Speech by SFST at opening of IMC's new Hong Kong office
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the opening of IMC's new Hong Kong office today (November 12):
The Secretary for Financial Services and the Treasury, Mr Christopher Hui. Photo source: reference image
Michael (Chief Executive Officer of IMC Trading, Mr Michael De Lathauwer), distinguished guests, ladies and gentlemen,
Good afternoon. It is a great pleasure to join you today at the opening of IMC Trading's expanded Hong Kong office at Two International Finance Centre. I warmly congratulate IMC Trading on this expansion and welcome your continued growth. We look forward to seeing your Hong Kong team scale further as you recruit top quantitative, technical and trading talent. I wish IMC Trading every success in this new chapter.
Hong Kong stands today as one of the world's leading international financial centres and the world's top cross-boundary wealth management hub. Our cross-boundary assets amount to around $23 trillion. This position rests on deep liquidity, a trusted legal and regulatory framework, unmatched connectivity to the Chinese Mainland and the rest of Asia, and a sophisticated ecosystem that serves both institutional capital and private wealth.
Hong Kong's securities market has continued to strengthen in both depth and liquidity. This strength reflects a series of institutional reforms, including dedicated listing channels for new-economy and technology enterprises with weighted voting rights and for specialist technology companies, as well as enhanced pathways for overseas issuers. In the first 10 months of 2026, average daily turnover exceeded $260 billion. On the primary market, we recorded more than 120 IPOs (initial public offerings) raising a total of more than $400 billion, an increase of more than 80 per cent over the amount raised in the same period last year. We have also welcomed the first Middle East-headquartered company to list in Hong Kong, alongside successive listings from Southeast Asia.We now have more than 2 700 listed companies, of which 150 are international companies.
At the same time, we have been working closely with the HKEX (Hong Kong Exchanges and Clearing Limited) and the regulators on measures to enhance efficiency across the full market chain. These include the FINI (Fast Interface for New Issuance) digital IPO settlement platform that has shortened the pricing-to-trading cycle from T+5 to T+2; continued normal operation of securities and derivatives markets under severe weather conditions; narrower minimum price spreads for equities, allowing stock prices to better reflect market conditions; and enhancements to board lot sizes. Very soon we will launch the uncertificated securities market regime, further modernising our market infrastructure and strengthening investor protection and transparency.
Looking ahead, as set out in the 2026 Policy Address, we will continue to promote the high-quality development of our market. This includes the second-stage consultation on enhancing flexibility for mergers, acquisitions, restructuring and spin-offs; the forthcoming consultation on the specialist technology listing regime; and ongoing efforts to attract dual-primary and secondary listings from Southeast Asia, Belt and Road economies and other international markets. Preparations are under way for a T+1 settlement cycle for the cash market, and we are advancing the use of wholesale central bank digital currency for after-hours derivatives trading. We will also support a richer range of indices, index-based ETFs (exchange-traded funds) and derivatives products.
Hong Kong's attractiveness to firms like IMC Trading is no accident. We continue to strengthen the foundations of our international financial centre by deepening market connectivity, enhancing our regulatory regime for financial technology, and expanding the range of products and risk-management tools available to market participants. Our strengths in institutional trading and in private wealth management complement and reinforce one another.
Congratulations once again to IMC Trading, its leadership and its Hong Kong team on this milestone. We look forward to seeing the expanded office become a platform for further innovation, while Hong Kong continues to serve as a preferred base for global trading firms. Thank you.
IMC has opened new Hong Kong office. Photo source: imc.com
Speech by SFST at Family Office Summit in Hong Kong
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the session "Local Insights - Hong Kong's Commitment to Building the Family Office Ecosystem" of the Family Office Summit in Hong Kong today (November 12):
The Secretary for Financial Services and the Treasury, Mr Christopher Hui. Photo source: reference image
Emanuele (Joseph L Gidwitz Professor of Finance and Entrepreneurship at the University of Chicago Booth School of Business (Chicago Booth), Mr Emanuele Colonnelli), John (Director of the Institute of Politics of the University of Chicago, Mr John Kirby), distinguished guests, ladies and gentlemen,
Good afternoon. It is an absolute privilege to join you today at the Chicago Booth Hong Kong campus for the inauguration of the Family Office Summit in Hong Kong. I want to express my sincere appreciation to Chicago Booth and its Family Office Initiative for choosing Hong Kong as your very first host location outside the United States. This choice is a strong vote of confidence in Hong Kong. It also reflects the growing recognition that Hong Kong is not only an international financial centre, but also a leading global hub for family offices, cross-boundary wealth management, innovation and long-term value creation.
