Tag Archives: China

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Companies Registry releases statistics for 2024

     According to the statistics released by the Companies Registry today (January 17), a total of 145,053 local companies were newly registered in 2024. By the end of 2024, the total number of local companies registered under the Companies Ordinance was 1,460,494, increasing by 29,736 compared to 2023, which was an all-time high figure.
 
     In 2024, 1,079 non-Hong Kong companies that have newly established a place of business in Hong Kong were registered under the Companies Ordinance. By the end of 2024, the total number of registered non-Hong Kong companies was 15,126, up 2 per cent compared to 2023, which was also an all-time high figure.
 
     During the year, the Government took forward two legislative amendment exercises to enhance the Companies Ordinance. The first exercise aims at enabling listed companies incorporated in Hong Kong to hold shares bought back in the treasury and dispose of them, and promoting paperless corporate communication for both listed and unlisted Hong Kong companies. On January 8, 2025, the Legislative Council passed the relevant Companies (Amendment) Bill 2024. To allow sufficient time for companies to make preparations, the new arrangements will come into effect three months after the amendment ordinance is published in the Gazette. The second exercise aims at introducing a company re-domiciliation regime to enable non-Hong Kong-incorporated companies to re-domicile to Hong Kong while maintaining their legal identities as a body corporate and ensuring business continuity without the need to go through complicated and costly judicial procedures. The relevant Companies (Amendment) (No. 2) Bill 2024 was introduced into the Legislative Council for the First Reading on January 8, 2025.
 
     In 2024, the number of charges on properties of companies received for registration was 12,137, which was 1.87 per cent down from 12,368 in 2023. The number of notifications of payments and releases received for registration increased by 3.13 per cent, from 17,648 in 2023 to 18,201 in 2024.
 
     In 2024, a total of 157 prospectuses were registered while the figure recorded in 2023 was 134.
 
     In 2024, the total number of documents delivered for registration increased by 4.75 per cent to 3,139,906, compared to 2,997,459 in 2023.
 
     In 2024, a total of 5,194,865 searches of document image records were conducted using the Registry’s electronic search services, an increase of 5.47 per cent from 4,925,332 in 2023.
 
     On the registration of limited partnership funds (LPFs), a total of 292 LPFs were newly registered in 2024. By the end of 2024, the total number of LPFs was 997, increasing by 35.28 per cent compared to the end of 2023.
 
     For open-ended fund companies (OFCs), 231 OFCs were newly incorporated in 2024. By the end of 2024, the total number of OFCs was 472, increasing by 93.44 per cent compared to the end of 2023.
 
     As regards the licensing of trust or company service providers under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, a total of 798 new licences were granted by the Registry in 2024. By the end of 2024, the total number of licensees was 6,817.
 
     Turning to the licensing of money lenders, 138 new licences were granted by the Licensing Court in 2024. By the end of 2024, the total number of licensed money lenders was 2,110.
 
     For details of the statistics, please visit the “Statistics” section of the Registry’s website (www.cr.gov.hk). read more

London ETO supports Global SinoPhoto Awards 2025 Exhibition (with photos)

     The Hong Kong Economic and Trade Office, London (London ETO) supported the Global SinoPhoto Awards (GSPA) 2025 exhibition at Christie’s London, running from January 13 to 31. The exhibition opened with an evening reception on January 15, welcoming over 60 distinguished guests from the cultural sector. Among the highlights of the exhibition was the work of Hong Kong photographer Jay Wong, whose series “Goldfish Market, Hong Kong” features four captivating images that capture the lively and colourful atmosphere of Mong Kok’s iconic Goldfish Market.

     Speaking at the reception, the Director-General of the London ETO, Mr Gilford Law, thanked the organiser for shining a spotlight on Hong Kong, highlighting Hong Kong’s artistic and cultural excellence. Mr Law remarked, “Hong Kong is home to a wealth of artistic talent with a rich heritage of East and West as well as the fusion of tradition and innovation. With their passion and creativity, we are well on our way to achieving Hong Kong’s mission of becoming the East-meets-West centre for international cultural exchanges as underpinned by the National 14th Five-Year Plan.” He also extended a warm invitation to all to experience the cultural vibrancy of Hong Kong in person.

     â€‹The GSPA is an international photography contest that aims at communicating Chinese culture and values through images to  international audiences. In addition to the works of award-winning photographers, the exhibition also featured selected works from other participants.

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HKSAR Government strongly disapproves of and condemns Memorandum signed by US

     â€‹The Hong Kong Special Administrative Region (HKSAR) Government today (January 16) strongly disapproves of and condemns the malicious attack by the United States (US) through signing a memorandum, which slanders Hong Kong’s rule of law, democracy, and human rights situation, and extends and expands the Deferred Enforced Departure eligibility for certain Hong Kong residents in the US. 

