The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by China CITIC Bank International Limited relating to a fraudulent website and an internet banking login screen, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks' websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website or login screen concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     The Innovation and Technology Commission (ITC) today (November 5) briefed the respective Boards of the Hong Kong Applied Science and Technology Research Institute (ASTRI) and the Nano and Advanced Materials Institute (NAMI) on the proposal to merge the two research and development (R&D) centres.
      
     The Secretary for Innovation, Technology and Industry, Professor Sun Dong, remarked that, "To implement the development plans set out in the Hong Kong Innovation and Technology Development Blueprint, and to accelerate the development of new quality productive forces, the Government needs to deepen the reform of the arrangement of public R&D institutions in Hong Kong. Having reviewed the positioning and focus areas of our R&D institutions, as well as the technology domains that Hong Kong will focus on, we propose merging ASTRI and NAMI."
      
     He continued that, "ASTRI and NAMI respectively drive and co-ordinate applied R&D in the areas of information and communications technologies, and nanotechnology and new materials. Merging the two centres through organic integration will enhance their complementary advantages on applied R&D and create synergies, thereby boosting the capability for conducting high value-added applied R&D work, strengthening the support for industry development, and fostering new industrialisation."
      
     An ITC spokesman said, "After merging the two centres, overall savings in operating costs are expected to be achieved through rationalisation and consolidation in the medium to long run. Regarding the staff establishment, appropriate arrangements would be manifested through redeployment and natural wastage."
      
     The ITC will commission an independent consultant to make suggestions on the transitional arrangements and implementation plan on the merger. The Government expects to commence the transition process in 2025-26.
      
     The Chairpersons of the Boards of ASTRI and NAMI have also briefed their centres' staff respectively on the merger, as well as the relevant follow ups and arrangements today.
      
     ASTRI was established in 2000 and designated as the R&D centre for information and communications technologies in 2006.  NAMI was established and designated as the R&D centre for nanotechnology and new materials in 2006.

     The Labour Department (LD) is investigating a fatal work accident that happened in Kowloon City this afternoon (November 5) in which a man died.
 
     The LD immediately deployed staff to the scene upon receiving a report of the accident, and is now conducting an investigation to look into its cause.

     Following is the speech by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, at the HKEX ETF Summit 2024 today (November 5):
 
Wilfred (Deputy Chief Executive Officer of Hong Kong Exchanges and Clearing Limited (HKEX), Mr Wilfred Yiu), Howard (Deputy Chief Executive of the Hong Kong Monetary Authority, Mr Howard Lee), Christina (Executive Director (Investment Products Division) of the Securities and Futures Commission, Ms Christina Choi), Eric (Executive Director (Policy) of the Mandatory Provident Fund Schemes Authority, Mr Eric Cheng), distinguished guests, ladies and gentlemen,
 
     Good afternoon. It is my great pleasure to join you today at the HKEX ETF Summit 2024. First of all I would like to extend my gratitude to HKEX for organising this timely gathering where we can explore the vibrant landscape of ETF (exchange-traded fund) markets, particularly the emerging opportunities, in Hong Kong. This summit arrives at a crucial juncture for both Hong Kong and the broader Asia-Pacific region as we navigate the complexities of a rapidly evolving market environment.
 
Hong Kong's ETF market
 
     Over the past decade, passive investments, especially ETFs, have experienced remarkable growth. These products have emerged as a vital tool, providing exposure to diversified asset classes and investment strategies, enabling investors to effectively diversify their portfolios. ETFs have become one of the fastest-growing investment products globally, fundamentally transforming how investors access financial markets and construct their investment strategies.
 
     In response to this fast-growing ETF market, major jurisdictions worldwide, including Hong Kong, have been vying for the title of premier ETF hub. As a critical gateway to Mainland China, Hong Kong serves as a "super-connector" between Mainland China and the global markets. By leveraging its favorable tax, legal, and regulatory frameworks, Hong Kong has established itself as a leading player in the Asia-Pacific ETF market.
 
