SUCCESS
E-newsletter
30 April 2024
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The Support and Consultation Centre for SMEs (SUCCESS) run by the Trade and Industry Department (TID) of the Government of the Hong Kong Special Administrative Region (the Government of the HKSAR) provides small and medium enterprises (SMEs) with free business information and consultation services.
Our website: https://www.success.tid.gov.hk/en_landing.html
Our email: success@tid.gov.hk
Our customer hotline:（852）2398 5133
(Service hours of hotline and counters: Monday to Friday 8:45 a.m.-12:30 p.m. & 1:30 p.m.-5:45 p.m., other than public holidays)
 More Details
"Four-in-One" Integrated Services of SMEs Centres
To strengthen support for SMEs and to raise SMEs' awareness of the various funding schemes and support services, the TID consolidated the services of the existing four SMEs centres, namely, the "SUCCESS" under the TID, the "SME Centre" under the Hong Kong Trade Development Council (HKTDC), the "SME One" under the Hong Kong Productivity Council (HKPC) and the "TecONE" under the Hong Kong Science and Technology Parks Corporation (HKSTP), in October 2019 to provide one-stop "Four-in-One" integrated services for SMEs. Enterprises can obtain business information, funding schemes information and advisory services, etc. at any of the centres. In addition, a web portal called "SME Link" is also established for SMEs to access information and support services provided by the four SMEs centres and government departments from a single online platform.
The Government provides over 40 funding schemes with different funding scopes, amounts and requirements to promote and support the development of enterprises and industries in Hong Kong. The "Government Funding Schemes" web page of the SME Link features information on these 40+ funding schemes, including overview and useful hyperlinks. The web page's search tool supports multiple search filters to facilitate enterprises identifying suitable funding schemes.
The "Events & Activities" of the SME Link facilitates enterprises to obtain information on activities organised by the four SMEs centres and various government departments, including seminars, workshops, exhibitions, conferences, training courses, etc., from a single platform, and also provides relevant links to facilitate registration.
What's New
2023-24 Hong Kong Awards for Industries (HKAI): Invitation for Entries
The 2023-24 HKAI, supported by the Government of the HKSAR, is now open for entries. Hong Kong companies in the manufacturing and services sectors are invited to join. The closing date for entries is 7 June 2024.
More Details and Relevant Press Release
"SUCCESS-supported Activities
I. Expanding into the ASEAN market: How exporters can safely expand their export business (Seminar)
(This seminar will be held at the HKECIC Conference Room on 9 May 2024)
This seminar is organised by the Hong Kong Export Credit Insurance Corporation (HKECIC). SUCCESS is one of the supporting organisations. This seminar will provide an overview of the economic landscape in the Association of Southeast Asian Nations (ASEAN) market, share cases on export business fraud, and introduce HKECIC's services and enhanced measures. (This seminar will be conducted in Cantonese.)
More Details
II. Using Spatial Data Analysis and 3D Digital Maps to Unlock Potential (Seminar)
(This seminar will be held at the CMA Building on 17 May 2024)
This seminar is organised by the Chinese Manufacturers' Association of Hong Kong (CMA). SUCCESS is one of the supporting organisations. This seminar will introduce the basic concepts, collection and analysis of spatial data, as well as Hong Kong's 3D Digital Map of the Common Spatial Data Infrastructure portal launched by the Development Bureau and the Lands Department and real case studies, with a view to analysing how enterprises should use spatial data to understand customer behaviour and shopping trends for smarter risk management and business location planning. (This seminar will be conducted in Cantonese.)
More Details (in Chinese only)
III. Design Thinking x Visual Facilitation to Solve Business Problems (Online Course)
(This webinar will be live-streamed on 21 May 2024)
This course is offered by the HKPC. SUCCESS is one of the supporting organisations. This online course will share how enterprises can effectively apply design thinking principles to run efficient workshops, solve complex business problems and unlock innovation and collaboration. (This online course will be conducted in Cantonese.)
More Details
HKSAR Government welcomes enhancements to "exit endorsement for business visit" and "exit endorsement for talents" by Mainland authorities
The Government of the HKSAR welcomes the announcement by the Mainland authorities on 28 April 2024 about the extension of the period of stay for holders of an exit endorsement for business visit travelling to Hong Kong from seven days to 14 days and the expansion of application of the exit endorsement for talents to Beijing and Shanghai, both taking effect on 6 May 2024.
According to the prevailing arrangement, Mainland residents who wish to visit Hong Kong for business purpose are required to obtain an exit endorsement for business visit from the Mainland authorities. The enhancement measure has positively responded to the needs of the business sector on the Mainland and in Hong Kong by doubling the period of stay of each visit from seven days to 14 days for holders of an exit endorsement for business visit to Hong Kong. The Mainland authorities also announced that applications for the exit endorsement for business visit will be accepted nationwide and can be processed at any of the relevant offices across the country, irrespective of the applicant's place of household registration or place of residence. These measures will greatly enhance convenience for Mainland businesspersons and traders who travel to Hong Kong for various business activities and promote their exchanges with the business community in Hong Kong.