     A spokesman for the HKSAR Government said, “All countries in the world are duty bound to safeguard their national security, and the HKSAR, as an inalienable part of the People’s Republic of China, is no exception. As a matter of fact, the US has at least 21 pieces of laws safeguarding national security. It is therefore in no position to point its finger at the HKSAR’s legal system and enforcement mechanisms to safeguard national security. The HKSAR Government will not fear any hegemonism and intimidation by external forces and firmly rejects their interference in the affairs of the HKSAR.

     “The HKSAR Government steadfastly safeguards the rights and freedoms enjoyed by Hong Kong people as protected under the law. Since Hong Kong’s return to the motherland, human rights in the city have always been robustly guaranteed constitutionally by both the Constitution and the Basic Law. The Hong Kong National Security Law and the Safeguarding National Security Ordinance also clearly stipulate that human rights shall be respected and protected in safeguarding national security in the HKSAR, and that the rights and freedoms, including the freedoms of speech, of the press, of publication, of association, of assembly, of procession and of demonstration, that Hong Kong residents enjoy under the Basic Law and the provisions of the International Covenant on Civil and Political Rights (ICCPR) and the International Covenant on Economic, Social and Cultural Rights as applied to Hong Kong, shall be protected in accordance with the law. Nonetheless, just as the case with other places in the world, such rights and freedoms are not absolute. The ICCPR also expressly states that some of them may be subject to restrictions as prescribed by law that are necessary for protection of national security, public safety, public order or the rights and freedoms of others, etc.”

     The spokesman emphasised, “As a matter of fact, the enactment and implementation of the Hong Kong National Security Law has plugged the loopholes in the legal system for the HKSAR to safeguard national security, enabling Hong Kong society to move on from chaos to order, and people’s livelihood and economic activities to return to normalcy. Hong Kong’s rise in world competitiveness rankings to be among the world’s top economies is the best testament to the fact that high-level security protection would underpin high-quality development. The Safeguarding National Security Ordinance which came into effect on March 23, 2024, is compatible and complementary with the Hong Kong National Security Law. Both have jointly established a comprehensive and effective system for building a strong line of defence to maintain security and stability in the HKSAR, ensuring the effective protection of national security, as well as providing solid institutional safeguards to promote good governance.

     “The Hong Kong National Security Law and the Safeguarding National Security Ordinance clearly define the elements of relevant offences, penalties, exceptions and defences. These laws actively prevent, suppress and punish acts and activities endangering national security, in accordance with the principle of the rule of law. They target an extremely small minority of people and organisations that pose a threat to national security, while protecting the lives and property of the general public. International commercial and investment activities can only thrive where a stable society and the rule of law are guaranteed. Law-abiding persons, companies and organisations conducting normal business in the HKSAR will not unwittingly violate the law.

     “As regards the rule of law in Hong Kong, the Basic Law specifically provides that the HKSAR enjoys independent judicial power, including that of final adjudication, and the courts of the HKSAR shall exercise judicial power independently, free from any interference. The Basic Law also clearly stipulates that judges and other members of the judiciary of the HKSAR shall be chosen on the basis of their judicial and professional qualities. All judges and judicial officers continue to abide by the Judicial Oath and administer justice in full accordance with the law, without fear or favour, self-interest or deceit. When adjudicating cases concerning offence endangering national security, as in any other cases, judges remain independent and impartial in performing their judicial duties, free from any interference. All cases are handled strictly on the basis of evidence and in accordance with the law. All defendants receive fair trial strictly in accordance with laws applicable to Hong Kong and as protected by the Basic Law and the Hong Kong Bill of Rights.”

     The spokesperson reiterated, “The HKSAR Government is steadfast in safeguarding national sovereignty, security and development interests, fully and faithfully upholding this top priority of the ‘one country, two systems’ principle. The HKSAR Government will, as always, resolutely, fully and faithfully implement the Hong Kong National Security Law, the Safeguarding National Security Ordinance and other relevant laws safeguarding national security in the HKSAR, to effectively prevent, suppress and impose punishment for acts and activities endangering national security in accordance with the law. At the same time, it protects the legal interests, rights and freedoms enjoyed by Hong Kong residents and other people in Hong Kong in accordance with the law, ensuring the steadfast and successful implementation of ‘one country, two systems’. The HKSAR Government strongly demands the US government to immediately stop the malicious smears of and interference in Hong Kong matters which are purely China’s internal affairs.” read more