HK trade chief sees limited impact from US midterms, cites new markets
Hong Kong Trade Development Council Chairman Moses Cheng says US midterm election results may affect AI and semiconductor trade, but Hong Kong's diversification into emerging markets should limit the impact. He also notes Kazakhstan's railway company plans a Hong Kong IPO this year.
The chairman of the Hong Kong Trade Development Council, Moses Cheng, said on 6 November that the city's import and export trade recorded strong growth in the first three quarters of 2026. However, he noted that the change in power following the US midterm elections could affect the performance of artificial-intelligence products and semiconductor-related trade, possibly impacting Hong Kong's trade next year.
Cheng, speaking to Hong Kong media while in Shanghai, said Hong Kong has explored many emerging markets in recent years. He expressed cautious optimism about the outlook, as the global trend in AI development is unlikely to stop. He added that US AI development may slow due to the election results, while China's development could accelerate.
According to Cheng, he has received information that Kazakhstan's railway company has obtained exchange approval for a listing and is expected to go public by the end of the year. He also noted that a sovereign wealth fund from Kazakhstan has issued 3 billion yuan in dim-sum bonds in Hong Kong, highlighting the city's role as an international financial centre.
Cheng said Hong Kong has performed well in initial public offerings, the bond market, green finance and wealth management. He expressed confidence that Hong Kong's current ranking as an international financial centre could soon rise to second place globally.