The talent exit endorsement has been implemented in the Mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) on a pilot basis since 20 February 2023, with a view to facilitating GBA Mainland talents' travel to Hong Kong for exchanges and visits. As of mid-April 2024, more than 18 000 arrivals of holders of the talent exit endorsement in Hong Kong as visitors were recorded. Expanding application of the talent exit endorsement to Beijing and Shanghai will attract and bring more Mainland talents to Hong Kong for exchanges. The country has been actively developing high-quality talent hubs, while the HKSAR Government has been strenuously promoting the "southbound and northbound" two-way flow of talents. Against such backdrop, the enhancement measure will complement the initiative announced in the 2023 Policy Address to enable foreigners working in companies registered in Hong Kong to apply for "multiple‑entry visas" valid for two or more years to the Mainland, thereby reinforcing Hong Kong's unique role as the country's international talent hub and the gateway for talents in the GBA.
Under the new measure, apart from the expansion of application to Beijing and Shanghai, other existing arrangements of the talent exit endorsement remain unchanged. The six categories of talents (i.e. outstanding talents, scientific research talents, education talents, healthcare talents, legal talents and other talents) who meet the eligibility criteria set by the Mainland authorities can apply to the Mainland authorities for a talent exit endorsement with a validity period of five years, three years or one year. They can travel to and from Hong Kong multiple times within the validity period of the exit endorsement and stay in Hong Kong for a duration not exceeding 30 days during each visit.
Mainland residents visiting Hong Kong must hold a valid Exit-entry Permit for Travelling to and from Hong Kong and Macao (EEP, commonly known as "Two-way Permit") with the relevant exit endorsement for travelling to Hong Kong. The application, approval and issuance of the EEP and exit endorsement are within the remit of the Mainland authorities. The two new measures will facilitate Hong Kong's further integration into the national development and achieve concrete results on the solid policy foundation of facilitating the "southbound and northbound" two-way flow of talents. The HKSAR Government will continue to maintain close liaison with the Mainland authorities, with a view to further promoting the connection and exchanges of talents between the Mainland and Hong Kong, and creating stronger impetus of growth for Hong Kong and the entire GBA.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/28/P2024042800311.htm?fontSize=1.
HKMA Launches Inaugural FiNETech to Promote Fintech Adoption
The Hong Kong Monetary Authority (HKMA) launched on 26 April 2024 the FiNETech series, gathering around 100 banks, securities and insurance companies as well as technology firms to explore next-level collaboration in the areas of Wealthtech, Insurtech, Greentech, Artificial Intelligence (AI), and Distributed Ledger Technology (DLT).
Building on the Tech Baseline Assessment (Note 1) under its "Fintech 2025" strategy, the HKMA aims to capitalise the vast growth opportunities in five Fintech business areas and technology types, as well as the substantial benefits that the wider financial services sector can derive from an expanded network of local Fintech solutions. Through FiNETech, financial institutions will have one-stop access to the latest information about sourcing options provided collectively by the technology community.
FiNETech is supported by financial regulators (Note 2), industry associations (Note 3) as well as technology communities (Note 4), and powered by market experts (Note 5). Financial institutions, together with strategic technology partners connected via FiNETech or otherwise, can jointly approach the HKMA's Fintech Supervisory Chatroom on innovative Fintech proposals. The HKMA's Fintech Supervisory Sandbox 2.0, which is linked up with other financial regulators' Sandboxes, will also be available for testing and obtaining early supervisory feedback on the proposals before full adoption.
In the next six to twelve months, the HKMA will expand the joint efforts in Fintech areas through FiNETech series:
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to zoom into the themes of AI, including Generative AI, as well as DLT and Greentech through further FiNETech sessions, and in collaboration with the supporting organisations, industry associations and market experts;
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to make tangible progress in Fintech adoption by banks and other financial institutions;
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to follow up on innovative cases and share good industry practices; and
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to issue further practical guidance for the priority themes, where appropriate, also making reference to global development and international experience.
Note 1: The Tech Baseline Assessment, published by the HKMA in June 2022 as part of the "All banks go Fintech" initiative under the "Fintech 2025" strategy, took stock of Hong Kong banks' current and planned adoption of Fintech in the coming three years. https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2022/20220623e1a1.pdf
Note 2: The HKMA, the Securities and Futures Commission (SFC), the Insurance Authority, the Mandatory Provident Fund Schemes Authority.
Note 3: The Hong Kong Association of Banks and the Fintech Association of Hong Kong.
Note 4: The Hong Kong Cyberport Management Company Limited and the Hong Kong Science and Technology Parks Corporation.
