Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the launch ceremony of the Hong Kong Academy for Wealth Legacy today (November 14):
 
Distinguished guests, ladies and gentlemen,
 
     Good afternoon.
 
     I'm delighted to attend the launch ceremony of the Hong Kong Academy for Wealth Legacy today. With the staunch support and efforts from the stakeholders gathered here today, our family office sector in Hong Kong is thriving with strong momentum to grow further.
 
     Capitalising on the momentum generated by the pioneer Wealth for Good in Hong Kong Summit in March this year, the Financial Services and the Treasury Bureau published on the day of the summit a policy statement outlining our vision and eight policy measures to enhance Hong Kong as a premier hub for family offices.
 
     The establishment of the Hong Kong Academy for Wealth Legacy is one of the eight initiatives of the policy statement to develop a vibrant ecosystem for global family offices and asset owners. Recognising the importance of cultivating a deep talent pool for the family office sector in Hong Kong, the academy will provide ongoing training, knowledge exchange and networking sessions for both industry practitioners and next-generation wealth owners. The academy is housed under the Financial Services Development Council, and will be supported by an advisory board, and also partnerships with the industry, professional service providers, universities, and our dedicated FamilyOfficeHK team under ​​Invest Hong Kong.
 
     Well-established family governance policies and plans play a significant role in preserving family values and unity, facilitating asset owners for wealth management, succession planning, and the strengthening of family cohesion. These traditional objectives aside, we see more next-generation wealth owners engaging in philanthropy and sustainable investments to do "good" with their wealth. It is now a defining trend for next-generation wealth owners to promote social and community inclusive development while achieving investment returns with their family offices.
 
     The academy will thus integrate training and knowledge exchanges for philanthropic and sustainable investments into its overall plan. It will organise different initiatives, including seminars and workshops, to promote the transformative power of using wealth for social betterment, and foster dialogues around philanthropic giving and impact investing. The academy will also serve as a training hub for family office professionals and wealth owners, facilitating their understanding of the best practices and latest trends concerning the industry through continuous knowledge exchanges and networking sessions, bolstering the sustainable growth of the entire family office ecosystem in Hong Kong.
 
     Hong Kong is already an international asset and wealth management hub. A market study reported that Hong Kong achieved the highest AUM (assets under management) growth rate among top booking centres from 2017 to 2022 with a cumulative average growth rate of 13 per cent. Hong Kong is also projected to become the world's largest booking centre by 2025.
 
     To foster the growth of the sector, the Government and regulators implemented a number of market-facilitating initiatives, including a profits tax concession regime for single family offices, streamlining the suitability assessment for sophisticated professional investors, and the launch of a Network of Family Office Service Providers under Invest Hong Kong. And more exciting initiatives will come, for example art storage facilities will be built at Hong Kong International Airport for collectors and investors, including family offices that deploy their wealth in art. The FamilyOfficeHK team will also launch new resources, including a destination guidebook, to help families navigate Hong Kong and make the most of everything we have to offer, from investment to philanthropic and lifestyle possibilities.
 
     In the recent Policy Address, the Chief Executive announced we will implement the Capital Investment Entrant Scheme to allow eligible investors who make investments of HK$30 million or above in assets such as stocks, funds, bonds, etc. (excluding real estate) to apply for entry into Hong Kong. This will further strengthen the development and growth of our asset and wealth management sector, and consolidate Hong Kong's role as a wealth centre seamlessly connecting with global capital markets.
 
     In March next year, we are going to host the second Wealth for Good in Hong Kong Summit themed "Growing with Certainty Amid Growing Uncertainty" with Invest Hong Kong, following the success of the first Summit this year. We hope to engage even more global family offices and their professional teams with this second edition to showcase our unique advantages.
 
     Ladies and gentlemen, to conclude, I once again congratulate the establishment of the Hong Kong Academy for Wealth Legacy. I also look forward to the Academy in playing an active role in fostering the growth and success of the family offices sector in Hong Kong. May I wish you all the best of health and business to come.
 
     Thank you.

