Xu Zhengyu: Next year, Hong Kong will focus on developing the gold market and deepening cooperation with Shanghai and Shenzhen

The Zhitong Finance App learned that recently, the Secretary for Financial Services and the Treasury of Hong Kong, Hui Ching-yu, said in an interview with the media that next year, Hong Kong will focus on developing the gold market and establishing an international gold trading center. Xu Zhengyu pointed out that Hong Kong is actively being deeply integrated into the national development strategy, seizing collaborative opportunities in the Greater Bay Area and the Yangtze River Delta, deepening cooperation with Shanghai and Shenzhen in trading and smelting. In the future, it will establish a “Hong Kong import - Shenzhen smelting - re-export overseas” linkage model to attract overseas gold refiners to Hong Kong. Currently, companies are exploring the establishment of refineries in Hong Kong.

Xu Zhengyu pointed out that in the next three years, Hong Kong's gold gateway target will reach at least 2,000 tons. Next year, a central settlement system for gold contract transactions will be launched, and a gold industry association will be established to enhance Hong Kong's international influence in financial governance and gold pricing power.

Xu Zhengyu said that the national policy has actually given the two regions. At the 3rd meeting of the Shenzhen-Hong Kong Financial Cooperation Committee on November 7 this year, the Hong Kong Treasury Bureau and the Shenzhen Local Financial Services Authority signed a memorandum of understanding to promote cooperation in the Shenzhen-Hong Kong gold sector to support processing trade cooperation between Hong Kong and Shenzhen with relevant qualifications according to law and regulations, thereby deepening the complementary advantages of the Hong Kong and Shenzhen gold industries and jointly building a deeply integrated regional gold ecosystem.

Meanwhile, on the Shanghai side, the SAR government signed the “Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan” with the Shanghai Municipal Government on June 18 this year. Subsequently (June 26), the Shanghai Gold Exchange opened the first offshore gold delivery warehouse in Hong Kong, and also listed a gold contract for delivery in Hong Kong on its international board. This is a key step in the internationalization process of the national gold market. It not only expands the global layout of renminbi-denominated gold trading, but also further deepens Hong Kong's role in the regional market.

The Hong Kong IPO market is booming this year, and it is almost certain to return to the top of the global IPO market in terms of capital raised. Xu Zhengyu said that in the future, competitiveness will be enhanced in three areas. One is to enhance predictability in listing time and strengthen post-listing services, the second is to expand the categories of listed companies, and the third is to promote the internationalization and sustainable development of the market.

He mentioned that the Hong Kong Stock Exchange is currently processing more than 300 listing applications, reflecting the continued momentum of the market. Since DeepSeek's launch at the beginning of the year, which attracted global attention, international investors' interest in Hong Kong has rebounded, and the IPO momentum is expected to continue until next year.

Xu Zhengyu said that since Hong Kong implemented the company transfer mechanism in May, 5 applications have been approved so far, and more than 20 applications are being processed, describing the enthusiastic response from the market. In September, it successfully attracted more than 200 family offices ahead of schedule, with the goal of attracting 220 more families to settle in over the next 3 years.

Regarding the “New Capital Investor Entry Scheme”, Hui Ching-yu said that it has received more than 2,600 applications, bringing in a total potential investment of over HK$78 billion. The Hong Kong Special Administrative Region Government will submit a single tax preferential bill, which will go back into effect in April this year, and is studying tax arrangements to encourage enterprises to set up treasury centers in Hong Kong to attract overseas fund management services.