Tag Archives: China

     The Wealth for Good in Hong Kong Summit (WGHK) which has brought to Hong Kong some 360 influential global family office principals, visionary leaders and industry pioneers concluded today (March 26). Themed “Hong Kong of the World, for the World”, the event demonstrated Hong Kong’s unparalleled strengths as a bridge between East and West, where innovation, investment, and cross-cultural collaboration flourish.
 
     Co-organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), the third edition of the Summit delivered an influential platform for collaboration and innovation and drew global decision-makers from regions including the Mainland, Asia, Europe, the Americas, the Middle East, Africa and Hong Kong to engage in interactive discussions exploring how wealth can drive social progress and sustainable impact.
 
     As a flagship event of the Wealth and Investment Mega Event Week during Hong Kong Super March, the WGHK was opened by the Financial Secretary, Mr Paul Chan. He said, “Family offices play a vital role in preserving family wealth, creating lasting influences through philanthropy worldwide and leading impact investment. As an international financial centre, we have a robust network of world-class financial service professionals and offer an extensive array of investment opportunities. In this city, international foundations, charities and non-governmental organisations come together to form a vibrant philanthropy network. We are also investing heavily to propel Hong Kong’s development in innovation and technology like green tech and AI, benefiting the future of humanity. All these, together with the quality lifestyle in Hong Kong, the convergence of Eastern and Western cultures, the dazzling array of mega events, make Hong Kong the ideal place for family offices to thrive and realise their ambitions.”
 
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, stated that the well-received event reaffirmed Hong Kong’s stature as a pre-eminent global hub for family offices. He said, “This vibrant city – a beacon of opportunity, a super connector between East and West, and a thriving hub for over 2 700 single family offices – is where your vision, your capital, and your passion can flourish. Together, we stand on the cusp of a new era, one where wealth is not just preserved but harnessed as a force for good, transcending borders and generations. I invite you to join us in a shared mission: to build, to learn, and to give. These three pillars will define our collaboration, inspiring you to leverage Hong Kong’s unique ecosystem to create a lasting impact.”
 
     The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, “Hong Kong is Asia’s leading global hub for wealth management, innovation, and sustainable investment. The WGHK again proved to be an exceptional platform for thought leadership, uniting global family offices to exchange ideas and drive positive change while leveraging the city’s robust financial infrastructure and connectivity. At InvestHK, we are dedicated to supporting global investors in unlocking new opportunities and making a lasting impact in Asia and beyond.”
 
     The WGHK featured a distinguished lineup of international speakers who shared insights on the transformative power of wealth. Through insightful sharing of speakers on three sub-themes at panel discussions, participants delved into the evolving landscape of art, culture and luxury, the strategic delivery of impact philanthropy, and the expanding role of technology and artificial intelligence in driving sustainable wealth creation. There was also a fireside chat discussing on the theme “Crafting Success Across Continents and Industries”.
 
     Many speakers today rated Hong Kong highly as an idea place for setting up family offices.
 
     Founder of ADLEGACY, Mr Horst Bente, said, “Hong Kong has always been a special place for our family. The expansion of the company in the ’60s and ’70s to Asia came through Hong Kong. My parents and I were here when I was a little boy, so we’ve spent a lot of time in this city. To me, Hong Kong has always been the gateway to Asia. Investors are here, money is here, and obviously the talent is here. Hong Kong has a dynamic energy, brand-new facilities, and a genuine enthusiasm for sports. We want to be part of that and help create something that doesn’t exist here yet.”
 
     The Vice Chairman of Swarovski International Holding, Mr Robert Buchbauer, said, “When I look at Hong Kong, I see a city that offers stability, predictability, and an environment that is business-friendly – key elements for any family office seeking a solid foundation for long-term growth. People in Hong Kong want to do business, and that entrepreneurial spirit hasn’t changed. It’s what makes Hong Kong so dynamic and a perfect place for legacy-focused companies like ours to explore new partnerships and paths for growth.”
 
     The Co-founder and Chairman of Alibaba Group, Mr Joe Tsai, said, “I first discovered Hong Kong in the 1980s, and it struck me as a truly international city with an unmatched entrepreneurial energy. Even through challenging times, Hong Kong’s free-market DNA, vibrant financial markets, and supportive tax environment stand out – making it, in my view, one of the best places for businesses and family offices to thrive.”
 
     The Summit concluded with a Gala Dinner, uniting family offices and industry leaders from around the world for an evening of connections and insight-sharing. Set against the stunning backdrop of Victoria Harbour and Hong Kong’s iconic skyline, attendees engaged in meaningful discussions about family legacies and opportunities, and appreciated the city’s energy, entrepreneurial spirit, and commitment to fostering innovation and collaboration.

