Hong Kong sees over 50 companies relocate, 30 applications pending: minister
Hong Kong's financial services minister says over 50 firms have relocated to the city under a new regime, with more than 30 applications being processed. The government is also promoting a new integrated fund platform to boost the city's status as a wealth management hub.
Hong Kong's Secretary for Financial Services and the Treasury, Hui Tsang-sing, has announced that more than 50 companies have relocated to the city since the implementation of a company re-domiciling regime in May last year. He added that over 30 applications are currently being processed, providing a clear pathway for overseas funds to establish a presence in Hong Kong.
The secretary made the remarks at the launch ceremony of the Hong Kong Exchange's (HKEX) Integrated Fund Platform, which offers platform and agent services. Hui said the government will continue to work closely with HKEX, the Securities and Futures Commission and industry players to ensure the platform benefits fund managers, distributors and investors.
Hui noted that since the introduction of the Open-ended Fund Company (OFC) regime in July 2018 and the Limited Partnership Fund (LPF) regime in August 2020, more than 790 OFCs and over 2,000 LPF have been registered. He expressed confidence that with the continued development of the Integrated Fund Platform and other supporting measures, Hong Kong will further consolidate its position as a leading global cross-border wealth management centre.
The secretary also highlighted that connectivity with mainland China remains a core advantage for Hong Kong. He said improvements to the mutual recognition of funds, the future inclusion of real estate investment trusts (REITs) in the Stock Connect schemes, and the development of the Wealth Management Connect are all broadening the channels for capital and product flows.
HKEX Chief Executive Officer Bonnie Chan said that a rich and diverse fund market is an important part of Hong Kong's financial product ecosystem, affecting the wealth of thousands of households. She expressed hope that the Integrated Fund Platform will help various fund products reach households faster and more conveniently, becoming a key infrastructure for Hong Kong as a wealth management centre.
