Tag Archives: China

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HKETONY promotes cross-border asset and wealth management in New York (with photos)

     Enthusiastic financial and business executives in New York gathered on October 19 (New York time) at the seminar on “Unlocking Opportunities in Cross-Border Asset and Wealth Management”, co-organised by the Hong Kong Economic and Trade Office in New York (HKETONY) and the Hong Kong Association of New York.
      
     In her opening remarks, the director of the HKETONY, Ms Maisie Ho, highlighted Hong Kong’s achievement and its development as an international asset and wealth management hub despite challenges from the post-pandemic world and ever-changing external environment.
      
     “To enhance the city’s competitiveness as an international asset and wealth management centre, the Government has issued a Policy Statement on Developing Family Office Businesses in Hong Kong in March this year, highlighting eight major strategies to develop a vibrant and holistic family office ecosystem,” she said.
      
     Ms Ho shared some of the latest developments since the Policy Statement was issued, such as the policy on profits tax exemption for family-owned investment holding vehicles managed by single family offices in Hong Kong, as well as a new Capital Investment Entrant Scheme.
      
     “All these exciting new progresses have added to Hong Kong’s appeal as a leading asset and wealth management hub,” she added.
      
     Ms Ho remarked that the city’s underlying strength lies in its robust common law system and a clear and certain financial regulatory system which aligns perfectly with global standards, all thanks the long standing implementation of the “one country, two systems” principle.
      
     During the interactive panel discussion, the Director and Head of Policy Research of Hong Kong’s Financial Services Development Council, Dr Rocky Tung, gave an in-depth update on the asset and wealth management industry, as well as private wealth management and family offices landscape in Hong Kong. He also spoke on the city’s thriving ecosystem for global family offices and asset owners.
      
     Also joining the panel conversation were the Chief Representative of the Hong Kong Monetary Authority in New York, Mr Anson Law; the Senior Vice President of International Private Wealth Advisor of UBS, Mr Andrew Tse, and the International Director of Ernst & Young Global Desk, Ms Winona Zhao. The panel was moderated by renowned asset management marketing strategist Ms April Rudin.

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Speech by SJ at Mayer Brown’s 160th anniversary cocktail reception (English only) (with photo)

     Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at Mayer Brown’s 160th anniversary cocktail reception today (October 19):
 
Mr Jon Van Gorp (Chair, Mayer Brown LLP), Mr Terence Tung (Senior Partner, Mayer Brown LLP), distinguished guests, ladies and gentlemen,
 
     It is my honour to speak on this special and important occasion in celebration of the 160th anniversary of Mayer Brown.
 
     Terence has just given us an excellent summary of the firm’s 160 years’ history in Hong Kong. The large turnout at this event, I was told that more than 400 guests present today, consisting of client representatives and friends from different sectors, is the best evidence of Mayer Brown’s success. I bet most, if not all, people in Hong Kong, whenever they hear the Chinese name “孖士打”, they would immediately recognise and say that this is a very big and famous law firm with a long history in Hong Kong. Mayer Brown “孖士打” is indeed already a household name, in Chinese I would say “家傳戶曉”.

     It is often said, which is true, that one of Hong Kong’s strengths, and bedrocks of its success, is its rule of law based on our common law system. Such strength was the result of hard work by generations of judges and lawyers for over a century, I would say almost 200 years. Having regard to Mayer Brown’s long-standing presence in Hong Kong, one would and could not doubt the firm’s incomparable contribution to the development of Hong Kong’s legal profession and its rule of law. 
 
     Mayer Brown’s success is well renowned, which could be illustrated by the firm being named 11 years in a row as “Hong Kong Law Firm of the Year” by the Asian Legal Business. Mayer Brown’s remarkable achievement, in my opinion, is attributable to its dual character, which is very rare among other law firms in Hong Kong – first, its long history and strong tie to Hong Kong; second, its international connections. With such dual character, Mayer Brown is in a unique position to bring betterment to Hong Kong.
 
     To maintain a thriving legal practice in Hong Kong, it is essential to keep abreast of the latest updates on the important national development plans of our country and grasp the historic opportunities offered by them.
 
     Vice Premier Ding Xuexiang at the 8th Hong Kong Belt & Road Summit held last month expressed the hope that Hong Kong shall gather professional services to leverage its wealth of talents; and in particular, the Central Government supports Hong Kong to speed up the establishment of an international legal service and dispute resolution centre. I just returned this morning from Beijing after attending the Third Belt and Road Forum for International Cooperation. I spoke in two different sessions to promote Hong Kong’s rule of law and legal services.
 
     I am very pleased that Mayer Brown has been extremely supportive of the Hong Kong Government’s efforts in this respect. I wish to name a few recent examples, first, Hannah Ha (Asia Chair, Mayer Brown) joined me in a trip to Beijing in August this year and spoke in a seminar for state-owned enterprises and private enterprises on legal compliance and risk management issues against the latest international landscape. In a trip to Hainan last month, my deputy DSJ (Deputy Secretary for Justice), Horace Cheung, was joined by Mr Tom Fu (Partner, Mayer Brown), who shared his experiences in capacity building with our Hainan counterparts. I would like to take this opportunity to express our gratitude to Mayer Brown’s unfailing support to our various initiatives over the years.
 
