HK's financial growth unstoppable: FS

Financial Secretary Paul Chan says the development of Hong Kong’s financial market is “unstoppable” despite global uncertainties. Writing in his weekly blog, Chan said the SAR continued to rank first globally in initial public offerings this year, with the funds raised through IPOs exceeding HK$140 billion as of last week. More high-quality enterprises are using Hong Kong’s fundraising platform for their global business expansion, he said. Chan also said global investors are diversifying their asset allocation amid rapid technology development and geopolitical risks to reduce reliance on a single market. “Hong Kong is stable and safe, and gathers capital and talent,” he said. “With advantages including free flow of capital and data, as well as a legal system and the rule of law that are wildly known and trusted by the business sector, Hong Kong’s attractiveness to global investors is further rising.” The FS went on to say that investors were increasing their investments in Asia, where cutting-edge enterprises and projects in green energy, advanced manufacturing and digital finance are emerging. “As a leading international financial hub in the region, Hong Kong will continue to serve as a super-connector to facilitate the efficient connection between capital and opportunities, achieving win-win results,” he said. Chan added the growing financial market has supported the local economy. He said the Labour Day Golden Week holiday is expected to bring about 980,000 mainland visitors to Hong Kong, boosting the retail, catering, hotel and tourism sectors. Edited by Tony Sabine