香港将继续深化股票市场、拓展世界级的债券及货币市场，完善债券市场基础设施，与海外市场建立联 系，包括瑞士和阿联酋。同时推进保险、资产及财富管理行业的发展。 他指出，香港是全球最大离岸人民币枢纽，将继续支持人民币在香港经济中的应用，香港金管局将透过 与中国人民银行的货币互换安排，为企业提供更长期的人民币融资，用于贸易、营运和资本支出。 李家超指，香港目前已有超过1200家金融科技公司，较去年增长了10%，预计到2032年，香港金融科技 行业总收入将超过6000亿美元，年增长率超过28%。 在金融科技方面，香港特区政府计划放宽限制，以鼓励更多的投资者进入金融科技领域。金管局 Ensemble项目沙盒正探索代币化应用。 香港特区行政长官李家超在香港金融科技周致辞时表示，香港致力于推动经济增长和强化竞争力，巩固 国际金融中心地位。在股票市场方面，将支持内地科技公司在港集资，鼓励海外企业来港作第二上市， 并欢迎中国概念股票公司从海外回流，以香港作为首选目的地。 ...

Core Insights - The "Family Office Guide" has been jointly released by Bloomberg, the Hong Kong Financial Services and the Treasury Bureau, and the Invest Hong Kong agency to provide comprehensive guidance for family offices looking to establish or expand operations in Hong Kong [1][2] - The Hong Kong Financial Secretary, Paul Chan, announced that over 200 family offices have been assisted in setting up or expanding their operations in Hong Kong, achieving the target set in the 2022 Policy Address ahead of schedule [1][2] - A new target has been set to attract an additional 220 family offices to Hong Kong between 2026 and 2028, further solidifying Hong Kong's position as a global asset and wealth management hub [1] Summary by Categories Regulatory Environment - The guide offers practical advice on navigating the regulatory environment for family offices, ensuring compliance and understanding local laws [1][2] Investment Management - It includes insights on investment management strategies tailored for family offices, emphasizing the importance of effective asset allocation and risk management [1][2] Operational Efficiency - The guide provides recommendations on improving operational efficiency within family offices, which is crucial for maximizing returns and minimizing costs [1][2] Succession and Philanthropy - It addresses succession planning and philanthropic efforts, highlighting the significance of legacy and social responsibility in family office operations [1][2] Market Positioning - Hong Kong is positioned as a strategic hub connecting East and West, attracting global family offices due to its international talent pool and deep understanding of the Chinese market [1][2] Ecosystem Development - The "Hong Kong Family Office Exchange" has become a powerful engine for developing the family office ecosystem in Hong Kong, with over 4,000 visits recorded on its digital knowledge center [2] - The Hong Kong Wealth Legacy Academy has hosted over 20 capacity-building events, engaging more than 3,100 family asset owners and next-generation leaders [2]

Core Insights - Hong Kong's financial markets, including the stock market, bond market, and asset and wealth management, are experiencing robust growth, with the Hang Seng Index showing exceptional performance this year [1][3] Stock Market - The Hang Seng Index has risen over 30% this year, following an 18% increase last year [3] - The Hang Seng Technology Index has increased by over 40%, while the biotechnology index has more than doubled [3] - Average daily trading volume in Hong Kong stocks for the first eight months was approximately HKD 250 billion, a 1.3 times increase compared to the same period last year [3] - The total amount raised through initial public offerings (IPOs) has exceeded HKD 150 billion, marking a nearly sixfold increase year-on-year [3] - The total market capitalization of Hong Kong stocks has surpassed HKD 48 trillion, significantly outperforming many other major global markets [3] Bond Market - The bond market is also showing strong growth, with the issuance of RMB "dim sum bonds" and green bonds experiencing steady increases [3] - In the first half of this year, the issuance of green bonds in Hong Kong is expected to exceed USD 34 billion, representing a 15% year-on-year increase [3] Asset and Wealth Management - The asset and wealth management sector recorded significant growth last year, with net inflows reaching HKD 705 billion, an increase of over 80% year-on-year [3]