Note 5: KPMG and Quinlan & Associates.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/26/P2024042600394.htm?fontSize=1.
Government extends Grant Scheme for Open-ended Fund Companies and Real Estate Investment Trusts
The Government and the SFC announced on 26 April 2024 details of the extension of the Grant Scheme for Open-ended Fund Companies and Real Estate Investment Trusts.
To further attract the set-up of open-ended fund companies (OFCs) and real estate investment trusts (REITs) in Hong Kong, the Government launched the Grant Scheme in 2021 to provide funding support for OFCs set up in or re-domiciled to Hong Kong and REITs listed in Hong Kong to pay for eligible expenses charged by Hong Kong-based professional service providers.
Implemented by the SFC, the Grant Scheme has generally been well received by the industry since its inception. The 2024-25 Budget has announced the extension of the Grant Scheme for three years to 2027 to strengthen the development of OFCs and REITs in Hong Kong.
A spokesman for the Financial Services and the Treasury Bureau said, "The Government is committed to strengthening Hong Kong's competitive edge as a premier fund hub. Since the introduction of the Grant Scheme, the number of OFCs registered in Hong Kong has increased substantially from 14 in May 2021 to 302 in March 2024. The Grant Scheme has effectively promoted the development of Hong Kong's diversified fund industry. In respect of REITs, the Budget has announced waiving the stamp duty payable on the transfer of REIT units. On 19 April, the China Securities Regulatory Commission announced the inclusion of REITs under Stock Connect. The extended Grant Scheme, complementing relevant measures, will further bolster the development of our REIT market."
The extended Grant Scheme will be open for applications from 10 May 2024. Eligible OFCs and REITs will be provided with funding support for 70 per cent of eligible expenses paid to Hong Kong-based service providers, subject to a cap of $1 million for each publicly offered OFC, $500,000 for each privately offered OFC, and $8 million for each REIT. Details are available on the SFC website (apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR78).
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/26/P2024042600533.htm?fontSize=1.
Deadline for lodging proposals to alter rateable values: 31 May 2024
The Rating and Valuation Department (RVD) reminded members of the public on 26 April 2024 that they may search for rateable values effective from 1 April 2024 on the Valuation List and the Government Rent Roll on the RVD's website (www.rvd.gov.hk) or its Property Information Online website (www.rvdpi.gov.hk) by 31 May 2024.
Proposals to alter the new rateable values must be served on the Commissioner of Rating and Valuation (the Commissioner) by 31 May 2024 by submitting an electronic form (Form e-R20A) using the Electronic Submission of Forms service provided on the RVD website, or on the specified form (Form R20A). Form R20A is available from the RVD's website, or at the RVD's office or any Home Affairs Enquiry Centres of the Home Affairs Department. Completed forms must be served on the Commissioner by personal service or by post. Proposals served by fax will not be accepted.
A spokesman for the RVD emphasised that under the Rating Ordinance and the Government Rent (Assessment and Collection) Ordinance, proposals served on the Commissioner after 31 May 2024 would not be accepted.
"Notwithstanding the lodging of a proposal, payers of rates and Government rent must pay rates and Government rent by the last day for payment shown on the demand notes. We will carefully consider all proposals and inform the proposers of our decisions before 1 December. Any changes in rates and Government rent payable resulting from such decisions will date back to 1 April this year and any overpayment will be adjusted in subsequent demands," the spokesman said.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/26/P2024042500274.htm?fontSize=1.
Dedicated 100% Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade and Dedicated 100% Loan Guarantee Scheme for Travel Sector extend application period to 28 October 2024
As entrusted by the Government, HKMC Insurance Limited announced a final six-month extension of the application period of the Dedicated 100% Loan Guarantee Scheme (DLGS) for Cross-boundary Passenger Transport Trade and the DLGS for Travel Sector to 28 October 2024.
The above schemes were launched on 29 April 2023, to support the business resumption of the cross-boundary passenger transport trade and the travel sector after the COVID-19 epidemic. Details are available on the schemes' website: www.hkmc.com.hk/dlgs. Eligible enterprises/persons wishing to apply for the loans may approach the relevant lending institutions. For public enquiries, please call the schemes' hotline at 2536 9788.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/23/P2024042300338.htm?fontSize=1.
Hong Kong Customs signs Authorized Economic Operator Mutual Recognition Arrangement with Bahrain Customs Affairs
The Commissioner of Customs and Excise, Ms Louise Ho, led a delegation of Hong Kong Customs to visit the Bahrain Customs Affairs (BCA) to discuss matters on Customs co-operation and sign the Authorized Economic Operator (AEO) Mutual Recognition Arrangement (MRA) with the President of the BCA, Mr Shaikh Ahmed bin Hamad Al Khalifa, in Al Hidd on 22 April 2024 to strengthen mutual trade relationship and foster greater security in the global supply chain. The Honorary Consul of the Kingdom of Bahrain to the Hong Kong Special Administrative Region of the People's Republic of China, Mr Oscar Chow, and the Chairman of Asia, Africa and Middle East Committee of the Hong Kong General Chamber of Commerce (HKGCC), Mr Jonathan Lamport, were present to witness the signing ceremony.
