Financial Secretary says Hong Kong deepens cooperation with Middle East and Global South
Financial Secretary Paul Chan says cooperation between Hong Kong and the Middle East and Global South is moving beyond capital flows to innovation, technology, and institutional development. He notes Middle Eastern funds are increasing participation in Hong Kong IPOs, and local family businesses are
Financial Secretary Paul Chan Mo-po has said cooperation between the nation and Hong Kong with the Middle East and the Global South is accelerating from two-way flows of capital and talent towards broader collaboration on innovation, technology, and industrial projects, and even deeper sharing of institutional development experience.
In his weekly blog post, Chan said some Middle Eastern funds have stepped up their participation in Hong Kong initial public offerings over the past year and hope to invest more into the city. He noted that the two regions share a common direction in innovation and technology development.
Chan added that some local family businesses are also expanding their investment portfolios from domestic real estate into technology, logistics, and capital markets, seeking more diversified and longer-term allocation of capital and business.
Chan noted the use of 'Finance+' to connect with the real economy and open international cooperation. He cited large asset management institutions in these regions setting up Hong Kong offices and dual-listed exchange-traded products in sectors such as energy storage, data centres, e-commerce logistics, and aviation.
Following his recent trip to Doha, Qatar, Chan highlighted that many developing economies need digital infrastructure urgently, but that financial support alone is not enough. He said planning and execution across the full project cycle are also essential, and they can reference Hong Kong’s experience in this area.
Chan also said US Treasury yields at a 24-year high are weighing on Hong Kong stocks, but short-term volatility has not hindered global asset reallocation and the reshaping of supply and production chains. He noted that for the first nine months of this year, average daily turnover in Hong Kong stocks reached HK$272.9 billion, up 6.4 per cent year on year. The IPO market also raised over HK$388 billion by attracting 116 companies to list in Hong Kong during the period.