Press release
For immediate release
The Financial Services Sector joins Legislative Councilor Robert Lee
in Celebrating the 75th Anniversary of the Founding of the People’s Republic of China
Hong Kong, 20 September 2024 – Legislative Council Member Hon Robert Lee Wai-wang (Functional Constituency – Financial Services) and eleven financial services industry associations (see list below) jointly celebrated the 75th anniversary of the founding of the People’s Republic of China today.
The event was officiated by Mr Chan Kwok-ki, Acting Chief Executive of the Hong Kong SAR. Other officiating guests included Mr Joseph Chan Ho-lim, Acting Secretary for Financial Services and the Treasury; Mr Guo Shaowei, Deputy Director-General, Department of Economic Affairs of the Liaison Office of the Central People’s Government (LOCPG) in the HKSAR; Mr Tim Lui Tim-leung, Chairman, the Securities and Futures Commission (SFC); Mr Carlson Tong Ka-shing, Chairman, Hong Kong Exchanges and Clearing Limited (HKEX); Ms Julia Leung Fung-yee, Chief Executive Officer, SFC; Hon Andrew Leung Kwan-yuen, President, Legislative Council; Ms Huang Haiqin, Chairman, Chinese Securities Association of Hong Kong; Dr Chu Yuet-wah, Chairman, The Institute of Securities Dealers; and Dr Haywood Cheung, President, Chinese Gold & Silver Exchange. The event was also attended by an esteemed assembly of LegCo members and leading figures from the financial services sector.
In his address during the ceremony, Mr Robert Lee welcomed the China Securities Regulatory Commission’s (CSRC) introduction of five measures aimed at bolstering the development of Hong Kong’s capital markets. He believes that these initiatives will advance the city’s financial market reforms and foster diversified growth. Further elaborating his views, he stated: “The financial services sector has shared its views on the upcoming Policy Address, scheduled for release in October. Industry counterparts have expressed hope that the Chief Executive, the HKSAR Government, and the regulatory bodies will consider the industry’s feedback and implement measures that will enhance our market performance.”
Hoping for a more diversified development within the financial services industry, Mr Lee said: “The Task Force on Enhancing Stock Market Liquidity has put forward several improvement proposals, many of which are already being implemented or are currently under review. The recent increase in share placement activities and initial public offerings (IPOs) reaffirms Hong Kong’s capacity for fund raising. We are also looking forward to the introduction of a broader range of futures and derivative products. The soaring of gold prices to record highs highlights our competitive strength and capability in futures, commodities, and derivatives trading. This positions Hong Kong well to evolve into a leading international commodities and futures hub.”
According to SFC data, the number of licensed corporations in Hong Kong has increased for 18 consecutive years, and the city has seen a 3.5-time surge in Type 9 licensed firms (asset management) over the period. The number of open-ended fund companies (OFCs), limited partnership funds (LPFs), and family offices has also been on the rise. Mr Lee is encouraged by the active engagement of industry participants in mergers and acquisitions to grow and transform in order to adapt to market changes, exhibiting the strong vitality of Hong Kong financial markets.
11 Industry Associations – Chairmen and Presidents
| Ms Huang Haiqin, Chairman, Chinese Securities Association of Hong Kong | Dr Chu Yuet Wah, Pollyanna, Chairman |
| Ms Lian Shaodong, Chairman, Chinese Asset Management Association of Hong Kong | Ms Lee Sai Yin, Jeanne, Chairman, Hong Kong Securities Professionals Association |
| Mr Meng Yu, Chairman, Chinese Financial Association of Hong Kong | Mr Mofiz Chan, Chairman, Hong Kong Securities & Futures Professionals Association |
| Mr Ming Xiaochong, Chairman, Chinese Futures Association of Hong Kong | Mr Kung Chun Hung, Ronnie, Chairman, The HK Association of Online Brokers |
| Mr Jacky Tong, Chairman, Hong Kong Precious Metals Traders Association | Mr Tang Sing Hing, Kenny, Chairman, The Hong Kong Institute of Financial Analysts and Professional Commentators Limited |
| Ms Kou Kuen, Katerine, Chairman, Hong Kong Securities Association |