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Hong Kong welcomes Year of the Horse

On the auspicious first day of the Year of the Horse (Feb 17), Director of Hong Kong Economic and Trade Office in New York (New York ETO) Maisie Ho shared a message of celebration, extending warm wishes for a joyous and prosperous Chinese New Year. “May the Year of the Horse bring you vibrant health, boundless energy, and triumphant success in all that you pursue,” she said. “May good fortune gallop your way, bringing happiness, prosperity, and endless blessings throughout the year ahead.”

Her message of optimism and renewal was reflected across Hong Kong as celebrations got underway in spectacular fashion, kicking off with the Cathay International Chinese New Year Night Parade (Feb 17), featuring a dazzling spectacle of brilliantly decorated floats and captivating performances by talented groups from Hong Kong and around the world against a backdrop of colourful lights and lanterns lining the route. The celebration will continue on Feb 18, with the 2026 Chinese New Year Fireworks Display galloping into Victoria Harbour. The 23-minute show will see 31,888 shells create 8 spectacular scenes. From golden ingots and cascading wealth effects to horseshoes, hearts and dazzling crowns, each scene will tell a story of prosperity, harmony and triumph. 

Festive celebrations in Hong Kong also include the stunning Chinese New Year Lantern Display lighting up Hong Kong Cultural Centre Piazza through Mar 15, the “Year of the Horse Raceday” (Feb 19) at the Sha Tin Racecourse and a long-standing football tradition – the Chinese New Year Cup (Feb 21), which will see the Hong Kong team facing Korea’s FC Seoul.

In his Chinese New Year message (Feb 16), Chief Executive John Lee said the horse, symbolising speed and stamina, boldly charges ahead, covering vast distances every day, embodying the tenacity and resilience of Hong Kong people. “As we step into the Year of the Horse, let us continue to move with agility and steadiness, seizing opportunities, overcoming challenges, and propelling Hong Kong forward,” he said.

New York ETO celebrates CNY in Atlanta

The New York ETO hosted its annual Spring Reception in Atlanta on Feb 4 to welcome the Year of the Horse and reaffirm the strong and enduring ties between Hong Kong and Atlanta, as well as the state of Georgia. In her welcome remarks, Director of New York ETO Maisie Ho highlighted the close economic, investment and trade relations between Hong Kong and the US. Hong Kong is home to around 1,550 American companies, while the value of Hong Kong’s total exports to the US rose by 9.7% in 2025. Noting that the Year of the Horse symbolises vitality and progress, she said that she looked forward to deepening collaboration with Atlanta and the state of Georgia, especially in areas including fintech, logistics, aviation, education and cultural exchanges. On Feb 5, she met with Atlanta’s institutional leaders to exchange views on the latest developments in Hong Kong and explore areas of mutual interest. They included the President and the Director of the World Affairs Council of Atlanta, Rickey Bevington and Jackie Davis respectively; as well as Senior Advisor on China, the Director of Individual Giving, and Senior Program Associate of the Carter Center, Liu Yawei, Curtis Kohlhaas, and Nick Zeller respectively. Deputy Director of New York ETO Angela Jong; and Director (New York & Midwest) of Hong Kong Trade Development Council Curtis Louie also joined the meetings.

Hong Kong leads global IPO rankings in 2025

Hong Kong’s equity capital markets delivered record growth in 2025, cementing the city’s position as the world’s leading IPO fundraising venue, soaring 231% year-on-year to raise US$37.4 billion across 119 listings, including two of the five largest IPOs globally. The momentum extended beyond new listings, with companies tapping the city’s deep liquidity pools to raise US$66 billion in follow-on issuance, up 136% from 2024. The city’s investor participation also broadened significantly, with global institutional investors featured prominently as cornerstone backers in major deals amid surging retail demand. Hong Kong was among the top hubs globally for issuance in the healthcare and biotech, technology, media, and telecommunications, industrials and new energy sectors. The strong momentum has carried into 2026, with year-to-date equity capital markets issuance reaching US$15.8 billion as of Jan 30. This is around six times higher than the US$2.5 billion recorded in the same period last year, according to Dealogic.

Study shows Hong Kong as a premier family office hub

Hong Kong is home to more than 3,380 single-family offices as of end-2025, according to the Market Study on the Family Office Landscape in Hong Kong commissioned by Invest Hong Kong and conducted by Deloitte. This marks an increase of about 680 offices over the past two years, or a growth of more than 25%. Secretary for Financial Services & the Treasury Christopher Hui said the growth reflects the government’s efforts in policy formulation and institutional development. Legislative proposals are expected in the first half of the year to expand the scope of qualifying investment for the preferential tax treatment for funds and single-family offices, including precious metals, loans and private credit investments, and digital assets.