Group 1 - The Hong Kong government is conducting public consultations for the 2025 Policy Address, with PwC advocating for the utilization of Hong Kong's unique position as a super connector between mainland China and global markets to boost economic growth and market vitality [1] - PwC suggests that the government should take decisive actions to enhance global competitiveness and financial resilience through strategic partnerships, technological innovation, and stable financial market development [1] - Recommendations include extending stock trading hours and various measures to enhance the growth potential, openness, and international competitiveness of Hong Kong's capital markets [1][2] Group 2 - PwC proposes expanding the OTC market to provide early-stage financing platforms for innovative and startup companies, facilitating their future listings under specific Hong Kong listing rules [2] - Suggestions also include implementing "New Stock Connect" to allow cross-border investment between mainland and Hong Kong IPOs, and broadening the types of RMB financial products available in Hong Kong [2] - Long-term goals include gradually eliminating stock transaction stamp duty to align trading costs with other major stock markets [2] Group 3 - The asset and wealth management industry in Hong Kong is substantial, with assets under management reaching $4.5 trillion by the end of 2024, prompting PwC to recommend strategic measures to reinforce Hong Kong's position as a regional and global hub [3] - Specific measures include expanding the Wealth Management Connect program and considering the relaxation of eligibility criteria for southbound ETFs [3] - PwC emphasizes the need for a clear roadmap to allow retail investors to diversify into alternative assets while ensuring investor protection and effective liquidity management [3] Group 4 - Hong Kong is positioned as an ideal location for a robust secondary debt trading market due to its advanced financial infrastructure and stable regulatory framework [4] - PwC recommends government investment in improving clearing and settlement systems to simplify trading processes and enhance market liquidity [4] - The creation of a supportive legal, tax, and regulatory environment for private equity funds and the securitization of assets and receivables is also suggested [4]

Economic Performance - Hong Kong's GDP grew by 3.1% year-on-year in Q2, marking the tenth consecutive quarter of growth [1] - The economy has shown resilience despite complex external conditions, with a 3.1% growth in Q1 2023 and a projected 2.5% growth for 2024 [1] Investment and Market Activity - The total market capitalization of Hong Kong stocks reached HKD 42.7 trillion, a 33% year-on-year increase [1] - Hong Kong led the world in IPO fundraising with HKD 124 billion raised from 52 IPOs, a 590% increase year-on-year [1] - The number of companies with overseas parent companies in Hong Kong increased by approximately 10% to 9,960 [2] - The asset and wealth management business in Hong Kong totaled approximately HKD 35.1 trillion as of the end of last year [2] - The number of registered funds reached 976, with a net inflow of over USD 44 billion, representing a 285% increase year-on-year [2] Trade and Consumption - Overall merchandise exports from Hong Kong increased by 12.5% year-on-year in the first half of 2025, indicating a strong recovery in foreign trade demand [2] - Retail sales in Hong Kong recorded their first year-on-year growth in 14 months as of May, suggesting a preliminary stabilization in the consumption market [2] Future Outlook - Confidence in Hong Kong's economy remains strong, with stable growth expected to enhance international trust [3] - Continuous GDP growth is anticipated to create more job opportunities, increase citizen income, and stimulate local consumption, fostering a positive cycle [3] - The government emphasizes the importance of maintaining an open and stable market environment to enhance Hong Kong's competitiveness on the international stage [3]

