Hong Kong's Financial Market Sees Growth Amid New Listings and Developments

Hong Kong has witnessed significant growth in its financial market this year, with approximately 20 companies going public, raising around HKD 80 billion. According to RTHK, about 480 companies are awaiting listing, including 10 international firms. The average daily turnover in the stock market last month exceeded HKD 270 billion, with a single-day peak surpassing HKD 300 billion. Financial Secretary Christopher Hui stated in a radio program that Hong Kong's current stock market performance is not coincidental but a result of collective efforts by society, including the government and regulatory bodies. He emphasized the importance of confidence, determination, and perseverance, highlighting that the country's development, including advancements in productivity and technology, provides a strong foundation for Hong Kong's growth. Hui stressed the advantages of the "one country, two systems" policy and the opportunities presented by national development. In addition to stock market development, the government is keen on promoting new asset classes, such as the bond and commodity markets, aiming to establish Hong Kong as a comprehensive international financial center that connects financial services with the real economy. Hui noted that since Hong Kong received recognition from the London Metal Exchange last year, 15 storage facilities have been established, storing over 20,000 tons of non-ferrous metals. Furthermore, Hui mentioned that the number of family offices in Hong Kong has increased to 3,384, marking a growth of over 25% since 2003. These family offices have diverse needs, including accounting, investment management, and legal services, contributing approximately HKD 13 billion annually to the economy. Hui expressed hopes to attract both domestic and international funds to Hong Kong, benefiting the local economy, service industry, and job market.