April 20 - 27, 2018

Finance

Laura Cha to chair HKEX

Laura Cha has been named the new Chairman of the Hong Kong Exchanges and Clearing (HKEx). She will be the first woman to hold the top position since the exchanges were founded in 1891. A trailblazer in her career, Cha was the first non-mainland Chinese named Vice Chairman of the China Securities Regulatory Commission in 2001, and became the first female Deputy Chair of Hong Kong’s Securities and Futures Commission in 1997.  She has been appointed to chair Hong Kong’s Financial Services Development Council, a government advisory body, since 2013.

New listing rules to attract innovative businesses

The HKEx has announced new rules, effective Apr 30, which will broaden the city’s listing regime. The move will help attract early-stage biotech companies and firms that have shares with different voting rights. The new framework will also encourage companies listed overseas to consider Hong Kong as a secondary listing venue.  HKEx Chief Executive Charles Li said the reforms will make the Hong Kong market more competitive. 

Biotech companies to benefit from new listing regime

The new rules coming into effect on Apr 30 will allow more listing of biotech and life-science companies that do not meet any of the financial eligibility tests of the main board, said HKEx Chief Executive Charles Li in an interview with CNBC. He said allowing these pre-revenue companies to list under strict regulations means they can access capital, which is critical for them to develop drugs or medical devices in the initial phase. He said the new rules had recognized  the changes in Hong Kong’s economic landscape.

Trade

US Consul General paints robust picture

Hong Kong will continue to prosper in spite of the trade friction between China and US, affirmed US Consul General to Hong Kong and Macau Kurt Tong. Addressing the Foreign Correspondents' Club (Apr 24), Tong called the current situation an opportunity for Hong Kong to demonstrate its lasting value as a super-connector between China and the world. He said the city’s rules-based approach to commerce and regulation, its independent judiciary, as well as highly liberal trade, investment and tax policies show that prosperity is possible while observing consistent global best practices. 

HKETONY News

Fruitful first trip to Miami

Director Joanne Chu of HKETONY has had a fruitful trip in her first duty visit to Miami (Apr 23-25), meeting with key government officials and business executives. She highlighted the city’s initiatives in innovation and technology as well as the latest economic developments. She also encouraged Florida companies to use Hong Kong as a springboard to expand their business in Asia and to tap opportunities through the Belt and Road Initiative and in the Greater Bay Area.

Environment

Stricter ivory laws in place

Committed to the protection of all endangered species, Hong Kong has taken legal steps to phase out the local ivory trade. Beginning May 1, a ban on the import and re-export of all elephant hunting trophies will take effect, with the maximum penalty increased to US$1.28 million and 10 years in jail. Licensing control on commercial possession of certain types of ivory will commence Aug 1. The local trade of all non-antique ivory will be completely shut down by December 31, 2021. 

Basic Law

Hong Kong and its Basic Law

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems". 

Q:Has the HKSAR Government maintained complete control over fiscal and economic policies and safeguarded the free movement of goods, assets and capital?

A:The HKSAR Government formulates its own economic policies; manages its finances independently; prepares its own budgets; issues its own freely convertible currency; practises an independent taxation system; keeps its low and simple tax regime; formulates its own monetary and financial policies; safeguards the free flow of capital; maintains the status of a free port; pursues a policy of free trade and protects the free movement of goods, intangible assets and capital. (BL Articles 62; 106-119)

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