Group 1 - The core viewpoint of the report emphasizes that Hong Kong is navigating through significant global changes while maintaining its core competitiveness and forming new advantages [1][2] - The Hong Kong economy is showing a steady improvement, with a reported growth of 3.1% in the first quarter and an expectation of continued growth in the second quarter [1] - The implementation of the National Security Law has created a stable environment, ensuring the rights and freedoms of citizens while positioning Hong Kong as a safe harbor for global investment [1] Group 2 - The report highlights that global investment opportunities are being actively sought, and Hong Kong can assist countries in diversifying risks, attracting funds, businesses, and talent [1] - By the end of 2024, the number of companies with overseas parent companies based in Hong Kong is expected to reach 9,960, reflecting an annual increase of approximately 10% [1] - As of the end of last year, the total value of asset and wealth management in Hong Kong was approximately HKD 35.1 trillion, with a registered fund count of 976 as of March this year, showing a net inflow of over USD 44 billion, a growth of 285% year-on-year [1]

Group 1 - The core viewpoint of the report emphasizes that Hong Kong is navigating through significant global changes while maintaining its core competitiveness and forming new advantages [1][2] - The Hong Kong economy is showing a steady improvement, with a reported growth of 3.1% in the first quarter and an expectation of continued growth in the second quarter [1] - The implementation of the National Security Law has created a stable environment for rebuilding the city, ensuring the rights and freedoms of citizens while positioning Hong Kong as a safe harbor for global investment [1] Group 2 - The report highlights that global investment opportunities are being actively sought, and Hong Kong can assist countries in diversifying risks, attracting funds, businesses, and talent [1] - The government plans to adopt various policy measures to support businesses in facing challenges and to create a better investment and business environment [1] - As of 2024, there are 9,960 companies with foreign parent companies based in Hong Kong, representing an annual increase of approximately 10% [1] - The total value of asset and wealth management business in Hong Kong reached approximately HKD 35.1 trillion by the end of last year [1] - By the end of March this year, the number of registered funds reached 976, with a net inflow of over USD 44 billion, marking a growth of 285% year-on-year [1] Group 3 - The report emphasizes the government's commitment to managing various risks with a bottom-line thinking approach while promoting economic stability and actively integrating into national development [2] - The theme of the report is "One Country, Two Systems, Unique Advantages," aiming to clarify Hong Kong's advantages under this framework and its broader development prospects [2]

Economic Outlook - The Hong Kong economy is expected to maintain a positive momentum, with growth anticipated in the second half of the year despite geopolitical uncertainties and trade wars [1] - In Q1, Hong Kong's economy grew by 3.1%, with the GDP forecast for Q2 to be announced soon [1] Industry Performance - Different industries are responding and adjusting at varying paces during the economic transformation, with some emerging sectors performing well while traditional industries face challenges [1] - The retail sector showed signs of recovery, with May's total retail sales value turning from decline to growth, and June figures expected to maintain this trend [1] Consumer Confidence - The number of visitors to Hong Kong in July increased by 12% year-on-year, indicating a recovery in consumer sentiment and private consumption [1] Business Environment - The "Hong Kong Business Environment Report" highlights that businesses have confidence in Hong Kong, with 9,960 companies from foreign parent companies operating in the city, a 10% increase year-on-year [1] - As of the end of last year, the total value of Hong Kong's asset and wealth management business was approximately HKD 35.1 trillion [1] - By the end of March this year, the number of registered funds reached 976, with a net inflow of over USD 44 billion, representing a growth of 285% [1] Startup Ecosystem - Hong Kong saw approximately 4,700 startups last year, marking a 10% increase from 2023 and setting a historical high [2] - Since the establishment of the key enterprise office in December 2022, 84 key enterprises have been attracted to Hong Kong, many of which are innovative technology companies valued over HKD 100 billion [2]