     â€‹Hong Kong Customs yesterday (November 13) conducted a special operation in Sha Tin to combat the sale of counterfeit goods and seized about 360 items of suspected counterfeit goods with an estimated market value of about $660,000.

     Customs earlier received information alleging the sale of suspected counterfeit clothing and accessories at a boutique in Sha Tin. After an in-depth investigation and with the assistance of trademark owners, Customs officers took enforcement action yesterday and raided the boutique. A batch of suspected counterfeit clothing and accessories, including accessories, clothes and handbags, was seized.

     During the operation, Customs arrested a 45-year-old woman suspected to be connected with the case. She has been released on bail pending further investigation. Investigations are ongoing.

     Customs will continue to step up inspection and enforcement to vigorously combat the sale of different kinds of counterfeit goods.

     Customs reminds consumers to procure goods at reputable shops and to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt. Traders should also be cautious and prudent in merchandising since the sale of counterfeit goods is a serious crime and offenders are liable to criminal sanctions.

     Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

     Members of the public may report any suspected counterfeiting 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).

  

     The Centre for Health Protection (CHP) of the Department of Health is today (November 14) investigating a case of suspected mad honey poisoning, and reminded the public to buy honey from a reliable source or apiary.

     A 49-year-old male developed dizziness, vomiting and diarrhoea around 30 minutes after consuming honey yesterday (November 13). He attended the Accident and Emergency Department of Kwong Wah Hospital on the same day and was admitted for treatment due to hypotension and bradycardia. The patient is in stable condition and is still hospitalised. His clinical diagnosis was suspected mad honey poisoning.

     Initial enquiries revealed that the patient consumed home-made honey mailed to Hong Kong by a friend from Nepal. The poisoning might have been caused by grayanotoxin. Investigations are ongoing.

     "Mad honey poisoning is caused by ingestion of honey containing grayanotoxins derived from plants belonging to the Ericaceae family, including rhododendrons. Grayanotoxins are neurotoxins which can affect nerves and muscles. Symptoms of poisoning include nausea, vomiting, diarrhoea, dizziness, weakness, excessive perspiration, hypersalivation and paraesthesia shortly after ingestion. In severe cases, hypotension, bradycardia or shock may occur," a spokesman for the CHP explained.

     Members of the public are reminded to take heed of the following preventive advice:

     •  Buy honey from a reliable source or apiary;
     •  Discard honey with a bitter or astringent taste – grayanotoxin-containing honey may cause a burning sensation in the throat; and
     •  Pay special attention to honey from India, Nepal and the Black Sea region of Türkiye as there have been grayanotoxin poisoning cases connected with honey from these areas.

     Hong Kong Customs conducted an enforcement operation yesterday (November 13) and detected a case of selling suspected counterfeit goods through live webcasts on a social media platform. About 2 400 items of suspected counterfeit goods with an estimated market value of about $620,000 were involved in the case.

     Customs earlier received information alleging that suspected counterfeit goods were put on sale through a social media platform. Upon an initial investigation, Customs officers found that a seller had set up a dedicated account on a social media platform to sell suspected counterfeit goods through live webcasts. 

     Customs officers then posed as customers and conducted test purchases online. After an in-depth investigation and with the assistance of trademark owners, Customs officers made a deal with a female seller in Lok Fu yesterday, during which a suspected counterfeit wallet and a suspected counterfeit scarf were seized. The 42-year-old woman was also arrested immediately.

     Customs officers later escorted the arrested woman to an industrial unit in San Po Kong for a search and further seized about 2 400 items of suspected counterfeit goods, including perfume, clothes and accessories.

     An investigation is ongoing.

     Customs reminds consumers to procure goods at reputable shops or websites, and to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt.

     Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.
     â€‹
     Members of the public may report any suspected counterfeiting 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).

  

     ​ A fire broke out at a warehouse and a recycling site at Deep Bay Road in Lau Fau Shan at 1.09pm today (November 14), and was upgraded to No. 3 alarm at 1.20pm. The fire was surrounded at 4.09pm.
 
     Firemen are using four jets and mobilising four breathing apparatus teams to fight the blaze.
 
     Two firemen felt unwell and were sent to Tuen Mun Hospital for treatment.