The study estimates that single-family offices operating in Hong Kong contribute approximately HK$12.6 billion (US$1.6 billion) annually to the local economy through operating expenditures, directly employing over 10,000 full-time professionals. Taking into account multifamily offices and other service providers supporting family offices, the actual economic benefits are expected to be even more substantial. The study also highlighted Hong Kong’s pivotal role in Asia’s asset and wealth management, with approximately US$4.5 trillion in assets under management as of end-2024. Hong Kong also ranked second in the number of ultra-high-net-worth individuals as of June 2025, being one of the top destinations for setting up family offices.

Web3 development showcased at Consensus Hong Kong 2026

Hong Kong is committed to building a vibrant digital asset ecosystem through advancing Web3 development, said Financial Secretary Paul Chan at Consensus Hong Kong 2026 (Feb 11). He outlined some key initiatives including enhancing the city’s regulatory framework for digital assets. This includes the launch of a regulatory regime for stablecoin issuers in August 2025, with a small number of stablecoin issuer licences to be issued in March. A new licensing regime for digital asset dealers and custodian service providers is also scheduled to be introduced this summer. On product innovation and development, Mr Chan said the Government will regularise the issuance of tokenised green bonds and continue to foster market innovation and development, reaffirming Hong Kong’s commitment to balancing innovation with risk management and investor protection under the “same activity, same risk, same regulation” principle.

Separately, Securities and Futures Commission announced (Feb 11) new initiatives to boost digital asset market vibrancy in Hong Kong. This included new guidance expanding virtual asset (VA) services, allowing licensed VA brokers to provide margin financing to clients with strong credit profiles; developing a high-level framework for leveraged perpetual contracts, strictly for professional investors; and allowing licensed platforms to act as market makers provided that strong safeguards are in place to mitigate conflicts of interest. These measures, based on the ASPIRe Roadmap, aim to enhance liquidity in a safe and competitive market environment.

HKMA launches Fintech 2030 blueprint to advance AI applications

The Hong Kong Monetary Authority has unveiled (Feb 3) a Fintech Promotion Blueprint under its “Fintech 2030” strategy to foster responsible innovation and fintech advancement. The plan focuses on advanced applications of artificial intelligence (AI) and distributed ledger technology (DLT), supported by high-performance computing, with data excellence and cyber resilience as core pillars. The Blueprint outlines initiatives spanning ecosystem collaboration, technological advancement, and talent development. Four flagship projects will be launched: Quantum Preparedness Index to assess the banking sector’s readiness for post-quantum cryptography; a New Risk Data Strategy to enhance data management and analytics capabilities of banks; an industry-led Fintech Cybersecurity Baseline for AI and DLT applications; and competency development support to enhance fintech skills, with a focus on human-machine interaction. The Blueprint also introduces a series of activities to address the key challenges to further fintech advancements, as identified in the Tech Maturity Stock-take, including FiNETech events, responsible innovation competitions, a revamp of the Fintech Connect matching platform and practical workshops.

HKIA’s expanded Terminal 2 to open May 27

The new passenger departure facilities at Terminal 2 (T2) of Hong Kong International Airport (HKIA) are scheduled to commence operations on May 27, enabling HKIA to meet the anticipated surge in passengers during the summer peak season. Seamlessly connected to the Airport Express platform and Terminal 1, the expanded T2 will offer a new generation of smart check-in facilities. It would serve 15 airlines operating short-haul and regional routes. The Coach Hall at T2 commenced operations last September as the first phase launch of the new terminal.

Finance, talent and connectivity key to growth

Amid global changes, Financial Secretary Paul Chan said Hong Kong will further integrate and contribute to national development while leveraging its strengths under “one country, two systems” principle. Speaking at the inaugural Francis Chan Lecture 2025 (Feb 6), he outlined finance, talent and international connectivity as three priorities for future growth. As a leading international financial centre, Hong Kong is providing a full spectrum of funding options that serve the needs of tech enterprises at various stages of development. The city is also expanding its fixed income and currency market and its offshore Renminbi market, along with advancing digital assets prudently to balance innovation and risk. Hong Kong is supporting its world-class academic and research institutions in nurturing top-tier talent and fostering deep integration between education, research and industrial development through the Northern Metropolis University Town and also attracting global talent through various talent admission schemes. Hong Kong continues to bolster its global role by enhancing international connectivity and engagement, such as hosting the headquarters of the International Organization for Mediation.

