HK's financial centre position strengthening: FS
HK's financial centre position strengthening: FS
Paul Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth. File photo: RTHK
Financial Secretary Paul Chan says Hong Kong's position as an international financial centre is strengthening, citing increased trading volumes and its leading global IPO market.
Writing in his weekly blog on Sunday, Chan said the SAR's economy has demonstrated strong resilience, achieving nine consecutive quarters of GDP growth and surpassing HK$3 trillion.
He said the stock market regained an upward trajectory over the past year, marked by significant increases in trading volume, with the average daily turnover now exceeding HK$240 billion.
Chan noted that since Hong Kong Exchanges and Clearing added chapter 18A to its main board listings rules – enabling listings for biotech companies without revenue or profits – the number of such companies has risen significantly.
"Since the implementation of the '18A' reform in 2018, the number of newly listed companies in the new economy and biotechnology sectors has risen to about 370, accounting for approximately 14 percent of all listed companies, with a market capitalisation share exceeding 27 percent and trading volume share surpassing 30 percent," he said.
"The '18C' reform introduced in 2023, along with the recent proposal for a 'Technology Enterprises Channel' and the facilitation of the return of China concept stocks listed in the United States, reflects our ongoing assessment of circumstances and commitment to reform, continually enhancing the attractiveness and competitiveness of the stock market."
Turning to innovation, the finance chief reported significant investment in research and development (R&D) and growth in start-ups, expressing expectations for Hong Kong to become a top cross-border wealth management hub.
"Innovation and technology is another important engine for Hong Kong's economic development. Local R&D expenditure approached HK$33 billion in 2023, rising 10 percent year-on-year. The number of local start-ups reached a record high of about 4,700 by the end of last year," he said.
"Science Park and Cyberport, as flagship innovation and technology hubs, have nurtured and supported 22 listed companies and 20 unicorns, with their start-ups holding over 700 intellectual property rights."
Chan also said he will lead a delegation of about 30 start-up representatives to the World Economic Forum's Annual Meeting of the New Champions in Tianjin.
He said the goal is to introduce Hong Kong's examples in innovative technology R&D and application to international investors and innovation leaders.
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