Press release
For immediate release
The Financial Services Sector 2025 Spring Reception
Legislator Hon Robert Lee Urges the HKSAR Government and the Industry to Work Together in Reforming the Financial Markets
Hong Kong, 13 February 2025 – Legislative Council (LegCo) Member representing the financial services functional constituency, Hon Robert Lee Wai-wang (Financial Services), together with eleven financial services industry associations (see list below), hosted a spring reception today at HKEX’s Connect Hall. During the event, Mr. Lee urged the Government to proactively reform the financial markets and also called on members of the financial services industry to actively express their opinions. He appealed to the HKSAR government and the industry to work together to reform Hong Kong’s capital markets.
The event was officiated by Mr. Paul Chan Mo-po, Financial Secretary of the Hong Kong SAR. Other officiating guests included Mr. Qi Bin, Deputy Director, the Liaison Office of the Central People’s Government (LOCPG) in the HKSAR; Dr. Kelvin Wong Tin-yau, 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; Ms Bonnie Y. Chan, Chief Executive Director, HKEX; Mr. Lu Feng, Deputy Director-General of the Economic Affairs Department, LOCPG in the HKSAR; Ms. Lin Xianghong, Vice Chairman, Chinese Securities Association of Hong Kong; Dr. Pollyanna Chu, Chairman, The Institute of Securities Dealers; and Dr. Haywood Cheung, Chairman, the Hong Kong Gold Exchange. The event was also attended by various LegCo members and representatives from the financial services sector.
Mr. Lee commented during the ceremony: “Despite the uncertainties in the global economy, Hong Kong achieved a GDP growth of 2.5% in 2024 with the strong support of the Central Government. The stock market set a record with a single-day turnover surpassing HK$600 billion, and with 71 initial public offerings, the funds raised from new listings exceeded HK$88 billion. The Hang Seng Index and gold prices rose by 18% and 26% respectively, while the average daily trading volume of futures and options was up by 15%. The number of open-ended fund companies also saw encouraging growth, bringing a ray of hope to the industry.”
He continued: “The SAR Government has responded to various recommendations from our industry including measures outlined in the Policy Address to provide greater certainty to the timeline for reviewing new listing applications, to developing Hong Kong’s commodity trading ecosystem and establishing Hong Kong into an international gold trading center. Following the industry’s proposal to optimize the ‘New Capital Investment Entrant Scheme’, the Government has announced enhancement measures including the relaxation of certain requirements. These are all proactive and constructive measures, but we must not overlook the challenges ahead. Although the SFC previously reported that all categories of participants in the Stock Exchange of Hong Kong achieved satisfactory profits in the first half of 2024, many small and medium-sized financial intermediaries are still facing significant operational difficulties. Additionally, the valuation of Hong Kong stocks remains relatively low compared to other markets; therefore, the HKSAR Government needs to intensify its efforts to reform the financial markets including enhancing delisting procedures, establishing an OTC board, enhancing the appeal of GEM, reviewing board lot sizes, relaxing participation for retail investors and assessing market efficiency in order to address the unmet proposals and demands raised by the industry.”
Mr. Lee pointed out that recently, a domestic artificial intelligence (AI) company in Hangzhou, DeepSeek, developed a product that outperformed those of global tech giants despite having extremely limited resources. On the one hand, this reflects the extraordinary innovative development of our country, while on the other hand, it encourages small and medium-sized enterprises (SMEs) to remain flexible and adaptable, as such qualities, combined with the support of the country, can create more opportunities for growth.
Mr. Lee urged the financial services industry to actively respond to the trend of reform: “Amid the significant changes in the global political and economic landscape, the HKSAR Government, regulatory bodies, the industry and all market stakeholders need to unite, keep pace with the times and take pragmatic and proactive steps to achieve market reforms. Hong Kong’s Financial Budget is set to be announced at the end of this month, and prior to this, I have consolidated the valuable opinions from the industry and submitted them to the Financial Secretary. I hope that the new Budget will include a series of policy measures to support the development of the financial sector, enabling companies of different scales and backgrounds to flourish.”
11 Industry Associations – Chairmen and Presidents
| Ms Huang Haiqin, Chairman, Chinese Securities Association of Hong Kong | Mr Ming Xiaochong, Chairman, Chinese Futures Association of Hong Kong |
| Ms Lian Shaodong, Chairman, Chinese Asset Management Association of Hong Kong | Mr Meng Yu, Chairman, Chinese Financial Association of Hong Kong |
| Ms Kou Kuen, Katerine, Chairman, Hong Kong Securities Association | Ms Lee Sai Yin, Jeanne, Chairman, Hong Kong Securities Professionals Association |
| Mr Jacky Tong, Chairman, Hong Kong Precious Metals Traders Association | Mr Kung Chun Hung, Ronnie, Chairman, The HK Association of Online Brokers |
| Dr. Pollyanna Chu, Chairman, Institute of Securities Dealers | Mr Stacey Wong, President, Association of Hong Kong Capital Market Practitioners |
| Mr Tang Sing Hing, Kenny, Chairman, The Hong Kong Institute of Financial Analysts and Professional Commentators Limited |
About the Office of Hon Robert Lee Wai-wang
The office consults and serves both the industry and the public. It proactively collects and reflects their opinions in order to facilitate the implementation of government policies. In addition, it also helps promote public education of financial knowledge and fraud prevention by organizing different events and activities.
Media enquiries:
Crystal Xu or Rachel Tsang
Office of Hon Robert LEE Wai-wang
Tel: +852 3686 2071 / Email: info@robertlee.hk