Tag Archives: China

     The Process Review Panel (PRP) for the Securities and Futures Commission (SFC) today (December 19) published its annual report covering the work of the PRP in 2022-23.

     The PRP Chairman, Mr Lawrence Lee, said, “In 2022-23, the PRP reviewed 60 completed or closed cases in different areas of the work of the SFC. The PRP made a number of observations and recommendations to the SFC for its consideration, which will be conducive to the SFC’s enhancement of procedures and guidelines.”

     “We are thankful to the SFC for its co-operation and support in facilitating the work of the PRP, as well as its positive response to the PRP’s recommendations,” he added.

     The annual report has been uploaded to the website of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/fsb/en/business/prp/afsreport.html).

     The PRP welcomes views of the market participants and the public on the PRP’s work. They may express their views by sending emails to the PRP (prp@fstb.gov.hk).
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     â€‹The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (December 19) that in view of notifications from the World Organisation for Animal Health (WOAH) about outbreaks of highl… read more

     The Government announced today (December 19) the details of the new Capital Investment Entrant Scheme (CIES).
 
     Announcing the details of the new CIES at a press briefing, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, noted the 2023-24 Budget set out that a new CIES would be introduced with a view to further enriching the talent pool and attracting more new capital to Hong Kong.
 
     Mr Hui said, “The Policy Statement on Developing Family Office Businesses in Hong Kong, issued by the Financial Services and the Treasury Bureau in March, identified the new CIES as one of the eight policy measures to promote the growth of family offices, with the aim of attracting asset owners to set up in Hong Kong and tap into the diverse investment opportunities in Hong Kong by deploying and managing their wealth.
 
     “The new CIES would help strengthen the development of the asset and wealth management, financial and related professional service sectors in Hong Kong, and bring more business opportunities and high-quality job prospects to all segments of the industry’s service chain.”

     The new CIES will accept applications from eligible persons aged 18 or above (including foreign nationals, Chinese nationals who have obtained permanent resident status in a foreign country, Macao Special Administrative Region residents and Chinese residents of Taiwan). An applicant must demonstrate that he/she has net assets of not less than HK$30 million to which he/she is absolutely beneficially entitled throughout the two years preceding the application. An applicant must make an investment of a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in the permissible financial assets and non-residential real estate (at Annex), and placing HK$3 million into a new CIES Investment Portfolio. The Portfolio will be set up and managed by the Hong Kong Investment Corporation Limited to make investments in companies/projects with a Hong Kong nexus, with a view to supporting the development of innovation and technology industries and other strategic industries that are beneficial to the long-term development of Hong Kong’s economy.
 
     A successful applicant may bring his/her dependants (including spouse and unmarried dependent children aged under 18 years) to Hong Kong. Permission to stay will normally be granted to the applicant and his/her dependants for not more than two years. Upon expiry of the two-year period, they may apply for an extension of stay for not more than three years, and may subsequently apply for further extensions of stay for not more than three years upon the expiry of each three-year period.  They may, upon a period of continuous ordinary residence in Hong Kong of not less than seven years, apply to become Hong Kong permanent residents in accordance with the law. If an applicant is unable to fulfil the continuous ordinary residence requirement, while continuously satisfying the financial requirements under the new CIES for not less than seven years, he/she may apply for an unconditional stay in Hong Kong. If the application is approved, the applicant will be free to dispose of the invested assets.
       
     As announced in “The Chief Executive’s 2023 Policy Address”, a mechanism will be introduced for suspension of payment of Buyer’s Stamp Duty and New Residential Stamp Duty for incoming talent’s acquisition of residential property in Hong Kong (Suspension Mechanism). The Government will make legislative amendments for the Suspension Mechanism to cover the successful applicants under the new CIES.
 
     Under the new CIES, Invest Hong Kong will be responsible for assessing whether the applications fulfil the net asset and investment requirements, and the Immigration Department will be responsible for assessing the applications for visa/entry permits, extensions of stay, etc. The Government aims to officially launch the new CIES and invite applications in mid-2024.

  

     The Secretary for Environment and Ecology of the Hong Kong Special Administrative Region (HKSAR), Mr Tse Chin-wan, and the Director-General of the Department of Ecology and Environment of Guangdong Province (GDDEE), Ms Xu Xiaoxia, today (December 19) co-chaired the fifth meeting of the Hong Kong-Guangdong Joint Working Group on Environmental Protection and Combating Climate Change (JWGEPCCC) via video conferencing. The meeting reviewed the progress of collaboration between the two sides in 2023, and agreed on the work plan for 2024.  
 