Hong Kong is now the world's largest cross-boundary wealth management centre. We are proud of this position, but we do not take it for granted. We see it as a responsibility to provide a stable, transparent and trusted platform where global capital can meet Asian opportunities, and where families can plan not only for this generation, but for generations to come.
In an increasingly complex and uncertain world, Hong Kong delivers a predictable and forward-looking environment where wealth can thrive amid uncertainty. Our common law system, free flow of capital, simple and competitive tax regime, deep capital markets, robust regulatory framework and unrivalled connectivity with both the Chinese Mainland and global markets give families the confidence to plan, invest and build for the long term.
Hong Kong's asset and wealth management business reached US$5.4 trillion as at the end of 2025. Importantly, 54 per cent of the funding came from investors outside Hong Kong and the Chinese Mainland. This demonstrates Hong Kong's role as a trusted bridge between global capital and opportunities across Asia.
Hong Kong's private banking and private wealth management business attributable to family offices and private trust clients also amounted to US$272 billion, representing a year-on-year increase of 37 per cent. This is clear evidence that family capital is increasingly choosing Hong Kong as its home.
The results speak for themselves. The Government set a target to facilitate at least 200 family offices to set up operations or expand their business in Hong Kong between 2022 and 2025, and we achieved this target ahead of schedule. According to research findings early this year, there were more than 3 380 single family offices operating in Hong Kong as at the end of 2025. This represents an increase of about 680 offices over the past two years, or growth of more than 25 per cent.
This is not simply a number. Behind every family office are entrepreneurs, innovators, philanthropists, next-generation leaders and long-term investors. Their presence strengthens Hong Kong's financial ecosystem, creates high-value jobs, supports professional services, and contributes to the vibrancy of our economy. In fact, the latest market study estimates that single family offices in Hong Kong contribute approximately US$1.6 billion annually to the local economy through operating expenditure alone, and directly employ more than 10 000 full-time professionals. I am sure some of them are here today.
Hong Kong's success is not accidental. In March 2023, the Government issued the Policy Statement on Developing Family Office Businesses in Hong Kong, setting out our policy stance and a comprehensive set of measures to develop a conducive and competitive environment for global family offices and asset owners.
Hong Kong. Photo source: reference image
First, we have introduced profits-tax exemption for family-owned investment holding vehicles, managed by single family offices in Hong Kong, with effect from any year of assessment commencing on or after April 1, 2022.
We are now taking this further. We have introduced legislation to further enhance the preferential tax regimes for funds, single family offices and carried interest, which we aim to pass by the end of this year. The proposed enhancements will expand the types of qualifying investments eligible for tax concessions, including loans and private credit, digital assets, precious metals and more. Our aim is to broaden the investment options available to family offices and ensure that Hong Kong remains at the forefront of evolving investment trends.
Second, we established the Hong Kong Academy for Wealth Legacy in November 2023 under the Financial Services Development Council. The Academy provides a platform for collaboration, networking, knowledge sharing and relevant training for the family office sector, asset owners and wealth inheritors.
Third, we launched the New Capital Investment Entrant Scheme in March 2024 to further enrich Hong Kong's talent pool and attract more capital. Over 5 000 applications have been received since the launch of the New Capital Investment Entrant Scheme. If all applications are approved, they are expected to bring over HK$150 billion, or around US$19 billion, to Hong Kong. This serves as a clear pathway for more family offices and high-calibre talent to settle in the city.
Looking ahead, the Government will strive to further facilitate at least 220 family offices to set up operations or expand their business in Hong Kong from 2026 to 2028, and our previous target was 200, now we have increased by 10 per cent. This is an ambitious target, but we are confident. With our multipronged approach, and the concerted efforts of the Government, regulators and the industry, Hong Kong will continue to flourish as a leading family office hub in the region.
Lastly, I would also like to recognise the important role of the University of Chicago and Chicago Booth's Family Office Initiative. Research, education and international dialogue are essential to the long-term development of the family office sector. We look forward to working with Chicago Booth, its faculty, alumni and global network to deepen research, nurture talent, and foster a new generation of responsible stewards of family capital.
Family offices are not only custodians of wealth. They are custodians of values, knowledge and responsibility across generations. Hong Kong is committed to being a place where those values can flourish.
Ladies and gentlemen, Hong Kong's commitment is clear. We welcome family offices from around the globe to set up in Hong Kong, tap into our unique advantages, and seize the immense opportunities. We invite you to see Hong Kong not merely as an investment destination, but as a long-term home for your families, your capital, your ideas and your legacy. Thank you.
Hong Kong. Photo source: reference image
