Hong Kong’s secretary for financial services and the treasury Christopher Hui Ching-yu made reassurances about free flow of information, including access to platforms like Facebook or WhatsApp.
«There were rumors that the new law will ban the usage of WhatsApp or Facebook, which is simply not true,» said the newly appointed Hui in a «SCMP» report, referring to ongoing worries about newly a proposed national security law which he said is aimed at providing a stable business environment.
Hui also reassured that Hong Kong’s wealth management ambitions were also unaffected by Beijing’s legislation moves and added that he was unafraid of being sanctioned himself.
«I stand for what I represent and what I believe in, and I am ready [to face whatever consequences it entails],» he said.
More IPOs
Hui believed that Hong Kong would benefit from U.S. delistings as it would drive tech firms from the second-largest economy to leave and list in the semi-autonomous city.
«We need to make sure HKEX continues to have an international vision,» Hui said, underlining the benefits of diversifying the Hong Kong market away from financial services and property to technology and biotech.
Loosened Quarantines
Hui also shared that new rules would be released that allow executives from 480 of the largest listed firms to bypass the 14-day quarantine for cross-border travelers in an effort to reboot the economy.
Each of the 480 firms – representing around 95 percent of the total market cap’s HK$34 trillion ($4.4 trillion) – can send two directors or executives to the city to sign deals, attend meetings or deal with other company affairs. Auditors visiting mainland Chinese firms and directors entering Hong Kong for regulatory meetings have already been allowed without quarantine since last month.