During the trip, Ms Ho and the delegation also visited the Khalifa bin Salman Port and joined the delegation of the HKGCC and the Hong Kong Bahrain Business Association to visit the Bahrain International Investment Park with an aim to enhancing the trade and cultural ties between Hong Kong and Bahrain.
The signing of the MRA is a milestone of fostering the connection and collaboration between Hong Kong and Bahrain. The MRA will reinforce international cargo security while facilitating legitimate cross-boundary cargo movements of the two places and bringing significant benefits to AEOs in both sides, as well as enhancing their competitiveness in the international market.
The Hong Kong AEO Programme was launched in 2012. The signing of the MRA with Bahrain brings the number of MRAs ratified between Hong Kong Customs and other Customs administrations to 15 in total. The other 14 Customs administrations which Hong Kong has signed MRAs with are the Mainland, India, Korea, Singapore, Thailand, Malaysia, Japan, Australia, New Zealand, Israel, Canada, Mexico, Indonesia and Macao, China. Under the MRA, AEOs from the signatory countries or regions can enjoy reciprocal trade facilitations including reduced inspection rate and prioritised clearance.
Hong Kong Customs is dedicated to extending the MRA networks, in particular with Belt and Road economies including the Association of Southeast Asian Nations and the Gulf Cooperation Council Member States in the Middle East region. The AEO MRA Action Plan with Saudi Arabia was signed in 2023, marking a significant step towards the conclusion of the MRA in the near future. Hong Kong Customs will continue to take active steps to reach MRAs with major trading partners so as to bring more trade facilitation benefits to AEOs.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/22/P2024042200268.htm.
Hong Kong and Saudi Arabia sign Memorandum of Understanding of Cooperation on dispute avoidance and resolution
The Department of Justice (DoJ) of the HKSAR and the Ministry of Justice of the Kingdom of Saudi Arabia signed a Memorandum of Understanding of Cooperation (MOU) on 22 April 2024 to strengthen their co-operation on issues relating to dispute avoidance and resolution.
The Secretary for Justice, Mr Paul Lam, SC, and the Minister of Justice of the Kingdom of Saudi Arabia, Dr Waleed Mohammed Alsmani, signed the MOU at a ceremony held in the Hong Kong Legal Hub.
The MOU provides a framework for the HKSAR and Saudi Arabia to strengthen collaboration, communication and co-operation between them on issues relating to dispute avoidance and resolution, and to facilitate development of the related services in the two jurisdictions. It is expected that both places will benefit from the enhanced co-operation under the MOU.
This is the first MOU of the same nature that the HKSAR has with a Middle East jurisdiction, which signifies the commitment to enhance the growing ties between Hong Kong and Saudi Arabia, and foster closer relationships between legal and dispute resolution professions of both sides. The MOU is the fifth after Japan, Korea, Thailand and Brunei, which will further promote Hong Kong's status as a major centre for international legal and dispute resolution services in the Asia-Pacific region and foster exchanges in regions along the Belt and Road. The DoJ will continue to pursue and conclude co-operation or partnership arrangements with other jurisdictions and international organisations. The DoJ is planning to visit the Middle East, including Saudi Arabia, in May 2024 to meet with local legal and business sectors, and to promote Hong Kong's legal and dispute resolution services.
Mr Lam indicated that the DoJ is now taking forward the establishment of the Hong Kong International Legal Talents Training Academy which will provide a further platform for co-operation and exchanges between HKSAR and Saudi Arabia under the MOU.
On the same day, the Minister of Justice of the Kingdom of Saudi Arabia and his delegation also visited the AALCO Hong Kong Regional Arbitration Centre and the International Organization for Mediation Preparatory Office at the Hong Kong Legal Hub.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/22/P2024042200421.htm?fontSize=1.
HKMA launched a one-stop SME information platform
A one-stop SME information platform was launched on the HKMA's website on 22 April 2024. The platform provides information on SME lending services offered by major banks, including their dedicated SME service hotlines for enquiries and their loan products such as trade financing, secured loans and unsecured overdrafts. The platform can make it easier for SMEs to shop around so that they can compare and choose among loan products offered by different banks and increase their bargaining power. This measure is one of the nine support measures for SMEs announced by the HKMA, together with the Banking Sector SME Lending Coordination Mechanism, on 28 March 2024 to assist SMEs in obtaining financing from banks and to support their continuous development. For more information, please see the HKMA's "Banking sector standing by SMEs".