     In the past year, Hong Kong and Guangdong have maintained close co-operation on various fronts, including improvement of air quality in the Pearl River Delta (PRD) region, protection of the water environment, strengthening forestry and marine resources conservation as well as combating climate change.
 
     On improving air quality, Hong Kong and Guangdong implemented the PRD Regional Air Quality Management Plan and monitored the progress and effectiveness of various improvement measures. In the coming years, Hong Kong and Guangdong will work together on the regional ozone problem and continue to work on the inclusion of ambient volatile organic compounds (VOCs) routine monitoring in the Guangdong-Hong Kong-Macao PRD Regional Air Quality Monitoring Network.
 
     On marine environment management, the Notification and Alert System on Marine Refuse has been functioning well since its commencement in 2017. As of mid-November 2023, it has been activated 47 times with notifications issued in response to heavy rainfall or other major marine environmental incidents, which enabled relevant government departments to take timely clean-up actions as required.
 
     The JWGEPCCC also endorsed the work plan for 2024. Hong Kong will conclude the three-year project on “Characterisation of photochemical ozone formation, regional and super-regional transportation in the Greater Bay Area” to identify the causes of ozone formation in the Greater Bay Area and provide recommendations for the formulation of regional ozone control policy on a scientific basis.
 
     Hong Kong and Guangdong will continue to promote and deepen exchanges and co-operation on mitigation, adaptation and resilience to climate change and the relevant scientific research.
 
     The two sides will also jointly explore technologies and measures to monitor marine refuse and tackle marine environmental incidents with a view to further extending co-operation in the management of the marine environment with the neighbouring cities in the region.
 
     As regards ecological conservation, Hong Kong and Guangdong will foster in-depth exchanges and enhance collaboration on forest and wetland reserve projects regarding the construction, management, conservation, staff training, publicity and education, etc. The two sides will continue to work closely to promote the sustainable development of marine resources, conservation of ecosystems and construction of marine nature protection waters.
 
     Officials of the HKSAR Government attending today’s meeting included representatives of the Environment and Ecology Bureau, the Development Bureau, the Agriculture, Fisheries and Conservation Department, the Buildings Department, the Civil Engineering and Development Department, the Drainage Services Department, the Electrical and Mechanical Services Department, the Environmental Protection Department, the Hong Kong Observatory and the Water Supplies Department. Officials on the Guangdong side included representatives of the GDDEE, the Guangdong Provincial Development and Reform Commission, the Department of Industry and Information Technology of Guangdong Province, the Department of Science and Technology of Guangdong Province, the Department of Natural Resources of Guangdong Province, the Department of Housing and Urban-Rural Development of Guangdong Province, the Department of Transportation of Guangdong Province, the Water Resources Department of Guangdong Province, the Department of Agriculture and Rural Affairs of Guangdong Province, the Guangdong Administration for Market Regulation, the Hong Kong and Macao Affairs Office of the People’s Government of Guangdong Province, the Guangdong Meteorological Service, the Guangdong Maritime Safety Administration of the People’s Republic of China, the Guangdong Academy of Sciences, and the Ecological and Environmental Bureau of Shenzhen. The JWGEPCCC mainly discusses and exchanges views on matters relating to environmental quality, natural resources, ecological environment, sustainable development and climate change on the two sides. Eight special panels have been set up under the JWGEPCCC to take forward the implementation of the co-operation initiatives.

    

     Hong Kong Customs yesterday (December 18) detected a dangerous drugs internal concealment case involving a passenger at Hong Kong International Airport and seized about 550 grams of suspected cocaine with an estimated market value of about $600,000.
      
     A male passenger, aged 39, arrived in Hong Kong from Johannesburg, South Africa, yesterday. During Customs clearance, Customs officers suspected that the passenger had dangerous drugs concealed inside his body cavity. He was then escorted to the hospital for examination. Upon examination, a doctor confirmed that foreign objects were concealed inside his body cavity. He was arrested immediately. As at 6pm today (December 19), the arrested person has discharged 29 pellets of suspected cocaine weighing about 550 grams in total.
      
     The arrested man has been charged with one count of trafficking in a dangerous drug. The case will be brought up at the West Kowloon Magistrates’ Courts tomorrow (December 20).
      
     Following the resumption of normal travel and exchanges with the Mainland and other parts of the world, the number of visitors to Hong Kong has also been increasing steadily. Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.
      
     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
      
     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).