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GD, HK boost IP co-operation

Guangdong and Hong Kong today endorsed the co-operation projects on intellectual property (IP) rights protection from mid-2022 to the end of 2023.   The Guangdong/Hong Kong Expert Group on the Protection of Intellectual Property Rights agreed to continue to strengthen the mutual collaboration and development of IP between Guangdong and Hong Kong.   The group’s co-operation projects cover areas such as reinforcing co-operation on IP in the Greater Bay Area, and promoting co-operation on IP protection, trading and services, exchange as well as promotion and education activities in both places.   On cross-boundary IP protection, customs authorities in both places will focus on copyright protection on the Internet, and both sides will strengthen co-operation in and exchanges of copyright enforcement.   In 2020, the expert group formulated an annual co-operation plan and extended its implementation in light of the pandemic situation. Over the past two years, group members have imple

RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to gradually enhance its dual-currency stock market to be denominated and traded in both Hong Kong dollars and RMB.”   Furthermore, he pointed out that promoting the issuance and trading of RMB stocks in Hong Kong will take RMB internationalisation to the next level, catering for the escalating demands from global investors for RMB asset allocation and further consolidating the city's status as an offshore RMB business hub.   The Government will continue to assist the issuers in setting up RMB trading counters and actively take forward the implementation work with relevant Mainland institutions, he added.   The Financial Services & the Treasury Bureau briefed the LegCo Panel on Financial Affairs on the legislative proposal to exempt the stamp duty on stock transfers for specified transactions conducted by market makers for dual-counter stocks, so as to promote the liquidity of RMB-denominated stocks and price efficiency, and facilitate trading by investors.   The Government is preparing the legislative amendments with a view to introducing the bill into LegCo within this year.
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