 per cent. Net fund inflows almost tripled year-on-year to $2.1 trillion. More than half of these assets are sourced from investors outside the Chinese Mainland and Hong Kong. This very much underlines the city's appeal as Asia's premier asset and wealth management hub for international capital.
A robust and efficient fund distribution infrastructure is fundamental to sustaining this position. The Integrated Fund Platform, first announced in the 2023 Policy Address, developed by HKEX with the support of the Government-FSTB (Financial Services and the Treasury Bureau) and the SFC, is a key piece of that infrastructure. The Fund Repository, launched in December 2024, has already enhanced transparency by providing streamlined access to information on more than 2 000 SFC-authorised funds. The Order Routing Service, introduced in July last year, has begun to connect distributors and transfer agents, and streamline the order placement process for subscriptions and redemptions. Today's launch of the Platform and Nominee Services completes the next critical step. By covering nominee services and related operational processes, the platform now supports a more end-to-end digitalised fund distribution workflow. This will help reduce operational friction, improve market efficiency, and lower barriers for fund managers to reach a broader distribution network through a more standardised channel.
This development sits within a broader set of measures to sharpen Hong Kong's competitive edge in asset and wealth management. We are enhancing the preferential tax regimes for funds, single family offices and carried interest. A bill was introduced to the Legislative Council in June this year to expand the tax exemption to cover sizeable funds-of-one, and to include a wider range of qualifying investments such as loans and private credit, digital assets and precious metals. Subject to the passage of that bill, we target implementation from the year of assessment 2025/26.
Regarding fund structures, the Open-ended Fund Company (OFC) and Limited Partnership Fund (LPF) regimes have continued to expand robustly, with more than 790 OFCs registered since July 2018 and more than 2 000 LPFs registered since August 2020. Meanwhile, the fund re-domiciliation mechanism has facilitated the re-domiciliation of more than 50 companies since May 2025, with more than 30 applications currently being processed, offering a clear pathway for overseas funds to relocate to Hong Kong. Connectivity with the Chinese Mainland also remains a core strength. Enhancements to the mutual recognition of funds arrangement, the future inclusion of real estate investment trusts under Stock Connect, and ongoing work on Wealth Management Connect all expand the channels through which capital and products can flow.
We continue to promote the development of the REIT (real estate investment trust) market and to facilitate the listing of alternative asset funds in Hong Kong. On the REIT front, we have relaxed investment restrictions, broadened the investor base, introduced regulatory enhancements and provided financial incentives, including the waiver of stamp duty on the transfer of REIT units. We will introduce an amendment bill this year to enable the privatisation or restructuring of REITs, and target to introduce another amendment bill in the first half of next year to provide a stamp duty waiver for the transfer of non-residential properties into REITs seeking to list.
Looking ahead, we will continue to work closely with HKEX, the SFC and the industry to ensure the platform delivers practical benefits to fund managers, distributors and, ultimately, investors. We encourage more market participants to join the platform and to explore how the new services can support the Hong Kong AUM growth. Hong Kong's open markets, rule of law, deep talent pool, and free flow of capital and information remain our enduring advantages. With the continued development of platforms such as the Integrated Fund Platform, and with the full suite of supporting policies, we are confident that Hong Kong will further consolidate our position as a world-leading cross-boundary wealth management centre. I very much look forward to the continued success of the Integrated Fund Platform and to working with all of you in the years ahead. Thank you.
Source: AI-found images
CS chairs interdepartmental working group meeting on Huanggang Port Hong Kong Port Area
The Chief Secretary for Administration, Mr Chan Kwok-ki, today (October 28) chaired a meeting of the interdepartmental working group on the Huanggang Port Hong Kong Port Area to holistically co-ordinate and steer the preparatory work of various government departments in addressing the peak in cross-boundary passenger and vehicular traffic at the Huanggang Port during the Halloween period this weekend (i.e. from October 30 to November 1). The Secretary for Security, Mr Tang Ping-keung; the Secretary for Transport and Logistics, Ms Mable Chan; and representatives from other relevant government departments attended the meeting.
Mr Chan said, "With Halloween falling on this weekend, coupled with a number of events taking place in Hong Kong including the 'Hong Kong Wine & Dine Festival' and mega concerts, the number of visitor arrivals and late-night cross-boundary trips is expected to increase significantly. The Government of the Hong Kong Special Administrative Region attaches great importance to the operation of boundary control points (BCPs) and transport support, and has instructed all relevant departments to make advance deployment, and to accord priority to securing the smooth passage of public transport vehicles during peak clearance hours. Relevant departments have been instructed to effectively manage passenger and vehicular traffic as well as information dissemination, with a view to ensuring the safe and orderly operation of the port and surrounding roads, and providing a good travel experience for members of the public and visitors."
