Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, recently stated that the city will prioritize the development of its gold market next year, aiming to establish an international gold trading hub. Hui emphasized Hong Kong's active integration into national development strategies, leveraging opportunities in the Greater Bay Area and Yangtze River Delta, while deepening cooperation with Shanghai and Shenzhen in trading and refining.
A proposed model—"Hong Kong imports, Shenzhen refines, then re-exports overseas"—is under discussion to attract overseas gold refiners. Several companies are already exploring setting up refineries in Hong Kong. Over the next three years, Hong Kong targets handling at least 2,000 tonnes of gold annually.
To strengthen market infrastructure, a central clearing system for gold contract trading will launch next year, alongside the establishment of a gold industry association to enhance Hong Kong's global influence in financial governance and gold pricing.
In November, Hong Kong's Financial Services and the Treasury Bureau signed a memorandum with Shenzhen's local financial authority to boost gold sector collaboration, supporting qualified Hong Kong gold traders in processing trade partnerships with Shenzhen refiners. This aims to deepen complementary advantages between the two cities and foster a regional gold ecosystem.
Separately, Hong Kong and Shanghai governments signed an action plan in June to synergize international financial center development. Shortly after, the Shanghai Gold Exchange opened its first offshore gold delivery warehouse in Hong Kong and listed Hong Kong-deliverable gold contracts on its international board—a key step in China's gold market globalization, expanding RMB-denominated gold trading globally and reinforcing Hong Kong's regional role.
Hong Kong's IPO market has thrived this year, likely reclaiming its top global position by fundraising volume. Hui outlined three strategies to enhance competitiveness: improving listing timeline predictability, broadening eligible issuer categories, and advancing market internationalization. Over 300 listing applications are currently under review, signaling sustained momentum.
Since May, Hong Kong's company re-domiciliation mechanism has approved five applications, with over 20 more in process. The city has also attracted over 200 family offices ahead of schedule, targeting an additional 220 in three years. The new Capital Investor Entrant Scheme has received 2,600 applications, representing potential investments exceeding HKD 78 billion.
The government will propose a tax incentive bill for single-family offices, retroactive to April, and explore tax arrangements to encourage corporate treasury centers, further attracting overseas fund management businesses.
Comments