      

     The Department of Health (DH) today (March 26) carried out an enforcement operation with the Police against the suspected illegal sale of a topical product containing undeclared controlled medicines on the Internet, claiming that the product could be used to treat eczema. During the operation, a 42-year-old man was arrested on suspicion of the illegal sale of Part 1 poison and an unregistered pharmaceutical product.
      
     Acting upon a complaint, a sample of the product was purchased from an eczema group on a social media platform for analysis. Test results from the Government Laboratory revealed that the sample contained clobetasol propionate, ketoconazole and miconazole, which are Part 1 poisons under the Pharmacy and Poisons Ordinance (Cap. 138). The product, unlabeled, is also suspected to be an unregistered pharmaceutical product. The DH’s investigation is still in progress.
      
     Clobetasol propionate is a steroid substance for treating inflammation. Inappropriate application of steroids could cause skin problems and systemic side effects such as moon face, high blood pressure, high blood sugar, adrenal insufficiency and osteoporosis. Ketoconazole and miconazole are antifungal substance used to treat fungal infections with side effects including local irritation and sensitivity reactions.
      
     Topical products containing ketoconazole and miconazole should be supplied in the premises of an Authorized Seller of Poisons (i.e. a pharmacy) under the supervision of a registered pharmacist, while products containing clobetasol propionate are prescription medicines that should be used under a doctor’s directions and be supplied in a pharmacy under the supervision of a registered pharmacist upon a doctor’s prescription.
      
     According to the Ordinance, all pharmaceutical products must be registered with the Pharmacy and Poisons Board of Hong Kong before they can be sold in the market. Illegal sale or possession of unregistered pharmaceutical products or Part 1 poisons are criminal offences. The maximum penalty on conviction of each offence is a fine of $100,000 and two years’ imprisonment.
      
     The DH strongly urged members of the public not to buy or use products of doubtful composition or from unknown sources. All registered pharmaceutical products should carry a Hong Kong registration number on the package in the format of “HK-XXXXX”. The safety, quality and efficacy of unregistered pharmaceutical products are not guaranteed.
      
     People who suspect that they have purchased the product concerned should stop using it immediately and consult healthcare professionals if in doubt or feeling unwell after use. They may submit the product to the Drug Office of the DH at Room 1804-06, 18/F, Wing On Kowloon Centre, 345 Nathan Road, Kowloon, during office hours for disposal. read more

     Following are the remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Wealth for Good in Hong Kong Summit today (March 26):
 
Distinguished global family office principals, and guests from around the world,
 
     It is with immense pride and excitement of mine that I welcome all of you to the third edition of the Wealth for Good in Hong Kong Summit, themed “Hong Kong of the World, for the World”. As highlighted, this is the third time that we organised this event. I must say that I feel like now we are more like a family, in a sense that we can share insights, share aspirations, and at the same time come together on how we can make our families, our societies, and the world around us better. And in that regard, we will try to see what our families will do. Normally, the family or members of it will try to build, learn, and also give together.
 
     And exactly these three pillars will define our collaboration between the Government and your family offices. In a sense, we want you to build with us, to learn with us, and also to give with us, and also at the same time, inspiring all of you to leverage Hong Kong’s unique ecosystem to create lasting impact. And now, let me share with all of you how we can work hand in hand along these three dimensions to make this vision a reality.
 
To build: a robust ecosystem for wealth and innovation
 
     First of all is how we build, which is to build a robust ecosystem for wealth and innovation. Hong Kong has long been a world-class financial hub, managing nearly US$4 trillion in asset and wealth management, alongside a private banking sector serving family offices and trusts worth over US$185 billion. Our commitment to you is clear: we have built an ecosystem that empowers your ambitions. In March 2023, we issued the Policy Statement on Developing Family Office Businesses in Hong Kong, and I am very proud to say all measures, including profits tax exemptions for single family offices, have been fully implemented. Our dedicated FamilyOfficeHK team under Invest Hong Kong led by Alpha (Director-General of Investment Promotion at Invest Hong Kong, Ms Alpha Lau) has already assisted 160 family offices, many of whom are past summit participants, to establish or expand here.
 
     But we are not stopping here. We are building a comprehensive ecosystem for asset allocation, with bold new initiatives. Take gold and precious metals for example. We aim to transform Hong Kong into a global gold trading centre by attracting physical gold storage, driving trading, settlement, and delivery activities, and scaling up support services like insurance, testing, certification, and logistics. We’re promoting world-class gold storage facilities and expanding related financial services, including collateral, loans, hedging, and derivatives, creating a progressive, interconnected market for asset owners, including all of you.
 