     Admittedly, Hong Kong law firms, particularly international law firms, have been facing various challenges in recent years. First, the economy, whether at the local, national or global level, is not at its most promising phase at the moment. Second, and perhaps more importantly, the volatile geopolitics has created unprecedented issues. It is indeed critical to navigate through these uncharted waters very carefully with a high degree of sensitivity.
 
     I would venture to suggest that, very often, it will be useful to remind ourselves of a few fundamental principles which can be found in The Hong Kong Solicitors’ Guide to Professional Conduct. A solicitor, unlike a barrister, is not subject to the cab-rank principle; and is therefore generally free to decide whether to accept instructions from any prospective client. That said, a solicitor should not refuse to accept instructions based upon race, ethnic or national origins, or political beliefs of a prospective client. Once instructions are accepted, a solicitor must of course provide its best possible service in the best interests of his client. Lastly, subject to any express term of the retainer agreement, a solicitor must not terminate his retainer with his client except for good reason and upon reasonable notice, or with the client’s consent. These basic principles are essential to maintain the independence of the legal profession, which is in turn an essential element of the rule of law. I trust and hope that Mayer Brown can and will take the lead and set a prime example for fellow solicitors in Hong Kong.
 
     Amid all challenges over the years, Mayer Brown’s ability to maintain its reputable presence in Hong Kong has special relevance to me on a personal level. After obtaining my law degree from the University of Hong Kong about 30 years ago, I was once offered a trainee contract by JSM (Johnson Stokes & Master) back then, and was in fact the only offer that I received. Given your firm’s reputation and perhaps more importantly the very attractive salary, I was very much tempted and had to think very hard whether I should accept the offer and become a solicitor or, alternatively, join the Bar. At the end, I decided on the latter, and the rest is history. Frankly speaking, it was a very close call that I could have been one of your colleagues. I am a big fan of Dr Strange, a famous character in Marvel Movies; and I am very obsessed with the ideas of multiverse and parallel universe. Had there been a parallel universe, I would and could have been among you guys, holding a glass of champagne, and listening to a more inspiring speech given by a much better-looking SJ. Unfortunately, Dr Strange is a fiction; and so, you are stuck with me.
 
     Back to this universe, although I did not join JSM, I had received an invaluable consolation prize from your firm. After I joined the Bar, I was very lucky to have the chance of working with JSM, or later Mayer Brown, until I joined the Government last year. In particular, I worked very closely with your Healthcare team, which I dare say is the best one in Hong Kong, on many medical-legal cases. I have made many good friends in the team, like Woody Chang (Partner, Mayer Brown), Jaime Lam (Partner, Mayer Brown), William Chan (Partner, Mayer Brown), Sally Wong (Senior Associate, Mayer Brown), and Warren Seto (Senior Associate, Mayer Brown), and we still maintain contacts. I am also very grateful to friends in other departments, like Geoffrey Chan (Partner, Mayer Brown), Tom Fu, and, of course, Terence Tung, for their support provided to me, no matter during my private practice or my public service.
 
     Ladies and gentlemen, I hope I am able to convince you by now that, out of personal reasons and reasons due to my present capacity, I would very much like to see that Mayer Brown may continue its success and contribute even more to the rule of law in Hong Kong and our country China in future. On this note, I would like to congratulate Mayer Brown once again on this 160th anniversary. I wish Mayer Brown and all of you all the best! Thank you.

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64 nomination forms for District Council Ordinary Election received today (with photo)

     A total of 64 nomination forms for the 2023 District Council Ordinary Election were received by the Returning Officers for the 18 District Committees constituencies (DCCs) and 44 District Council geographical constituencies (DCGCs) today (October 19).
 
     This brings to 179 the total number of nomination forms received since the start of the nomination period on October 17. The nomination period will continue until October 30.
 
     The number of nomination forms received for each District Council is as follows:
 

  DCCs DCGCs
District Council No. of nomination forms received today Cumulative total No. of nomination forms received today Cumulative total
Central and Western District Council 1 4 0 4
Eastern District Council 2 4 0 7
Kowloon City District Council 0 0 2 8
Kwun Tong District Council 0 0 2 11
Sham Shui Po District Council 2 2 1 2
Southern District Council 0 0 2 4
Wan Chai District Council 0 3 0 1
Wong Tai Sin District Council 0 4 0 8
Yau Tsim Mong District Council 7 8 1 8
Islands District Council 2 3 1 2
Kwai Tsing District Council 3 5 0 6
North District Council 3 5 2 2
Sai Kung District Council 3 3 0 6
Sha Tin District Council 8 11 2 2
Tai Po District Council 1 10 2 4
Tsuen Wan District Council 3 8 1 6
Tuen Mun District Council 5 8 2 6
Yuen Long District Council 6 12 0 2
Total 46 90 18 89
 
     The Registration and Electoral Office reminds nominees that due to limited space in the Returning Officer’s office, each nominee shall be accompanied by only one companion during submission of the nomination form. Please refer to the “Points to Note for Submission of Nomination Forms” on the election website (www.eac.hk/pdf/distco/2023dce/Points_to_Note_for_Submission_of_Nomination_Forms(Eng).pdf).
 