     Since launching the first ETF in 1999, HKEX has become one of largest and most active ETF exchanges in Asia. The Government has actively supported the development of our ETF ecosystem, introducing a stamp duty waiver for secondary market transactions of ETFs in 2015 and expanding it to include primary market activities for ETF market makers in 2020. These initiatives have reduced transaction costs and enhanced Hong Kong's competitiveness as a listing venue. With robust policy support, Hong Kong now boasts a diverse range of ETF products backed by deep liquidity, attracting renowned issuers, market makers, and investors. In the first three quarters of 2024, the average daily turnover of ETFs reached HK$13.0 billion, up by 10 per cent from the average in full year 2023, and up by 32 per cent from the average in full year 2022 respectively.
 
Inclusion of ETFs under Stock Connect
 
     The expansion of mutual stock market access between the Mainland and Hong Kong (Stock Connect) in July 2022 to include eligible ETFs has opened new avenues for trading. This initiative allows both Hong Kong and foreign investors to trade ETFs listed on the Shanghai and Shenzhen stock exchanges while enabling Mainland investors to access Hong Kong-listed ETFs. This development enhances the interaction between our capital markets, providing more diverse asset allocation options and promoting liquidity and sustainable growth.
 
     In April 2024, the China Securities Regulatory Commission (CSRC) announced measures to further broaden mutual access between the Mainland and Hong Kong capital markets. These measures include, among others, expanding the range of eligible equity ETFs under Stock Connect by lowering criteria for Both Northbound and Southbound trading, which has led to the addition of 85 new Mainland ETFs and six new Hong Kong ETFs, bringing the total to over 240 eligible products in July this year. This expansion enriches investment options and facilitates efficient asset allocation for investors in both markets, attracting capital inflows and supporting long-term market development. With continuous enhancements, we are pleased to see that trading of ETFs under Stock Connect has been widely accepted by investors since its commencement.
 
Attracting foreign capital
 
     Indeed, since we established Stock Connect in 2014, its Southbound trading has brought a net inflow of over HK$3.4 trillion to the Hong Kong stock market. Meanwhile, the Northbound trading has been an important avenue for international investors to access the Mainland market. Seventy per cent of the A-shares held by international investors were acquired via this channel. This unique connectivity Hong Kong enjoys is increasingly recognised and favoured by investors.
 
     A year ago, we celebrated the listing of Asia's first ETF tracking the Saudi Arabian market in Hong Kong, allowing Asian investors to tap into the vast opportunities offered by Saudi Arabia and the Middle East. And just last month, we welcomed the listing of two ETFs tracking Hong Kong stocks in Saudi Arabia, completing a two-way capital flow conduit between our markets. These listings are significant on multiple levels: they provide Saudi and Middle Eastern investors direct access to the Hong Kong stock market, enhance the developing ETF market in Saudi Arabia, and diversify Hong Kong's capital sources while boosting market liquidity.
 
Diversifying product offerings
 
     In addition to attracting foreign capital, we are committed to expanding our ETF ecosystem and enhancing product diversity in Hong Kong's markets, further supporting the city's position as the region's leading ETF marketplace by offering investors even more choice.
 
     As Wilfred mentioned, the introduction of virtual asset spot ETFs is an exciting addition, providing investors access to new asset classes through ETFs. This year has also seen the debut of Hong Kong's first covered call ETFs, enabling investors to navigate volatile markets and hedge risks while diversifying beyond traditional products. We look forward to continuing working closely with our stakeholders with a view to launching more products to our international marketplace.
 
Closing
 
     Ladies and gentlemen, I would like to express my gratitude to all stakeholders for your dedication in solidifying Hong Kong's status as a leading international financial centre and ETF hub. Together, let us explore pathways to greater innovation and collaboration. I wish the summit every success and wish you good health and business for the time to come. Thank you.