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SB holds youth leadership forum

The annual review of the Security Bureau Youth Uniformed Group Leaders Forum was held today, with Acting Chief Executive Chan Kwok-ki giving a speech.   Mr Chan reported that the forum had organised nearly 20 activities over the past year, including courses and training camps run by the bureau’s disciplined services and auxiliary services, and seminars on the country’s Constitution, the Basic Law and the Hong Kong National Security Law. It also organised visits to Beijing, Shaanxi and Greater Bay Area cities, allowing participants to learn more about national affairs and broaden their horizons.   He said he was pleased to note that the bureau plans to strengthen co-operation between the Leaders Forum and Shenzhen University to enhance exchanges between youths in Hong Kong and Shenzhen, deepening their understanding of the development opportunities in the bay area and increasing Hong Kong’s integration into national development.   Noting that members had undergone significant grow
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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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