Hong Kong Economy

Hong Kong fire: Donations hit $115 mn as crackdown on dissent tightens

Donations for victims of a Hong Kong fire that killed at least 146 people and left thousands homeless reached 900 million Hong Kong dollars (USD 115 million), authorities said on Monday, in a massive outpouring of sympathy and support. But as questions grew over who to blame for the deadly blaze, the government appeared to be moving swiftly to stifle criticism. A steady stream of people placed flowers, cards and other tributes at a makeshift memorial near the burned-out block of buildings, after long lines of mourners during the weekend. When something happens, we come out to help each other, said Loretta Loh, after paying her regards at the site. I have a heavy heart. The fire broke out on Wednesday afternoon at the Wang Fuk Court complex in the suburb of Tai Po. It burned through seven of eight apartment towers, home to some 4,600 people, and wasn't fully extinguished until Friday morning. Hong Kong police Disaster Victim Identification Unit staff went through four of the buildi

Eight more arrested in connection with Hong Kong fire that killed 128

A local official informed that firefighting and rescue operations were nearly concluded after days of efforts to combat the deadly fire that claimed at least 128 lives

Despairing Hongkongers stranded by fire seek help amid housing shortage

The scale of the disaster unfolding in northern Hong Kong - which killed at least 128 - presents an acute challenge to a city notorious for its housing shortage and sky-high rents

Hong Kong pitches itself as local assembly base for Chinese EV makers

Hong Kong seeks growth through new industries after economic setbacks from political crackdowns, COVID isolation, and a property slump, weakening its status as a top financial hub

Security key to Hong Kong's continued prosperity, says China's HK official

Xia's speech at the forum represents the most public appearance he has made during his five-day trip that began Wednesday, which has included meetings with political and business leaders

Hong Kong's 1967 lesson: Move fast to win Asia's rich in dollar turmoil

Hong Kong must expand yuan-denominated options to attract asset inflows, leveraging its liquidity edge over Singapore in the race for wealthy investors

Horizon Robotics targets $696 mn Hong Kong IPO, city's largest in 2024

If successful, the IPO will be the largest in Hong Kong in 2024, eclipsing China Resources Beverage which began book-building on Tuesday for its up to $650 million listing

Horizon Robotics targets $696mn Hong Kong IPO, city's largest in 2024

If successful, the IPO will be the largest in Hong Kong in 2024, eclipsing China Resources Beverage which began book-building on Tuesday for its up to $650 million listing

Hong Kong cuts liquor tax to boost nightlife and attract tourists

Hong Kong's leader announced a cut to liquor tax Wednesday as the Asian financial hub hopes to revive its reputation as a travel destination with a vibrant nightlife and dining scene. After fulfilling Beijing's long-standing imperative to enact a homegrown national security law, Chief Executive John Lee now faces challenges with economic competitiveness against regional rivals like Singapore, Japan, and mainland Chinese metropolises. Changes in residents' lifestyles and a wave of middle-class emigration during the COVID-19 pandemic have dampened local demand. Many residents now prefer to spend their weekends in mainland China, attracted by its lower prices and a wider variety of entertainment options. Visitors from the mainland are also spending less in the city than before. Vacant shops are commonly seen in the city's most popular shopping districts, and revenue at the city's bars were down about 28% in the first half of 2024 from the same period in 2019, preliminary official data

Stock brokers in Hong Kong swamped by 'once in a century' stock frenzy

Brokers across Hong Kong are experiencing a similar euphoria as the stocks of Chinese companies soar in the wake of landmark stimulus moves by Beijing last week

Hong Kong expects to double Indian footfalls this year with events lined-up

Hong Kong is expecting to double the number of Indian travellers this year with a line-up of festivals and events to boost tourism, a top executive of HK Tourism Board has said. Last year, 2,08,000 Indians travelled to Hong Kong. "We want to double this number this year and have many festivals and events lined up to boost tourism this year. In the first half of 2024, Hong Kong welcomed 1,81,000 visitors from India, which is 89 per cent of the pre-Covid time," Hong Kong Tourism Board Director, South Asia and Middle East, Puneet Kumar told PTI. Looking at this growth in momentum, the HK Tourism Board is hoping to cross the pre-Covid (2018) level of tourist arrivals this year, he added. Hong Kong Tourism Board takes 2018 as the benchmark for pre-Covid times as in 2019, the tourism industry almost came to a standstill with cancellation of hundreds of flights as the country saw protests against the Hong Kong government's introduction of a bill to amend the Fugitive Offenders Ordinance w