2024 Voter Registration Campaign launched
The 2024 Voter Registration Campaign was launched on 22 April 2024. The Registration and Electoral Office (REO) appeals to eligible persons/bodies who have not yet registered as electors/voters of geographical constituency (GC), functional constituency and/or Election Committee subsector to submit registration applications on or before the statutory deadline of 2 June so that their registration particulars can be included in the final registers of electors/voters to be published in September 2024.
Hong Kong permanent residents holding an identity document, who have reached 18 years of age and are ordinarily residing in Hong Kong, are eligible to register as GC electors.
A spokesperson for the REO said, “Subsequent to the pilot scheme launched last year (2023), the REO welcomes eligible persons to submit applications this year (2024) for new registration as GC electors and change of voter registration particulars including providing/updating mobile phone number and email address through ‘iAM Smart+’.” The REO has provided a step-by-step guide on its Voter Registration website (www.reo.gov.hk/video/voter/GCVRguide-EN.mp4) to help the public understand how to submit applications through “iAM Smart+”.
“Members of the public may also check their registration status through ‘iAM Smart’, the Voter Registration website (vr.gov.hk) or by calling the REO hotline at 2891 1001.”
Applications for new registration as GC electors or change of residential address by registered electors must be submitted along with an address proof. Applicants should also provide their phone number and email address for easy contact by the REO. Those who are the registered occupants of public rental housing under the Housing Department or subsidised housing under the Hong Kong Housing Society are not required to submit any address proof.
There is no need for registered electors/voters to register again, but they should notify the REO in case of any changes in their residential address or other registration particulars by the same statutory deadline of 2 June.
Meanwhile, to enhance the accuracy and integrity of the registration particulars of electors, the REO will continue to implement checking measures during this registration cycle and issue inquiry letters to electors. A message, “Immediate action required. Your voting right is at stake”, is printed on the envelopes of all inquiry letters to remind electors that the letters are important. The REO will also contact the electors under inquiry through other contact information they provided by phone, SMS, email or fax, to remind them to reply as soon as possible. Electors under inquiry must reply on or before 2 June by scanning the QR code on the letter to log on to the Voter Registration website, or by email, post or fax, so as to maintain their voter registration status.
The Announcements in the Public Interest of the Voter Registration Campaign have run on television, radio and the online platforms from 22 April. Promotional messages have also been displayed on posters, social media platforms, websites, mobile applications as well as at MTR stations and bus shelters.
Apart from submitting applications through “iAM Smart+”, specified forms for new registration and change of registration particulars are available on the Voter Registration website (vr.gov.hk) for download, or at the District Offices, the management offices of public housing estates and the REO. Completed forms can be sent to the REO by post (13/F, Kowloonbay International Trade & Exhibition Centre, 1 Trademart Drive, Kowloon Bay), by fax (2891 1180), by email (form@reo.gov.hk) or via the REO e-Form Upload Platform (www.reo-form.gov.hk).
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/22/P2024042200462.htm.
Hong Kong ICT Awards 2024 opens for enrolment until 12 July 2024
The Hong Kong ICT Awards (HKICTA) 2024 opens for enrolment on 22 April 2024. Entries of locally developed information and communications technology (ICT) products and solutions are invited to compete for the Grand Awards in the eight award categories, and the top accolade of the competition - the Award of the Year. The deadline for enrolment is 12 July 2024.
The HKICTA 2024 is organised by the Office of the Government Chief Information Officer (OGCIO) with each award category to be led by a local industry association or professional body. The award categories and respective Leading Organisers are listed below:
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Award categories |
Leading Organisers |
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Digital Entertainment Award |
Hong Kong Digital Entertainment Association |
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FinTech Award |
Institute of Financial Technologists of Asia |
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ICT Startup Award |
Hong Kong Wireless Technology Industry Association |
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Smart Business Award |
Hong Kong Computer Society |
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Smart Living Award |
Hong Kong Information Technology Federation |
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Smart Mobility Award |
GS1 Hong Kong |
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Smart People Award |
The Hong Kong Council of Social Service |
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Student Innovation Award |
Hong Kong Education City |
A Grand Award will be granted in each category, and the Award of the Year will be selected by a Grand Judging Panel from the eight Grand Awardees.
In a bid to foster the innovative use of artificial intelligence (AI), each of the eight categories will establish a new distinguished accolade: the Best Use of AI Award, magnifying and honouring outstanding achievements in harnessing the power of AI in respective areas.
Established in 2006, the HKICTA is an annual signature event of the local ICT industry which aims to recognise and promote outstanding ICT inventions and applications, thereby encouraging the pursuit of innovation and excellence among Hong Kong’s ICT professionals and enterprises to develop innovative applications meeting business and social needs, use innovation and technology (I&T) to bring benefits to the community, and foster Hong Kong’s I&T and smart city development. Through concerted efforts of the ICT sector, academia and the Government, the HKICTA has always been highly regarded by the information technology industry, and the winners may also be nominated to compete in other regional and international competitions on behalf of Hong Kong and be sponsored to participate in overseas I&T exhibitions. The award acts as an encouragement and recognition to the winners, and facilitates their access to both Mainland and overseas markets.