Hong Kong named Asia’s second-least corrupt

According to the latest survey by international anti-graft watchdog Transparency International (TI), Hong Kong ranked the 12th least corrupt place among 182 countries/territories, an improvement of five places from the preceding year. The rise not only marked one of the most notable advances since the index was first launched in 1995, but also earned Hong Kong the second least corrupt place in Asia. The findings affirmed the efforts of Hong Kong’s strong rule of law and its effective fight against corruption. Hong Kong has consistently remained in the band of the top 20 and one of the top performers in the Asia-Pacific region in the TI’s Corruption Perceptions Index since its launch in 1995.

Hong Kong’s trade in services statistics for 2024

In 2024, Hong Kong recorded a 9.9% increase in total exports of services, reaching US$107.1 billion (HK$835.5 billion). Total imports of services increased by 12.9% to US$89.5 billion (HK$698.1 billion). The city posted an invisible trade surplus at US$17.6 billion (HK$137.4 billion), equivalent to 19.7% of the value of total imports of services, slightly narrower than the US$18.1 billion (HK$141.6 billion) surplus, equivalent to 22.9% of the value of total imports of services, recorded in 2023. Transport was the largest component in exports of services, accounting for 32% of the value of total exports of services, followed by financial services (25.9%) and travel (21.0%). As for imports of services, travel accounted for 31.9%, followed by transport (22.1%) and other business services (15.1%). The Chinese Mainland and the United States were Hong Kong’s top partners in services trade, in both exports of services and imports of services.

Slander of court decision condemned

The Hong Kong Special Administrative Region (HKSAR) Government firmly opposed and strongly condemned (Feb 9) external forces for slandering and smearing the court's sentencing in the Lai Chee-ying case. In a statement, the Government said the Lai Chee-ying case was the first convicted case of the offence of ‘collusion with a foreign country or with external elements to endanger national security’ since the promulgation and implementation of the Hong Kong National Security Law (HKNSL). This marks an important milestone in the HKSAR’s efforts to safeguard national security, manifesting the role of the HKNSL as a key stabilising force. The Government emphasised that after 156 days of fair and impartial public hearings, the court has considered the irrefutable evidence of up to 2,220 exhibits, over 80,000 pages of documents and statements of evidence from 14 prosecution witnesses. The court pointed out that Lai was the mastermind of the case and used Apple Daily to collude with external forces to seek sanctions and hostile activities against the central authorities and the HKSAR Government. The HKSAR Government reiterated the court clearly pointed out in the reasons for verdict that Lai was not on trial for his political views or beliefs and emphasised the case has nothing to do with freedom of the press at all. The Hong Kong SAR Government reiterated it will continue to uphold its constitutional duty and steadfastly safeguard national sovereignty, security and development interests.

National security white paper issued

Chief Executive John Lee has welcomed the publication of a central authorities’ white paper, titled “Hong Kong: Safeguarding China’s National Security Under the Framework of One Country, Two Systems”, pledging the HKSAR Government’s full support in implementing the document. He said in a statement that he will lead and co-ordinate Hong Kong’s executive authorities, legislature and judiciary in implementing the content and requirements of the white paper, fully safeguarding national sovereignty, security and development interests. The white paper covers five areas: the unrelenting fight to safeguard national security in Hong Kong; the central government’s fundamental responsibility for national security matters concerning Hong Kong; the HKSAR’s achievements in fulfilling its constitutional responsibility to safeguard national security; Hong Kong’s transformation from disorder to stability and prosperity; and establishing high-standard security to support high-quality development of the “one country, two systems” policy. He said the government will strengthen public outreach and education through various channels, encouraging all sectors of society to study and understand the white paper and to enhance awareness of national security.

The Basic Law (BL) is the constitutional document of the HKSAR. It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. The Basic Law was put into effect on July 1, 1997.

Q: Can the Government of the HKSAR negotiate, amend, or conclude air service agreements and arrangements?

A: Acting under specific authorisation from the Central People’s Government, the Government of the HKSAR may renew or amend existing air service agreements; negotiate and conclude new agreements for airlines incorporated and principally based in Hong Kong, including rights for over-flights and technical stops; and negotiate provisional arrangements with foreign states or regions without existing agreements. All scheduled air services to, from, or through Hong Kong that do not involve the mainland of China shall be governed by these agreements or arrangements. (BL 133)