Activist Joshua Wong asks lesser sentence in Hong Kong's security case

Prominent activist Joshua Wong asked for a lesser sentence in court on Friday after he earlier pleaded guilty in Hong Kong's biggest national security case. Wong was one of 47 activists charged in 2021 under a Beijing-imposed national security law with conspiracy to commit subversion for their involvement in an unofficial primary. The activists were accused of attempting to paralyse Hong Kong's government and topple the city's leader by aiming to win a legislative majority and using it to block city budgets indiscriminately. Wong and 44 others admitted their liability or were convicted by the court. They could be sentenced to life in prison, though those who pleaded guilty have a better chance of receiving shorter sentences. Their mass prosecution dealt a severe blow to the city's once-thriving pro-democracy movement. Wong waved at the public gallery after he walked into the courtroom. Former Democratic Party chair Wu Chi-wai, former pro-democracy lawmaker Jeremy Tam and activist Ta

Hong Kong invokes new law to cancel passports of 6 overseas-based activists

The Hong Kong government on Wednesday cancelled the passports of six overseas-based activists under the new national security law, stepping up its crackdown on dissidents who moved overseas. Those affected were former pro-democracy lawmaker Nathan Law, unionist Mung Siu-tat and activists Simon Cheng, Finn Lau, Johnny Fok and Tony Choi all accused of endangering national security by the authorities. The government said they have absconded to the UK. Last year, police offered rewards of 1 million Hong Kong dollars (USD 128,000) each for information leading to their arrests and drew sharp criticism from Western governments. According to the official statement, authorities also banned anyone from providing funds or economic resources to the six, leasing properties to them or forming any joint venture with them, among other restrictions. Doing so without authorisation would carry a penalty of up to seven years in prison. The government said it acted because the six were continuing to .

Hong Kong needs to reinvent itself to retain competitive edge: Mark Mobius

He pointed to the growing rivalry between the US and China over tech and AI as an area that Hong Kong could leverage

Hong Kong court convicts 14 pro-democracy activists under China imposed law

A Hong Kong court on Thursday convicted 14 pro-democracy activists in the city's biggest national security case under a law imposed by Beijing that has all but wiped out public dissent. Those who were found guilty included former lawmakers Leung Kwok-hung, Lam Cheuk-ting, Helena Wong and Raymond Chan. But the three judges approved by the government to oversee the case acquitted two former district councilors Lee Yue-shun and Lawrence Lau. They were among 47 democracy advocates who were prosecuted in 2021 for their involvement in an unofficial primary election. Prosecutors had accused them of attempting to paralyse Hong Kong's government and topple the city's leader by securing the legislative majority necessary to indiscriminately veto budgets. Some of Hong Kong's best-known pro-democracy activists charged in the city's biggest national security case will begin to hear their verdicts as early as Thursday, facing up to life in prison if convicted under a law imposed by Beijing that h

Hong Kong will keep a watch for non-compliance with ban on protest song

Hong Kong's leader said Tuesday his administration would keep monitoring for any non-compliance with a court order that bans a popular protest song, days after YouTube blocked access to dozens of videos of the tune in the city. The ban targets anyone who broadcasts or distributes Glory to Hong Kong popularly sung during huge anti-government protests in 2019 to advocate for the separation of the city from China. It also prohibits any actions that misrepresent the song as the national anthem with the intent to insult the anthem. In his weekly news briefing, Chief Executive John Lee said if the government found any instances of non-compliance, it would then notify the relevant internet platforms about the content of the injunction. I believe that operators in general operate within the law, so we will continue to monitor the situation, Lee said. The court ban sought by the government has raised concerns over a further decline in the city's freedom of expression and internet freedom.

US denounced Hong Kong's national security law but its actions remain muted

The US has denounced Hong Kong's new national security law as a tool to potentially silence dissent both at home and abroad, but so far the action from Washington has been notably muted, disappointing those fighting for the Chinese territory's democracy and freedoms. Since the law's swift passage on March 19, the US has announced visa restrictions on an unspecified number of unnamed Hong Kong officials but taken no further action. That's a far cry from 2020, when Beijing imposed national security restrictions to end months of unrest on Hong Kong streets. The U.S. responded by hitting the city's highest-ranking officials with sanctions and depriving the territory of its preferential trading status. While the new law, known as Article 23, now expands the Hong Kong government's powers to go after those it accuses of spying and to target dissidents anywhere in the world, Washington has been treading carefully. The State Department declined to preview or comment on any potential actions

Hong Kong to name ex-KPMG China head Carlson Tong to chair stock exchange

Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing Ltd. after April 24, according to people familiar with the matter

Hong Kong publishes new national security law bill, raising rights concerns

The bill includes sentences of up to life imprisonment for treason, 20 years for espionage and 10 years for offences linked to state secrets and sedition

Trading turnover: Indian markets at highest ever against Hong Kong

Analysts say trend underscores the shift in investor sentiment