Details of the HKICTA are available on the thematic website (www.hkictawards.hk). Enquiries can be made to the OGCIO at 3974 5224 or by emailing hkictawards@ogcio.gov.hk.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/22/P2024042200225.htm.
HKSAR Government expresses gratitude for country’s support to further expand mutual access between capital markets of Mainland and Hong Kong and to listing of leading Mainland enterprises in Hong Kong
The China Securities Regulatory Commission (CSRC) issued an announcement on 19 April 2024 about a series of measures to further expand the mutual access between the capital markets of the Mainland and Hong Kong. The measures include (i) expanding the eligible product scope of equity exchange-traded funds (ETFs) under Stock Connect, (ii) including real estate investment trusts (REITs) under Stock Connect, (iii) supporting the inclusion of Renminbi (RMB) stock trading counter under Southbound trading of Stock Connect, (iv) enhancing the arrangements for mutual recognition of funds, and (v) encouraging leading enterprises of industries in the Mainland to list in Hong Kong. The HKSAR Government warmly welcomes the measures and would like to express sincere gratitude to the Central People’s Government for the unwavering support to Hong Kong.
The Chief Executive, Mr John Lee, said, “The measures announced today (19 April) are important initiatives to support the further development of Hong Kong’s financial markets, increase the number of attractive investment products, provide more investment opportunities to domestic, Mainland and overseas investors, and enhance Hong Kong’s status as an offshore RMB business centre. I would like to express my sincere gratitude to the Central People’s Government and relevant ministries for their tremendous support for the development of Hong Kong’s financial markets. Mr Xia Baolong said in the opening ceremony of National Security Education Day, “As long as Hong Kong asks, the motherland will surely respond. No matter what difficulties and challenges Hong Kong encounters, the backing and support from the motherland will only increase and will not weaken.” This further expansion of mutual access between the financial markets of the Mainland and Hong Kong encapsulates our country’s firm support for Hong Kong to enhance its status as an international financial centre and fully demonstrates our country as the biggest backing for the development of Hong Kong’s financial industry. The HKSAR Government will continue to enhance the competitiveness of Hong Kong’s financial markets, proactively contribute to our country’s development as a financial powerhouse, commit to our international characteristics, and increase the impetus for growth.”
The Financial Secretary, Mr Paul Chan, said, “Each of the measures to expand the mutual market access will further strengthen Hong Kong’s role to connect the Mainland and international capital markets, enable us to better perform our function as a unique platform for attracting capital and high-quality enterprises from both directions, enrich the asset allocation options for Mainland and international investors, and provide more investment options for offshore RMB, thereby contributing to the steady and prudent advancement of RMB internationalisation. Our country’s support for leading Mainland enterprises of industries to list in Hong Kong will benefit Hong Kong’s initial public offering market. The increase of listed companies with long-term growth and return potential in Hong Kong will also drive the development of our secondary market. The further expansion of product coverage under mutual market access will broaden investment options for domestic, Mainland and overseas investors and facilitate their asset allocation. This will attract more capital to the Mainland and Hong Kong markets and benefit long-term market development. Moreover, enabling Mainland investors to trade Hong Kong stocks using RMB through the Southbound trading of Stock Connect will enhance the investment function of RMB offshore.”
Mr Chan continued, “We would like to express our sincere gratitude to the Central People’s Government for the strong support, and the relevant Mainland ministries and institutions for their collaboration and assistance. We will closely liaise with the ministries and institutions to implement the measures as soon as possible. In parallel, we will take forward relevant supporting measures at full speed, including waiving the stamp duty payable on the transfer of REIT units, extending the Grant Scheme for Open-ended Fund Companies and Real Estate Investment Trusts, enhancing the regulatory regime for collective investment schemes and REITs, etc. Furthermore, we will strengthen our efforts to attract enterprises and open up new capital sources, and enhance the development momentum of Hong Kong’s financial markets continuously.”
According to the announcement, the regulators of the two places will work together towards the early implementation of the measures mentioned above.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/19/P2024041900511.htm.
Revised Code of Practice for Bamboo Scaffolding Safety gazetted
The Labour Department (LD) published a revised Code of Practice for Bamboo Scaffolding Safety (CoP) in the Gazette on 19 April 2024 to enhance the safety of bamboo scaffolds in the construction industry.
The major revisions of the CoP include the enhancement of technical requirements for the bracing, putlog and access and egress of bamboo scaffolds; the prohibition to unauthorised alteration of bamboo scaffolds including putlog; and further specifying the requirement of supervising work of competent persons to the bamboo scaffolders who perform erection, substantial addition, alteration or dismantling of bamboo scaffolds, and inspection prior to inclement weather.