"We anticipate that the Huanggang Port will be very busy during the late-night hours over the Halloween weekend. During peak hours, the Government will adopt the principle of 'giving priority to public transport' and accord priority to the passage of public transport vehicles. I appeal to members of the public and visitors to plan their journeys in advance, take note of the operating hours of various land and rail BCPs, and avoid converging on the Huanggang Port during late-night hours. Travellers who need to cross the boundary during late-night hours are advised to take public transport. Travellers must note that under the principle of 'giving priority to public transport', those choosing to travel by cross-boundary private cars during peak hours may have to wait for a prolonged period on the roads and in the vehicle holding areas. We also encourage visitors to adjust their itineraries to stay overnight in Hong Kong and make good use of the 'ticket stub offers' launched by various events to make their overall journey more comfortable and enjoyable."
Forecast of late-night clearance peaks
Among the land BCPs between Hong Kong and Shenzhen, currently only the Huanggang Port provides 24-hour clearance services for passengers and passenger vehicles. Cross-boundary private cars holding Closed Road Permits (CRPs) for other land BCPs (Shenzhen Bay, Man Kam To, Sha Tau Kok and Heung Yuen Wai) are permitted to use the Huanggang Port between midnight and 6.30am daily. Consequently, there will be an increase in cross-boundary vehicles crossing the boundary via the Huanggang Port after midnight.
As multiple mega events this weekend are expected to conclude around midnight, the Government anticipates that the late-night hours over the three consecutive nights from October 30 (Friday) to November 1 (Sunday) (i.e. from about 11pm each night to 2am the following day) will be the busiest period for northbound passenger and vehicular flows at the Huanggang Port, and traffic at the port and in the vicinity of San Tin Highway will be very busy. Given the capacity limits of the connecting roads to the port and the port's handling capacity for cross-boundary private cars, in order to maximise the dispersal efficiency during peak hours, the authorities will accord priority to securing the passage of high-capacity franchised buses, green minibuses (GMBs) and cross-boundary coaches (CBCs). Under the arrangement of giving priority to the passage of public transport vehicles, passengers choosing to cross the boundary by cross-boundary private cars during late-night peak hours will experience longer waiting times, which may reach an hour or more in the vehicle holding areas and vehicle clearance channels. The authorities appeal to motorists and passengers to remain patient and tolerant, and follow the instructions of police officers on-site to queue up in order.
Interdepartmental collaboration and preparatory work at the port
Regarding port operations, the interdepartmental Joint Command Post at the Huanggang Port will be activated early in the afternoon of October 30 (Friday) and operate throughout the weekend to closely monitor passenger and vehicular flows in real time, and maintain close liaison with the Shenzhen port authorities to make swift responses and deployments when necessary, ensuring safe and orderly clearance for both passengers and vehicles. The Security Bureau (SB) will also concurrently activate the Emergency Monitoring and Support Centre to closely monitor and co-ordinate public order at the port, and co-ordinate interdepartmental follow-up actions where necessary to respond promptly to various kinds of emergencies. The Immigration Department and relevant port departments have minimised leave for frontline officers to enable flexible deployment of manpower, and will open all vehicle lanes, automated channels and manual counters as early as possible before the arrival of clearance peaks, including the clearance facilities at the passenger departure hall on L5, the vehicle departure level on L1 and the departure immigration clearance hall for on-board passengers on L1M. The Hong Kong Police Force (HKPF) and the Government Property Agency will also deploy additional police manpower and service ambassadors at L1 and L1M to assist in crowd and traffic dispersal, ensuring efficient and smooth clearance for vehicles and on-board passengers.
