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Hong Kong claims world No. 1 in wealth management

Hong Kong has claimed the top spot as the world’s largest cross-boundary wealth management centre, according to Boston Consulting Group’s Global Wealth Report 2026 (May 27). The city is projected to sustain its position through 2030, with cross-boundary assets under management growing at an average of 9% annually. Financial Secretary Paul Chan said the National 15th Five-Year Plan clearly supports Hong Kong in strengthening its functions as an international asset and wealth management centre, a key component of Hong Kong’s “Finance +” development strategy. He attributed the city’s success to its “one country, two systems” framework, open and transparent policies, stable and secure investment environment, and cross-market connectivity, that are attracting growing number of ultra-high-net-worth individuals and family offices to the city. He noted that AI-driven wealth creation across the Chinese Mainland and Asia is expected to open up further opportunities for Hong Kong’s asset and wealth management sector. Secretary for Financial Services & the Treasury Christopher Hui said that legislative proposals to enhance preferential tax regimes for funds, single family offices and carried interest will be introduced to further strengthen Hong Kong’s global competitiveness.

RMB sovereign green bonds issued

The Hong Kong Special Administrative Region (HKSAR) Government welcomed (May 29) the Ministry of Finance’s announcement that it has successfully issued renminbi (RMB) sovereign green bonds totalling RMB 6 billion, marking the central government’s first such issuance in the city. Total subscriptions amounted to RMB 62.4 billion or 10.4 times the issue size. The three-year bonds were oversubscribed by 9.8 times, while the five-year bonds were oversubscribed by 11 times, highlighting strong market demand. Financial Secretary Paul Chan noted that the issuance will further enhance the yield curve for Hong Kong’s offshore RMB bond market, provide a new investment benchmark for international capital, and attract more cross-boundary RMB financing and trading activities to Hong Kong. This will also support the efficient matching of global capital with the country’s high-quality green projects.

Tokenised bonds group formed

The Hong Kong Monetary Authority (HKMA) has set up (Jun 5) a Tokenised Bond Expert Group to drive further adoption and scalability of tokenised bonds in Hong Kong. Comprising industry associations, financial institutions, legal advisory firms, as well as financial infrastructure and technology providers, the group will collectively explore policy measures, market practices, and innovations to advance the sector. Initial discussions in May focused on Hong Kong’s current legal and regulatory regime and its application to tokenised bond issuance and transactions. The findings will inform the HKMA’s ongoing work with the Financial Services and the Treasury Bureau on identifying potential legal and regulatory enhancements to facilitate the broader adoption of tokenisation technology in the fixed income market. The initiative builds on a series of milestones, including the world’s first tokenised government green bond in 2023; the first multi-currency digital bond in 2024, and the first digital bond integrating tokenised central bank money in the form of e-CNY and e-HKD in 2025.

Over-the-counter derivatives clearing rules streamlined

The HKMA and the Securities and Futures Commission have concluded a joint public consultation on standardising calculation periods under the over-the-counter derivatives Clearing Rules, receiving broad market support for the proposed changes. The amendments, designed to standardise calculation periods and enhance operational efficiency, are slated to take effect in March 2027. Under the new approach, market participants will operate with two fixed annual periods — March 1 to May 31 and September 1 to November 30. This move replaces the current system, which requires regular legislative amendments to specific calculation periods. Market participants welcomed the changes, noting it enhances certainty around clearing obligations and enables more effective internal planning.

International court plan announced

Hong Kong’s Judiciary announced plans to establish the Hong Kong International Commercial Court (HKICC), a specialist division of the High Court, to adjudicate complex, high-value international and cross-boundary commercial disputes. This would further strengthen Hong Kong’s standing as both an international financial centre and a leading international dispute resolution hub. The HKICC will complement Hong Kong’s existing arbitration and mediation services, offering a comprehensive range of dispute resolution options. Key features include transparent proceedings, authoritative judicial determinations, a structured appellate process, and the certainty of enforceable judgments, including their recognition and enforcement on the Mainland under relevant two-way arrangements. Local judges with commercial law expertise will sit on the HKICC, with eminent jurists from other common law jurisdictions invited on an ad hoc basis. Chief Executive John Lee said the HKICC demonstrates Hong Kong’s unique advantages under “one country, two systems”, strengthening its role as an international legal and dispute resolution hub. The Judiciary aims to establish the HKICC within a year, with stakeholder consultation already under way.