A spokesperson for the LD said, “The revised CoP requires all trained workers who perform erection, substantial addition, alteration or dismantling of truss-out bamboo scaffolds should hold a valid certificate of ‘Advanced Level Truss-out Scaffolder Safety Training’ or ‘Intermediate Level Truss-out Scaffolder Safety Training’ issued by the Construction Industry Council before performing specified work. Considering the time required for the industry to arrange training to obtain the certificates, there will be a grace period of six months on the effective date of the revised CoP. It will take effect on 19 October to allow the industry to have sufficient time for preparation.”
The spokesperson said that the CoP provides construction contractors with practical guidance to comply with the requirements set out in the occupational safety and health legislation regarding bamboo scaffolding work in order to safeguard workers’ safety.
The spokesperson added, “This CoP has a special legal status. In criminal proceedings, if a relevant person fails to observe any provision of this Code, that failure may be taken by the court as a relevant factor in determining whether or not a person has breached the relevant safety and health legislation.”
The revised CoP can be downloaded from the LD website (www.labour.gov.hk/eng/public/content2_8b.htm). Enquiries about the CoP can be made at 2559 2297.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/19/P2024041800290.htm.
HKMA welcomes commencement of service of Credit Data Smart
The HKMA welcomed the joint announcement of the Hong Kong Association of Banks, the Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies, and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (collectively as the Industry Associations) on 18 April 2024 on the commencement of service of “Credit Data Smart” on 26 April 2024.
The HKMA has been working closely with the Industry Associations to introduce more than one consumer credit reference agency (CRA) in Hong Kong, with a view to promoting the market competition of consumer credit reference services in Hong Kong, enhancing the service quality of consumer CRAs and reducing the operational risk of having only one commercially run service provider in the market, particularly the risk of single point of failure.
The HKMA is fully supportive of the implementation of “Credit Data Smart”, which is an initiative under the “Fintech 2025” strategy in creating the next-generation data infrastructure and driving fintech development in Hong Kong. The commencement of service of “Credit Data Smart” will mark a milestone in consumer credit reference services in Hong Kong. The HKMA looks forward to seeing the public being offered with secure and reliable consumer credit reference services from multiple CRAs.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/18/P2024041800573.htm.
HKECIC further extends “Export Credit Guarantee Programme” to 31 March 2025
The HKECIC announced on 18 April 2024 further extension of the “Export Credit Guarantee Programme” (“the Programme”) to 31 March 2025. The Programme was launched in March 2022 to boost lenders’ confidence in offering export finance to SMEs, thereby supporting them to expand their business notwithstanding the challenging business environment. Under the Programme, HKECIC will guarantee up to 70 per cent of the export financing of the policyholders at a maximum guarantee limit of HK$50 million.
HKECIC was established in 1966 under the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115). Through the provision of export credit insurance services, HKECIC protects Hong Kong exporters who trade on credit terms with overseas buyers against non-payment risks and helps them conduct export business in a prudent manner. The HKSAR Government provides a guarantee of HK$80 billion for HKECIC’s contingent liability.
For relevant press release, please visit https://www.hkecic.com/cms/sites/default/files/announcements/2024-04/Announcement_HKECIC%20Further%20Extends%20“Export%20Credit%20Guarantee%20Programme”%20to%20End%20March%202025.pdf.
Hong Kong/Shanghai Co-operation Open Data Challenge 2024 opens for enrolment until 31 May 2024
Data has emerged as a new engine propelling economic growth, and its significance continues to rise. To promote the strategic role of data in the development of the digital economy and societal transformation, and to contribute to the national strategy on data element development, the OGCIO and the Shanghai Municipal Bureau of Data continue to jointly organise the Hong Kong/Shanghai Co-operation Open Data Challenge 2024 (HSODC 2024) this year. Themed "Co-creating a Data Industry Platform for the Two Cities", the HSODC 2024 encourages participants to develop their projects and innovative solutions under four key areas: Smart Mobility, Smart Living, Smart Environment, and Smart Economy by making use of open datasets from Hong Kong and Shanghai, thereby promoting mutual co-operation between the two cities in the aspect of the digital economy.
At the kick-off ceremony of the HSODC 2024 held during the Digital Economy Summit 2024, representatives from the I&T industry, academia and the Government shared insights on the development and plans of open data collaboration between Hong Kong and Shanghai, with a focus on enhancing co-operation in applying and promoting smart city development. The Grand Award Winner from the previous edition was also invited to the ceremony to share their award-winning project and the benefits of participating in the challenge.
