Hong Kong Economy

If successful, the IPO will be the largest in Hong Kong in 2024, eclipsing China Resources Beverage which began book-building on Tuesday for its up to $650 million listing

If successful, the IPO will be the largest in Hong Kong in 2024, eclipsing China Resources Beverage which began book-building on Tuesday for its up to $650 million listing

Hong Kong's leader announced a cut to liquor tax Wednesday as the Asian financial hub hopes to revive its reputation as a travel destination with a vibrant nightlife and dining scene. After fulfilling Beijing's long-standing imperative to enact a homegrown national security law, Chief Executive John Lee now faces challenges with economic competitiveness against regional rivals like Singapore, Japan, and mainland Chinese metropolises. Changes in residents' lifestyles and a wave of middle-class emigration during the COVID-19 pandemic have dampened local demand. Many residents now prefer to spend their weekends in mainland China, attracted by its lower prices and a wider variety of entertainment options. Visitors from the mainland are also spending less in the city than before. Vacant shops are commonly seen in the city's most popular shopping districts, and revenue at the city's bars were down about 28% in the first half of 2024 from the same period in 2019, preliminary official data

Brokers across Hong Kong are experiencing a similar euphoria as the stocks of Chinese companies soar in the wake of landmark stimulus moves by Beijing last week

Hong Kong is expecting to double the number of Indian travellers this year with a line-up of festivals and events to boost tourism, a top executive of HK Tourism Board has said. Last year, 2,08,000 Indians travelled to Hong Kong. "We want to double this number this year and have many festivals and events lined up to boost tourism this year. In the first half of 2024, Hong Kong welcomed 1,81,000 visitors from India, which is 89 per cent of the pre-Covid time," Hong Kong Tourism Board Director, South Asia and Middle East, Puneet Kumar told PTI. Looking at this growth in momentum, the HK Tourism Board is hoping to cross the pre-Covid (2018) level of tourist arrivals this year, he added. Hong Kong Tourism Board takes 2018 as the benchmark for pre-Covid times as in 2019, the tourism industry almost came to a standstill with cancellation of hundreds of flights as the country saw protests against the Hong Kong government's introduction of a bill to amend the Fugitive Offenders Ordinance w

Prominent activist Joshua Wong asked for a lesser sentence in court on Friday after he earlier pleaded guilty in Hong Kong's biggest national security case. Wong was one of 47 activists charged in 2021 under a Beijing-imposed national security law with conspiracy to commit subversion for their involvement in an unofficial primary. The activists were accused of attempting to paralyse Hong Kong's government and topple the city's leader by aiming to win a legislative majority and using it to block city budgets indiscriminately. Wong and 44 others admitted their liability or were convicted by the court. They could be sentenced to life in prison, though those who pleaded guilty have a better chance of receiving shorter sentences. Their mass prosecution dealt a severe blow to the city's once-thriving pro-democracy movement. Wong waved at the public gallery after he walked into the courtroom. Former Democratic Party chair Wu Chi-wai, former pro-democracy lawmaker Jeremy Tam and activist Ta

The Hong Kong government on Wednesday cancelled the passports of six overseas-based activists under the new national security law, stepping up its crackdown on dissidents who moved overseas. Those affected were former pro-democracy lawmaker Nathan Law, unionist Mung Siu-tat and activists Simon Cheng, Finn Lau, Johnny Fok and Tony Choi all accused of endangering national security by the authorities. The government said they have absconded to the UK. Last year, police offered rewards of 1 million Hong Kong dollars (USD 128,000) each for information leading to their arrests and drew sharp criticism from Western governments. According to the official statement, authorities also banned anyone from providing funds or economic resources to the six, leasing properties to them or forming any joint venture with them, among other restrictions. Doing so without authorisation would carry a penalty of up to seven years in prison. The government said it acted because the six were continuing to .

He pointed to the growing rivalry between the US and China over tech and AI as an area that Hong Kong could leverage

A Hong Kong court on Thursday convicted 14 pro-democracy activists in the city's biggest national security case under a law imposed by Beijing that has all but wiped out public dissent. Those who were found guilty included former lawmakers Leung Kwok-hung, Lam Cheuk-ting, Helena Wong and Raymond Chan. But the three judges approved by the government to oversee the case acquitted two former district councilors Lee Yue-shun and Lawrence Lau. They were among 47 democracy advocates who were prosecuted in 2021 for their involvement in an unofficial primary election. Prosecutors had accused them of attempting to paralyse Hong Kong's government and topple the city's leader by securing the legislative majority necessary to indiscriminately veto budgets. Some of Hong Kong's best-known pro-democracy activists charged in the city's biggest national security case will begin to hear their verdicts as early as Thursday, facing up to life in prison if convicted under a law imposed by Beijing that h

Hong Kong's leader said Tuesday his administration would keep monitoring for any non-compliance with a court order that bans a popular protest song, days after YouTube blocked access to dozens of videos of the tune in the city. The ban targets anyone who broadcasts or distributes Glory to Hong Kong popularly sung during huge anti-government protests in 2019 to advocate for the separation of the city from China. It also prohibits any actions that misrepresent the song as the national anthem with the intent to insult the anthem. In his weekly news briefing, Chief Executive John Lee said if the government found any instances of non-compliance, it would then notify the relevant internet platforms about the content of the injunction. I believe that operators in general operate within the law, so we will continue to monitor the situation, Lee said. The court ban sought by the government has raised concerns over a further decline in the city's freedom of expression and internet freedom.

