Hong Kong’s latest budget includes a range of measures to promote wealth management, family offices, new share listings and yuan-denominated business, which would strengthen the city’s role as an international financial centre and yuan trading hub, industry players said.
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“We are pressing ahead with high-quality development of Hong Kong’s international financial market to create more new growth areas,” Financial Secretary Paul Chan Mo-po said in his budget speech on Wednesday.
Chan also said bourse operator Hong Kong Exchanges and Clearing (HKEX) was working on setting up a “technology enterprises channel” to help specialist technology and biotechnology companies, especially those listed in mainland China, seek listings in Hong Kong.
The government would also review regulations to promote the issuance of tokenised bonds, Chan said. The Hong Kong Monetary Authority is preparing to offer its third round of such bonds.
“Hong Kong is expected to become the world’s largest cross‑boundary wealth-management centre by 2028,” Chan said.
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He said that as of the end of 2023, the city was home to about HK$31 trillion (US$4 trillion) in assets under management.