During the InnoEX, another signature I&T event held during the same period, the organisers of the HSODC 2024 also held the Hong Kong/Shanghai Data Co-operation Forum, and set up the Hong Kong/Shanghai Data Co-operation Pavilion (the Pavilion) to showcase the open data application solutions of the two cities. The forum, themed "Data Flow: Ecology x Compliance x Scenarios", brought together entrepreneurs, scholars, and representatives from I&T companies in Hong Kong and the Mainland to engage in in-depth discussions on the exploration of data commercialisation and turning data into assets within national legal and regulatory frameworks. Close to 30 teams, organisations and companies from Hong Kong and the Mainland showcased their projects at the Pavilion. It provided a valuable opportunity for data scientists, entrepreneurs and policymakers to share their experiences and insights with each other, enabling them to learn about the latest research and developments in open data, and explore the applications and trends of open data in various industries and sectors.
The HSODC 2024 is open for enrolment until 31 May 2024. Participating teams will compete for grand prizes in various categories. Successful shortlisted teams will receive technical training in July and have the opportunity to showcase their innovative and unique data technology solutions in front of judges at the grand finale to be held in Shanghai in August. For more details, please visit the website: hkshadata.org.
For relevant press release, please visit https://www.info.gov.hk/gia/general/202404/16/P2024041600558.htm.
Topical Issues
Support Measures relating to Liquidity
In view of the cash-flow pressure of SMEs, SUCCESS has compiled a summary of support measures relating to liquidity.
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SME ReachOut
“SME ReachOut”, a dedicated service team operated by HKPC, has commenced operation since 1 January 2020 to enhance SMEs’ understanding of the Government’s funding schemes, with a view to encouraging better utilisation of the support provided by the Government. The team would help SMEs identify funding schemes that suit their needs, and answer questions relating to applications.
The Government has allocated $100 million to HKPC to gradually enhance the services of “SME ReachOut” in the ensuing five years starting from 2023. HKPC has enhanced the services of “SME ReachOut” in October 2023, including arranging visits to more chambers of commerce, commercial and industrial buildings and co-working spaces, and increasing the publicity in social media so as to step up the promotion of government funding schemes. At the same time, more one-on-one consultation sessions will be provided to assist SMEs in applying for government funding and building their capacities, focusing on areas such as ESG, technology transformation, digitalisation and cyber security, with a view to enhancing their competitiveness through leveraging new technologies.
For further information or enquiries on “SME ReachOut”, please contact “SME ReachOut” Hotline / WhatsApp (Text Message Only) at 2788 6868 or email by sme_reachout@hkpc.org or visit https://smereachout.hkpc.org/en.
Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund)
Following the signing of the Investment Promotion and Protection Agreement between Hong Kong and Bahrain, the geographical scope of funding support of the BUD Fund has been extended to Bahrain with effect from 3 March 2024 to further support Hong Kong enterprises in developing their businesses in the market. The total number of economies covered under the BUD Fund is thereby increased to 391 .
The HKPC as the BUD Fund implementation partner regularly organises seminars/webinars in order to enhance enterprises’ understanding of the BUD Fund, including "Easy BUD". For more details of the BUD Fund, please visit its website (www.bud.hkpc.org/en) or contact the HKPC at 2788 6088.
1Besides the newly added economy of Bahrain, the other 38 economies covered under the BUD Fund are the Mainland, New Zealand, the four member states of the European Free Trade Association (i.e. Iceland, Liechtenstein, Norway and Switzerland), Chile, Macao, the ten member states of the Association of Southeast Asian Nations (comprising Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam), Georgia, Australia, Austria, Belgo-Luxembourg Economic Union, Canada, Denmark, Finland, France, Germany, Italy, Japan, Korea, Kuwait, Mexico, the Netherlands, Sweden, Türkiye, the United Arab Emirates and the United Kingdom.
Corruption Prevention Advisory Service (CPAS) of ICAC
A good governance system is vital for SMEs' effective operation, and can help sustain their company image and hence counterparts' confidence in doing business with them. The Corruption Prevention Department of the Independent Commission Against Corruption (ICAC) has launched the Corruption Prevention Advisory Service (CPAS). The CPAS is a specialised unit dedicated to providing tailor-made, free and confidential corruption prevention advice on system control in common business areas such as procurement and staff administration. Enterprises can access its user-friendly web portal (https://cpas.icac.hk/EN/) for details of the services and to get timely and useful resources on corruption prevention such as staff code of conduct, corruption prevention guides and tools, case studies, quick tips and red flags. To receive regular updates on corruption prevention, please click here to subscribe to the CPAS e-news.
Free IP Consultation Service
The IPD, supported by the Law Society of Hong Kong, now provides FREE One-On-One IP Consultation Service for SMEs. To obtain more information and/or apply for the Service, please visit IPD's dedicated website "Hong Kong – Regional IP Trading Centre": https://ip.gov.hk/en/home/consultation-service/index.html.
Business News
GDETO Newsletter
The latest issue of the Hong Kong Economic and Trade Office in Guangdong (GDETO) Newsletter has been published.
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Commercial Information Circulars (CICs) of the Mainland
The TID issued a number of Commercial Information Circulars (CICs) on the Mainland's trade and economic rules and regulations. The latest CICs have been published.
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