Financial Secretary Paul Chan Mo-po wrote that the government issued the "Policy Declaration on the Development of Family Office Business in Hong Kong" in March last year and launched relevant measures. As of last month, Invest Hong Kong has assisted 58 family offices to establish or expand their business in Hong Kong, and more than 100 have stated that they have decided or are preparing to establish or expand their business in Hong Kong.
He also pointed out that Hong Kong will usher in a week of financial events, including the Yuze Xiangjiang Summit Forum organized by the SAR government, which will focus on how to promote family offices to settle in Hong Kong and continue to flourish in the challenging external environment.
The following is an article published by Financial Secretary Paul Chan Mo-po on his blog on March 24:文章
There are many large-scale financial events being held in Hong Kong this season. Following the Asian Financial Forum in January and Hong Kong Green Week last month, this week we will usher in a week of financial events, including the Yuze Xiangjiang Summit Forum organized by the SAR government.
The theme of this year's forum is "Steering the Wind", focusing on how to promote family offices to settle in Hong Kong and continue to thrive in the challenging external environment. The forum will bring together the world's most influential family offices, asset owners, wealth heirs and professional managers. It is estimated that about 400 representatives from local and mainland China, Asia, Europe, the United States and the Middle East will participate in in-depth discussions including charity and wealth inheritance. and green development and other issues.
This event, co-organized by the Financial Services and the Treasury Bureau and Invest Hong Kong, is now in its second edition. It has received great attention from the asset management and investment industry. It also reflects that Hong Kong, as an international asset and wealth management hub, is making better use of its capabilities. Our international network and professional platform actively promote the comprehensive development of the family office industry, especially explore new opportunities in the global uncertain economic environment, lead global wealth and promote social progress.
In March last year, we issued the "Policy Declaration on the Development of Family Office Business in Hong Kong" and launched a series of measures to effectively accelerate the development of family offices and related businesses in Hong Kong. As of February this year, Invest Hong Kong's dedicated team has assisted 58 family offices to establish or expand their business in Hong Kong, and more than 100 more have stated that they have decided or are preparing to establish or expand their business in Hong Kong.
In fact, according to market research commissioned by InvestHK, there were approximately 2,700 single-family offices operating in Hong Kong as of the end of last year, of which nearly 900 had a wealth of over US$100 million. This number does not include multi-family offices. office. These figures reflect Hong Kong’s considerable attraction as an international financial center to wealth management businesses, including family offices.
While fully exploring new sources of funds, we are also actively attracting more key enterprises to develop in Hong Kong so that funds can find more good investment projects. At the same time, we also guide funds to better promote the development of local innovation and technology and build more prosperous industries. Ecosphere.
Last week we signed agreements with the second batch of key enterprises to settle or expand their business in Hong Kong. Together with the first batch of key enterprises introduced last year, the two batches of nearly 50 enterprises will invest more than NT$40 billion in Hong Kong and create more than 13,000 jobs. Opportunities, most of which are in scientific research and management positions.
Nearly half of these companies are engaged in life and health technology. Hong Kong has strong basic scientific research capabilities in this area, with world-leading medical schools and authoritative experts. In addition, we are vigorously promoting more local and overseas drug and medical device companies to conduct clinical testing in Hong Kong. The goal is to enable Hong Kong to conduct clinical testing in the future. Under the soon-to-be-established first-tier approval system, new drugs and medical devices developed will be more convenient to apply for entry into the mainland market. This is a very attractive development opportunity for international medical and pharmaceutical companies. It can be said that in promoting Hong Kong's development into a medical innovation and technology hub, the path is becoming clearer and the conditions are becoming more mature.
Other key companies are engaged in areas including artificial intelligence and data science, financial technology, advanced manufacturing and new energy technology.
If analyzed from a geographical perspective, about one-fifth of the first two batches of key enterprises are from Europe and the United States. In the future, we will continue to actively go global and proactively contact more cutting-edge technology companies in different regions. It is expected that the number of introduced companies will continue to increase.
In fact, when key enterprises come to Hong Kong, they will also drive enterprises in the upper, middle and lower reaches of the industrial chain to settle in Hong Kong. The SAR government will continue to encourage R&D activities and accelerate the transformation of research results, cultivate local start-up and innovation and technology talents, promote new industrialization, and strengthen cooperation with sister cities in the Greater Bay Area to jointly build a more prosperous innovation and technology ecosystem.
In addition to key enterprises, InvestHK has assisted approximately 380 domestic and overseas enterprises to establish and expand their businesses in Hong Kong last year, an increase of nearly 30% compared with 2022. In the first two months of this year alone, the department has assisted 100 domestic and overseas companies to develop in Hong Kong, an increase of 74% compared with the same period last year. We are actively exploring more overseas connections and urging more companies to settle in Hong Kong. The SAR government is considering opening additional economic and trade offices in Riyadh, Saudi Arabia and Kuala Lumpur, Malaysia. Invest Hong Kong also plans to open consulting offices in Cairo, Egypt and Izmir, Turkey this year to strengthen its presence in the "Belt and Road" areas such as the Middle East and Central Asia. Investment promotion work in areas along the "One Road".
This week's financial event also includes the first global investment summit held in Hong Kong by the Milken Institute, a non-profit private think tank in the United States. The theme is "Shared Prosperity: Connecting Global Markets." The summit will conduct an in-depth discussion of the challenges and opportunities brought about by world changes, technological progress, and capital flows. More than 550 people are expected to attend, more than half of whom are from home and abroad. In addition, there is the World Unity Forum with the theme of green development, co-organized by the Institute of Sustainable Technology and the Philanthropy Action for the Planet initiated by the World Economic Forum. It is hoped that through in-depth dialogue, it will promote the implementation of net-zero emissions in Asia and around the world. and sustainable transformation goals. The forum will be attended by more than 500 political and business leaders, green finance experts, scholars and representatives of international organizations from all over the world.
A stable and safe environment is conducive to investment, and development and security must be coordinated. The financial and business communities strongly agree that a stable and safe social environment is crucial to investing and operating in Hong Kong. The "Maintenance of National Security Ordinance" officially came into effect yesterday, fulfilling Hong Kong's constitutional responsibility to legislate for Article 23 of the Basic Law and further strengthening the barrier to safeguard national security. The SAR government team is excited about this. Next, let us as a society unite as one, concentrate on fighting for the economy, seeking development, and benefiting people's livelihood, and work together to build a better future for Hong Kong.
Copywriting comes from News gov.hk：https://www.news.gov.hk/chi/2024/03/20240324/20240324_103302_003.html