Hong Kong Business News

Secretary for Financial Services & the Treasury Christopher Hui attended a technology and startup summit in Madrid, Spain, and met the top management of the Spanish stock exchange yesterday.

Mr Hui joined the South Summit in the capital of Spain that brought together some 500 speakers, 120 investment funds and over 20 unicorns from around the world.

At the summit’s fireside chat, he shared with the audience Hong Kong's latest developments in the virtual assets industry, including the debut of Asia's first six spot virtual asset Exchange Traded Funds (ETFs) in Hong Kong in April.

Mr Hui pointed out that Hong Kong is pioneering an in-kind subscription and redemption mechanism, allowing more flexibility for investors to subscribe and redeem their ETF units.

As a pioneer in embracing financial innovation, Hong Kong implemented a virtual asset trading platform licensing regime in June last year, and the city is working on licensing requirements for other virtual asset operations including the issuance of stablecoins and over-the-counter trading services, he added.

Mr Hui also met Bolsas y Mercados Españoles, Spanish Stock Exchange & Market Chief Executive Officer Javier Hernani Burzako.

Apart from sharing information with him about Hong Kong's measures to enhance stock market liquidity and streamline the listing regime targeting specialised technology sectors, he expressed that Hong Kong hopes to explore chances of collaboration between both sides.

While paying a courtesy call on Chinese Ambassador to Spain Yao Jing, Mr Hui noted that benefitting from the advantages of "one country, two systems" and the staunch support of the country, the Hong Kong Special Administrative Region Government will strengthen co-operation with Spain.

The financial services chief then joined a networking cocktail event with the business community that was co-organised by the Hong Kong Economic & Trade Office in Brussels, Invest Hong Kong and the Spain Hong Kong Business Association.

Mr Hui told the participating guests that Hong Kong has all the necessary networks and resources to help Spanish businesses gain easier access to the Guangdong-Hong Kong-Macao Greater Bay Area and the vast Mainland China market.

He added that Spain and Hong Kong have much to share and benefit each other, such as acknowledging the power of innovation technology and cherishing the vibrant creative industries.

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