     Complementing this, we are enhancing our position as a leading international art hub, as covered by the panel just now. The Airport Authority is crafting an ambitious art ecosystem at Hong Kong International Airport – our first one-stop project uniting art creation, appreciation, and trade. This will feature an art community with galleries and studios, plus a purpose-built, large-scale storage facility bespoke for artwork, the first of its kind here. Linked with exhibitions at AsiaWorld-Expo, this will propel Hong Kong into a world-class art marketplace. Together, we will build an ecosystem where your wealth thrives and, at the same time, diversifies.
 
To learn: a legacy of knowledge and growth
 
     Secondly, apart from building, it’s about learning. What we try to learn is about a legacy of knowledge and growth. The Hong Kong Academy for Wealth Legacy, chaired by Adrian (Dr Adrian Cheng, Chairman of the Board, the Hong Kong Academy for Wealth Legacy) who is a participant in the panel just now, is our partner in nurturing the new generation of wealth stewards. We are taking this further by collaborating with world-class academic institutions to curate a one-stop platform for training and knowledge exchange. This will equip family offices with the resources to build legacies that endure, whether through mastering innovative investment strategies, exploring technology like artificial intelligence to solve global challenges, or preserving the arts and culture that define our humanity.
 
     This summit itself is a testament to that spirit of learning. Look at the distinguished speakers joining our panel discussions – each brings a wealth of experience to inspire us. Also, through the Hong Kong Family Office Nexus, in collaboration between Bloomberg and the Government, we are also sharing global best practices, ensuring you remain at the forefront of wealth management innovation. Together, we will definitely learn, adapt, and also lead. And for those who are staying here in Hong Kong tomorrow, in fact, we have an event (Bloomberg Family Office Summit) with Bloomberg, trying to announce the further initiatives that we are working together with Bloomberg in taking Hong Kong as a family office hub. So I encourage all of you who are here tomorrow to also attend that event.
 
To give: a culture of impact and compassion
 
     Finally, apart from building and also learning, what is it about? It’s about giving – to give, a culture of impact and compassion. We will give together, harnessing wealth for transformative good. Philanthropy is at the very heart of Hong Kong’s evolution into a global hub for giving. Last year, we launched Impact Link under the Academy for Wealth Legacy – a pioneering platform connecting family offices with charity projects. More than a database, it is a bridge to meaningful impact, empowering you to make informed, high-impact contributions.
 
     Looking ahead, we are exploring new frontiers. We are considering if a platform can be established for charities to co-fund philanthropic projects through a prize initiative in Hong Kong, inviting charities and family offices to partner with us in creating transformative impact. I warmly welcome your ideas and inputs on this – let us all co-create a future where giving knows no boundaries. With our financial muscle and entrepreneurial energy, we are cultivating a culture where your wealth can support groundbreaking research, preserve cultural heritage, or tackle pressing global challenges. Together, we will give with purpose, leaving a legacy that echoes worldwide.
 
A call to dream big
 
     As we prepare for today’s panel on philanthropy, I invite all of you to dream big. How can your family office leverage Hong Kong’s ecosystem – our talent, our platforms like Impact Link, and our Government’s unwavering support – to address the world’s greatest needs? Whether it’s investing in technology, championing the arts, or driving social impact, Hong Kong, as always, stands ready to be your partner.
 
     Bring your vision, your capital, and your passion for good. Together, we will build an ecosystem of opportunity, learn from each other to shape the future, and give in ways that uplift lives across the globe. Let us define legacy today, in Hong Kong, for the world.
 
     Thank you, and I very much look forward to the inspiring discussions ahead, especially the coming panels and the dinner tonight. Thank you.

  

     Hong Kong Customs conducted a joint anti-illicit cigarette publicity campaign with members of the Sha Tin District Council, the Tobacco and Alcohol Control Office (TACO) of the Department of Health, the Police and the Housing Department (HD) at three public housing estates in Sha Tin District today (March 26).

     Customs officers set up a promotional booth to distribute leaflets to residents at Shek Mun Estate, Lek Yuen Estate and Sun Chui Estate to raise their awareness of anti-illicit cigarettes, and encouraged them to report suspected illicit cigarette trading activities to Customs.
      
     If public rental housing units are found to be involved in illicit cigarette crimes, Customs will notify the HD for follow-up action after the conclusion of court proceedings. Moreover, Customs will continue to closely monitor the situation of illicit cigarette activities at control points and in the city, and flexibly deploy its resources to clamp down on the crime. 

     Customs stresses that it is an offence to buy or sell illicit cigarettes. Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years. Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/).

     In accordance with the Smoking (Public Health) Ordinance (Cap. 371), no person shall distribute any smoking product advertisement (including any promotion leaflets). Any person who contravenes the regulation is liable to a maximum fine of $50,000. Members of the public may report any suspected activities of illicit cigarette leaflets distribution to TACO’s hotline 2961 8823.