     Particulars of the nominees received today will be available on the election website (www.elections.gov.hk/dc2023/eng/nomination2.html).
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Speech by DCS at National Day of Republic of Korea reception (English only) (with photo)

     Following is the speech by the Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, at the National Day of the Republic of Korea reception today (October 19):
 
The Honourable Consul General (Consul General of the Republic of Korea in Hong Kong, Mr Yoo Hyungcheol), Mr Fang (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region Mr Fang Jianming), ladies and gentlemen,
 
     Good evening. It’s a great pleasure to join you tonight for the Republic of Korea’s National Foundation Day, a day of celebration throughout this proud nation – and well beyond.
 
     South Korea is an economic role model for the world, with real GDP growth averaging 5.9 per cent between 1982 and 2022.
 
     Hong Kong much values our Korean business ties. Last year, Korea was our fifth largest merchandise trading partner and seventh largest market for domestic exports.
 
     Last year, too, more than US$39 billion, or 10.7 per cent, of the total merchandise trade between Korea and the Chinese Mainland was routed through Hong Kong. And Korea ranked 20th among Hong Kong’s sources of inward direct investment at the end of 2021, with total stock in excess of US$4 billion.
 
     Hong Kong is home to about 140 Korean companies. I’m pleased to add that more than 40 per cent of them have chosen Hong Kong as their regional headquarters or offices. That speaks clearly of their confidence in Hong Kong’s economy and our future.
 
     And I’m confident that our strong trade, business and investment ties are just getting started, particularly given that Hong Kong has formally requested accession to RCEP, the Regional Comprehensive Economic Partnership agreement.
 
     Korea, of course, is a founding member of RCEP. And we look forward to your support of Hong Kong’s accession and the dynamic role we can play in RCEP.
 
     As one of the world’s most open economies, Hong Kong has long been an important trade and investment partner of RCEP’s member nations. No less important, we are blessed with the “one country, two systems” framework and the wide-ranging opportunities that singular reality presents.
 
     Business aside, our cultural links are warm and welcome. I need not tell you how popular K-pop, Korean TV dramas and movies are here in Hong Kong. Later this month, the Hong Kong Philharmonic Orchestra (HK Phil) performs in Seoul and Daegu. In both cities, the concerts will be accompanied by star Korean violinist Inmo Yang. Hong Kong music lovers get to hear prize-winning Yang and the HK Phil next week, at the Hong Kong Cultural Centre.  
 
     And there’s much more Korean arts and culture on offer this month and next month, too, thanks to the annual Festive Korea, now in its 13th edition here in Hong Kong.
 
     This year’s Festive Korea features some 40 programmes covering the performing and visual arts, film, sports, education and K-food. Call it K-fun, and know that it all takes place under the theme of “Closer to Korea”.
 
     That’s a theme, and a reality, Hong Kong believes in – and counts on.
 
     Please join me now in toast – to the Republic of Korea on its national day.

     Cheers! 

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Labour Department highly concerned about fatal work accident that happened today

     The Labour Department (LD) is highly concerned about a fatal work accident that happened at the dock loading area of a cruise terminal in Tsim Sha Tsui today (October 19), in which one worker fell in the sea and was certified dead later in a hospital. The LD is saddened by the death of the worker and expresses its deepest sympathy to his family.
     
     The LD’s spokesman said, “We commenced an immediate on-site investigation as soon as we were notified of the accident and warned the employer concerned, and urged that they must comply with the relevant occupational safety and health regulations and adopt suitable precautions to ensure the work safety of workers.”
     
     The spokesman added, “We will complete the investigation as soon as possible to identify the cause of the accident, ascertain the liability of the duty holders and recommend improvement measures. We will take actions pursuant to the law if there is any violation of the work safety legislation.”
     
     The general duty provisions of the Occupational Safety and Health Ordinance require employers to provide safe working environments, plant and systems of work for their employees. Those who contravene the relevant provisions are liable to a maximum fine of $10 million and imprisonment for two years on conviction on indictment, or $3 million and imprisonment for six months on summary conviction.
     
     In regard to today’s accident, the LD will issue a Work Safety Alert through its website and by email, giving a brief account of the accident concerned to duty holders, workers’ unions, professional bodies of safety practitioners and others, and reminding the industry of the importance of following safety precautionary measures to prevent a recurrence of similar accidents.
     
     The LD will also remind the employer concerned of the liability for employees’ compensation under the Employees’ Compensation Ordinance, assist family members of the deceased to claim employees’ compensation and closely follow up on the case. For those with financial difficulties, the LD will assist them to apply for appropriate emergency funds. Subject to the needs and wishes of family members of the deceased, the LD will also liaise with the Social Welfare Department for financial or other assistance.
     
     For the sake of securing the safety and health of employees at work, the LD appeals to employers to provide plant and systems of work that are safe and without risks to health. Employees should co-operate with their employers, adopt all safety measures and use personal protective equipment provided properly to avoid endangering their own work safety and that of other workers. read more