The US has denounced Hong Kong's new national security law as a tool to potentially silence dissent both at home and abroad, but so far the action from Washington has been notably muted, disappointing those fighting for the Chinese territory's democracy and freedoms. Since the law's swift passage on March 19, the US has announced visa restrictions on an unspecified number of unnamed Hong Kong officials but taken no further action. That's a far cry from 2020, when Beijing imposed national security restrictions to end months of unrest on Hong Kong streets. The U.S. responded by hitting the city's highest-ranking officials with sanctions and depriving the territory of its preferential trading status. While the new law, known as Article 23, now expands the Hong Kong government's powers to go after those it accuses of spying and to target dissidents anywhere in the world, Washington has been treading carefully. The State Department declined to preview or comment on any potential actions

Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing Ltd. after April 24, according to people familiar with the matter

The bill includes sentences of up to life imprisonment for treason, 20 years for espionage and 10 years for offences linked to state secrets and sedition

Analysts say trend underscores the shift in investor sentiment

Hong Kong begun public consultation on Tuesday on enacting its own national security law, beginning a process to implement legislation that for years was widely opposed by residents who feared the erosion of their civil liberties. Beijing imposed a national security law on Hong Kong in 2020 and a crackdown on dissent followed. Many of the city's leading pro-democracy activists have been arrested, silenced or forced into self-exile. Dozens of civil society groups have been disbanded, and outspoken media outlets like Apple Daily and Stand News have been forced to shut down. Both the Hong Kong and Beijing governments have hailed the law for restoring stability after the massive pro-democracy protests in 2019. But the Basic Law, Hong Kong's mini-constitution, requires the city to enact its own national security law. I want to say that legislation for Article 23 of the Basic Law is something that we need to do and have to do as soon as possible because it is our constitutional ...

A Hong Kong court on Friday rejected a bid by prominent activist publisher Jimmy Lai to throw out a sedition charge against him, delivering the ruling on the third day of his landmark national security trial. Lai, 76, was arrested during the city's crackdown on dissidents following huge pro-democracy protests in 2019. He faces possible life imprisonment if convicted under a sweeping national security law imposed by Beijing. He is charged with colluding with foreign forces to endanger national security and conspiring with others to publish seditious publications. Foreign governments, business professionals and legal scholars are closely watching the case, which is tied to the now-shuttered pro-democracy newspaper Apple Daily that Lai founded. Many view it as a trial of the city's freedoms and a test for judicial independence in the Asian financial hub. Hong Kong is a former British colony that returned to China's rule in 1997 under a promise the city retain its Western-style civil .

The national security trial of Hong Kong's famous activist publisher Jimmy Lai entered its second day Tuesday, with judges expected to rule by the end of the week on his lawyers' bid to throw out a sedition charge that has been increasingly used to target dissidents. Lai, 76, was arrested in August 2020 during a crackdown on the city's pro-democracy movement following massive protests in 2019. He faces a possible life sentence if convicted under a national security law imposed by Beijing. He was charged with colluding with foreign forces to endanger national security and conspiring with others to put out seditious publications. His landmark trial tied to the now-shuttered pro-democracy newspaper Apple Daily that Lai founded is widely seen as a trial for press freedom and a test for judicial independence in the former British colony, which was promised to have its Western-style civil liberties remain intact for 50 years after returning to Chinese rule in 1997. After Lai walked into

Hong Kong, led by former policeman and now Chief Executive John Lee, has been pushing hard to revive the city's reputation with high-level events

Severe tropical storm Nalgae edged closer to Hong Kong on Wednesday and forced businesses to close, but a finance summit that's meant to restore the city's image as an international financial hub pressed ahead. As the city braced itself, temporary shelters were opened and theme parks were closed. The Hong Kong Jockey Club scrapped the evening's horse race. The Hong Kong Observatory raised its No. 8 typhoon signal, the third-highest warning under the city's weather system, Wednesday afternoon as Nalgae's maximum sustained winds hit 90 kilometres (56 miles) per hour. The warning, which prompted workers to return home, would remain in force until 6 pm. Whether the signal would be downgraded later would hinge on the strength of the storm and its distance from the city, the observatory said. Nalgae killed more than 130 people in the Philippines days ago before moving closer to China's southeastern and southern coastal regions. Hong Kong, a former British colony, returned to China's rule

CIFI Holdings Group Co., KWG Group Holdings Ltd. and Agile Group Holdings Ltd. were the top gainers in Hong Kong, up more than 10% each.