Group 1 - The Hong Kong government is actively promoting the development of family offices to enhance its asset and wealth management sector, with a dedicated team assisting 50 family offices in establishing or expanding their operations in the first five months of 2025, a 19% increase compared to the same period last year [1] - Approximately 150 family offices are preparing or have decided to set up or expand their operations in Hong Kong, indicating a growing interest in the region [1] - The government has implemented optimization measures for the "New Capital Investor Entry Scheme" effective from March 1, 2025, allowing applicants to invest through qualified single-family offices and wholly-owned private companies [1] Group 2 - Since 2016, Hong Kong has been promoting a talent training program for asset and wealth management, with over 4,800 applications for tuition subsidies approved and more than 1,100 students provided with internship opportunities [2] - The government has included "Asset and Wealth Management Professionals" and "Asset and Wealth Management Compliance Professionals" in the talent list to facilitate the entry of skilled professionals [2] - In 2023, the Wealth Succession Academy was established to provide a platform for knowledge sharing and training for asset owners, heirs, and family office professionals [2] Group 3 - The policy declaration on developing family office business in Hong Kong was published in March 2023, proposing eight measures to create a competitive environment for global family offices [3] - The "Taxation (Amendment) (Tax Relief for Family Investment Vehicles) Ordinance" came into effect on May 19, 2023, allowing eligible family investment vehicles managed by single-family offices to be exempt from profits tax if they meet a minimum asset threshold of HKD 240 million [3] - The response from the family office industry to the proposed measures, including tax incentives and the Wealth Succession Academy, has been positive, with an increase in interest from family offices to establish or expand in Hong Kong [3] Group 4 - The Hong Kong government plans to further optimize the tax incentives for single-family offices in the 2025-26 budget, including expanding the types of eligible transactions for tax relief [4] - The government has completed industry consultations on optimizing tax incentives and aims to submit legislative proposals to the Legislative Council in 2026 [4] - Current tax incentives do not cover joint family offices, as they typically serve as independent service providers and may not meet the minimum asset threshold and substantial activity requirements [4] Group 5 - Family investment vehicles that meet the definition of "fund" under the Tax Ordinance and are managed by licensed entities in Hong Kong can now benefit from a unified fund tax exemption for eligible transactions [5]

Core Insights - Hong Kong continues to attract global capital due to its robust financial system, legal framework, and open business environment, positioning itself as a safe haven for funds [2] Group 1: Asset and Wealth Management Growth - The asset and wealth management sector in Hong Kong experienced a significant growth of 13% year-on-year, reaching a total asset value of HKD 35.14 trillion by the end of 2024 [3] - Net inflows of funds surged by 81% to HKD 705 billion, with asset management and fund advisory services seeing a remarkable increase of 571% in net inflows to HKD 321 billion [3] - Private banking and wealth management assets grew by 15% year-on-year, totaling HKD 10.4 trillion [3] Group 2: Foreign Investment and Fund Establishment - Over 54% of the total managed assets in Hong Kong come from non-mainland Chinese and foreign investors, with steady growth from Asia-Pacific, North America, and Europe [5] - The net inflow of funds into Hong Kong-registered funds increased by 88% to HKD 163 billion in 2024, continuing strong performance into 2025 with HKD 237 billion recorded by May [5] - The number of registered open-ended fund companies rose significantly by 93% in 2024, indicating a growing utilization of Hong Kong's fund structures [7] Group 3: Offshore RMB Center and Financial Innovations - Hong Kong holds the largest offshore RMB deposit pool globally, accounting for over half of all offshore RMB deposits, totaling RMB 1.03 trillion as of April 2025 [7] - The Hong Kong Securities and Futures Commission (SFC) aims to enhance its role as an international asset and wealth management hub through financial innovations and a growing talent pool [7][10] Group 4: Future Prospects and Strategic Initiatives - The Hong Kong government is implementing reforms to attract more global capital, including green finance and virtual asset policies, and optimizing regulations for over-the-counter derivatives [8] - The 2024 Policy Address emphasizes strengthening Hong Kong's position as an international asset and wealth management center, with projections indicating it could become the largest cross-border wealth management hub by 2028 [8][10] - Boston Consulting Group's report predicts that by 2027, Hong Kong will surpass Switzerland in asset management scale, reaching USD 3.1 trillion [10][11]