Financial Secretary Paul Chan Mo-po stated that the government's current analysis indicates Hong Kong's economy should advance steadily this year, with specific growth projections to be announced in next month's budget. He also believes the positive effects of Hong Kong's thriving financial markets will take time to transmit to broader sectors. Recent stabilization and even slight growth in retail and catering sectors require industry transformation and innovation, with policy support suggestions being welcomed.
Chan anticipates Hong Kong's IPO market will show stable progress this year, expressing cautious optimism that fundraising amounts are highly likely to surpass last year's levels. He contends mainland companies seeking listings outside the U.S. have no better alternative than Hong Kong. Current IPO pipeline momentum remains strong with numerous technology innovation and frontier tech enterprises awaiting listing.
The Hong Kong Exchanges and Clearing Limited will consult market opinions on T+1 settlement cycle operational models in the first half of this year. Regarding NASDAQ's plan to extend trading hours from 16 to 23 hours daily for five days weekly, Chan noted financial competition is global and will monitor developments closely, but considers it premature to discuss whether Hong Kong stocks should follow suit.
Addressing Venezuela's political turmoil during a media interview, Chan revealed Hong Kong's investments in Venezuela are minimal. However, he emphasized Hong Kong must maintain vigilance during peace times, acknowledging that under "one country, two systems" the city faces geopolitical impacts, prompting contingency plans for financial markets developed years ago. These preparations account for Hong Kong's role as China's international financial center, with expectations of substantial support from mainland regulators if challenges arise.
Comments