Enhancing traffic management and public transport contingency arrangements
The HKPF and the Transport Department (TD) have reviewed the operational experience from last weekend to further optimise road traffic management and public transport support in the vicinity of the port. Since the commissioning of the new port, the TD has set up a dedicated public transport lane leading directly to San Sham Road (i.e. the "bus/goods vehicle" slip road) for use by franchised buses, CBCs and GMBs to enter San Sham Road directly for the Huanggang Port. To strengthen the effective management of the dedicated public transport lane and enhance its effectiveness, the TD will enhance the road markings and extend the dedicated lane. The TD specifically reminds drivers of all light vehicles and taxis that they must not occupy the dedicated public transport lane, and must follow the instructions of police officers on-site. Meanwhile, during the peak hours of Huanggang Port-bound vehicular traffic on the nights of Friday to Sunday this week, the TD and the HKPF will arrange for four franchised bus routes passing through the San Tin Public Transport Interchange (PTI) to enter the PTI directly from Castle Peak Road. Depending on real-time vehicular flow, the HKPF will implement traffic control measures and activate vehicle holding areas in the vicinity of San Tin Highway in a timely manner for traffic diversion, properly separating the traffic streams of buses and cross-boundary private cars. The Transport and Logistics Bureau and the TD will also continue to co-ordinate closely with various public transport operators (PTOs) and steer them in reserving sufficient vehicles and manpower to flexibly step up service frequencies according to passenger demand; during peak hours, the service frequencies of franchised buses can be increased to every two to three minutes, while those of GMBs and CBCs can be increased to every five minutes. The TD's Emergency Transport Co-ordination Centre will operate 24 hours a day to closely monitor the traffic conditions at the Huanggang Port and across various districts, and implement contingency measures in a timely manner.
On-site traffic enforcement and combating illegal carriage of passengers
The HKPF will step up traffic control during peak traffic hours, swiftly handle traffic accidents and broken-down vehicles, and take stringent enforcement actions against traffic-obstructing offences such as illegal parking and the illegal use of dedicated public transport lanes by cross-boundary private cars. Furthermore, the Government has all along been very concerned about the use of motor vehicles for illegal carriage of passengers for hire or reward (commonly known as "white licence cars"). Legitimate cross-boundary hire cars must hold regular quotas for cross-boundary hire cars, CRPs and relevant Hire Car Permits. The HKPF has been gathering intelligence through various channels and taking targeted enforcement actions to severely combat the offences of illegal carriage of passengers for hire or reward by cross-boundary private cars. Apart from prosecuting offending drivers in accordance with the law, upon conviction, the drivers involved will be disqualified from driving and the vehicles involved will also be impounded. The TD will also revoke the CRP of the subject vehicle on the ground of breaching CRP conditions to enhance the deterrent effect. The Government will continue to strengthen law enforcement across all districts to combat illegal carriage of passengers for hire or reward, and will step up publicity on the relevant penalties to remind drivers not to defy the law, while alerting passengers to the potential risks of using illegal hire car services as the third party liability insurance for the vehicle providing illegal services may become invalid in the event of a traffic accident.
"Ticket stub offers" to encourage visitors to stay in Hong Kong
To encourage visitors to stay in Hong Kong for spending and accommodation after attending mega events while easing late-night cross-boundary passenger and vehicular flows, driven by the Culture, Sports and Tourism Bureau and the Hong Kong Tourism Board, relevant event organisers, catering outlets and merchants will launch a number of promotional offers this weekend, whereby visitors can enjoy various spending privileges upon presenting concert or event tickets.
Information dissemination
To facilitate early journey planning by members of the public and visitors, the SB, the TD, the HKPF and other departments will step up the dissemination of real-time information. Through the one-stop information platform on immigration clearance "Easy Boundary", the "HKeMobility" mobile application and social media platforms, the latest waiting times for passengers and private cars at various land BCPs will be announced, while the locations of traffic queues, estimated waiting times, utilisation of vehicle holding areas and special traffic arrangements will be announced in a timely manner during peak vehicular flow periods, alongside the provision of real-time traffic snapshots of roads to assist members of the public and visitors in grasping traffic situation and adjusting their itineraries. The working group appeals to members of the public and visitors planning to travel northbound across the boundary after evening events to make use of other land and rail BCPs before their closure as far as possible, and avoid converging on the Huanggang Port during late-night hours. Those who need to cross the boundary via the Huanggang Port during late-night hours should take public transport. The TD has steered PTOs to strengthen services from the Central District area on Hong Kong Island to Huanggang. Visitors may also stay overnight in Hong Kong after participating in nighttime festive events to avoid the clearance and vehicular traffic peaks, making their journey more comfortable and enjoyable.
Mr Chan expressed his gratitude to the personnel of various relevant departments and PTOs for standing fast at their posts and working in concert to maintain smooth and orderly clearance and traffic at the port. He again appealed to members of the public and visitors to plan their journeys in advance, pay attention to the information disseminated by various government departments, and follow the instructions of police officers on-site.
CS chairs interdepartmental working group meeting on Huanggang Port Hong Kong Port Area Source: HKSAR Government Press Releases
CS chairs interdepartmental working group meeting on Huanggang Port Hong Kong Port Area Source: HKSAR Government Press Releases
