JUNE 22 - 27, 2022
Family office sets up global headquarters in Hong Kong
Priority Asset Management Group, a multi-family office formed by several esteemed families from the Mainland and North America, opened (Jun 24) its global headquarters in Hong Kong, leveraging the city's strategic location in the Guangdong-Hong Kong-Macao Greater Bay Area, unique and free financial market, deep pool of talent with professional investment experience, and a sound legal system to expand its business in the region. Its CEO Morgan Lin also welcomes Hong Kong's recent initiatives with special purpose acquisition companies, limited partnership funds and open-ended fund companies, providing benefits to the industry. He added that the group is considering to participate with several projects in the pipeline.
MOU on investment promotion co-operation signed
Invest Hong Kong (InvestHK) signed its first memorandum of understanding with the Commerce Bureau of Shenzhen Municipality on Jun 23, pledging to continually strengthen mutual co-operation on investment promotion in order to enhance the long-term development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Director-General of Investment Promotion of InvestHK Stephen Phillips said both Hong Kong and Shenzhen as dual engines in the GBA, can leverage the complementary advantages of each other through collaboration to take forward the development within the region.
May exports value down 1.4%
The value of Hong Kong’s total goods exports fell to US$49.75 billion in May, down 1.4% year-on-year. The value of imports of goods rose 1.3% to US$54.46 billion for the same period, resulting in a US$4.7 billion trade deficit for the month. The value of merchandise exports turned to a mild year-on-year decline in May as the global economy faced increasing headwinds. Exports to the Mainland fell further while exports to the US and the EU saw moderated growth, with exports to most other major Asian markets continuing to record solid growth. Looking forward, the worsened global economic prospects will continue to weigh on the city’s export performance, with the monetary policy tightening by many major central banks, and other factors adding to uncertainties. Separately, overall consumer prices rose 1.2% in May year-on-year, less than the 1.3% increase in April. External price pressures are expected to remain notable amid the rampant inflation in some major import sources. However, with domestic cost pressures remaining mild, overall inflation should stay moderate in the near term.
More designated quarantine hotels provided
A total of 65 hotels, providing around 24,000 rooms under the 8th cycle (Aug 1 – Oct 31) of the Designated Quarantine Hotel Scheme has started accepting bookings as of Jun 25. Both Hong Kong residents and non-residents can enter Hong Kong from overseas, subject to prevailing boarding, quarantine and testing rules. They must hold a negative result of a polymerase chain reaction-based nucleic acid test for COVID-19 taken within 48 hours before their flight departure time and a confirmation of a room reservation at a designated quarantine hotel for at least 7 nights.
Outdoor screening of "Happy Together"
New York audience will have an opportunity to revisit Hong Kong classic "Happy Together" by film auteur Wong Kar Wai with superstars Tony Leung and the late Leslie Cheung on July 16 at 9:00 pm at Hearst Plaza, Lincoln Center. The free outdoor screening is part of the lineup of this year’s Hong Kong Panorama at New York Asian Film Festival. It is also part of Lincoln Center’s festival, Summer for the City. Admission is on a first-come, first-served basis. Limited advance reservation will also be available for this event, opening Tuesday, July 12 at noon. See you there!
Online program by HK String Orchestra
Let’s welcome and immerse in this carefree summer season with this music video of “Summer” concerto from Vivaldi's "Four Seasons", performed by Hong Kong String Orchestra! It evokes the myriad of evolving weather patterns, from gentle and balmy respite to the powerful summer storm! Enjoy!
Hong Kong and its Basic Law
The Basic Law is the constitutional document of the HKSAR. Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems”.
Q: Do Hong Kong residents have the right to vote and to stand for election?
A: Persuant to Article 26 of the BL, permanent residents of Hong Kong have the right to vote and stand for elections in accordance with law. The National People’s Congress (NPC) made the Decision on Improving the Electoral System of the HKSAR (the Decision) on 11 March 2021 and laid down the fundamental principles for amending Annexes I and II to the Basic Law, including “upholding HKSAR permanent residents’ right to vote and the right to stand for election in accordance with law”. The Standing Committee of the NPC had made careful consideration and balance of these rights in amending Annexes I and II to the Basic Law, in order to establish a political structure that upholds the “one country, two systems” principle, reflects the actual situation of Hong Kong and ensures “patriots administering Hong Kong”. It should be noted that the right to vote as safeguarded by Article 26 of the Basic Law should be construed with other relevant provisions in the Basic Law in their entirety, in particular Articles 45, 68 as well as Annexes I and II of the Basic Law. Articles 45 and 68 provide that the methods for selecting the Chief Executive and forming the Legislative Council shall be specified in the light of the “actual situation in the HKSAR” and in accordance with the “principle of gradual and orderly progress”. The design of electoral system and the right to vote should be implemented in the light of the actual situation in the HKSAR. (BL Articles 26; 45; 68; Annexes I and II)

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