Hong Kong showcases higher education at NAFSA 2026 in Orlando

The Hong Kong Economic and Trade Office in New York (New York ETO) welcomed the delegation of representatives of the University Grants Committee (UGC) and UGC-funded universities at the 2026 NAFSA Annual Conference & Expo — one of the world’s most influential platforms for international education — in Orlando, Florida. Speaking at the “What's New in Hong Kong?” session of the NAFSA Conference & Expo (May 27), the Director of New York ETO, Maisie Ho, highlighted Hong Kong’s excellence as a leading international education hub, driven by long-term investment, innovation and strong policy support. Ms Ho pointed to a landmark milestone, with all eight publicly funded universities in Hong Kong now rank among the Top 100 in the latest Times Higher Education Asia University Rankings. She also introduced the “Study in Hong Kong” initiative, designed to attract outstanding students and scholars from around the world to study, conduct research and pursue careers in Hong Kong. The session also featured insightful presentations by Associate Dean (Internationalization and External Engagement) of College of Business at City University of Hong Kong, Professor Kim You Jin; Associate Dean (International Engagement) Faculty of Education and Human Development at The Education University of Hong Kong, Dr. Emma E. Buchtel; and Director of Educational Development at The Hong Kong Polytechnic University, Dr. Julia Chen. They shared perspectives on Hong Kong’s strengths in internationalisation, education and academic excellence. After the session, Ms Ho also visited the “Study in Hong Kong” Pavilion to learn about the proactive work of the universities in expanding their global network as well as their promotion efforts in recruiting overseas students for further studies in Hong Kong.

HKUST medical school dean appointed

The Hong Kong University of Science & Technology (HKUST) appointed Professor Li King-chuen as the Founding Dean of Medicine at HKUST, marking a new milestone in the university’s preparatory work for the establishment of the city’s third medical school. Professor Li served as Founding Dean of the Carle Illinois College of Medicine at the University of Illinois Urbana-Champaign in the US and possesses relevant practical experience that will be invaluable. Born and raised in Hong Kong, Professor Li is an internationally renowned physician-scientist, biomedical innovator, and academic leader. He is currently Dean Emeritus and Professor Emeritus of the Carle Illinois College of Medicine, and Adjunct Professor of Radiology at the Stanford University School of Medicine in the United States. Photo credit: HKUST

New York celebrates Hong Kong renowned director Stanley Kwan

The New York ETO is proud to support “Stanley Kwan: Ladies Man”, a seven-film retrospective dedicated to acclaimed Hong Kong film maker Stanley Kwan, taking place from June 11 to 14 at the Asia Society in New York. The programme celebrates Kwan’s contributions to Hong Kong cinema and highlights his distinctive focus on engaging, multi-dimensional female characters and gender and sexuality. A leading figure of the “Second New Wave”, Kwan began his career as an assistant director to filmmakers including Ann Hui and Patrick Tam before making his directorial debut with Women in 1985. The retrospective will screen six narrative features Kwan, demonstrating a flair for highly controlled mise-en-scene; genre competence stretching from screwball to neo-noir to melodrama. The series also showcases Kwan’s collaboration with major stars like Maggie Cheung, Anita Mui, and Joan Chen.

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: Is Hong Kong a free port and a separate customs territory?

A: Yes, the HKSAR remains a free port, a separate customs territory and an international financial centre. Its markets for foreign exchange, gold, securities and futures shall continue. There shall be free flow of capital. (BL Articles 109, 112, 114, 116)