HSBC summit: Hong Kong’s heritage in ‘business of thriving’ is ‘not about to change’, John Lee tells global investors

‘I’m confident that as global investors, you can see the far-reaching promise of Hong Kong for yourself,’ Chief Executive tells HSBC summit
The government is committed to enhancing the city’s markets, competitiveness and liquidity, Lee says

Banking & finance

Mia CastagnoneandJiaxing Li

Published: 1:32pm, 8 Apr 2024

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Hong Kong government officials pitched the city as a prime destination for investment despite economic headwinds and encouraged finance leaders to spend big as they touted the city’s unique connection to China’s markets at the HSBC Global Investors Summit on Monday.

“Hong Kong was a fishing village when HSBC opened here in 1865,” said Hong Kong Chief Executive John Lee Ka-chiu as the event opened at the Conrad Hotel. “And while much has changed since then, one crucial fact remains true, that is the endlessly reinventing city of Hong Kong and the spirit of the people.”

The city is not just “the place for business” but also “a place for you to work hard and play hard and, do remember, spend hard”, he added.

HSBC, the biggest commercial bank in Hong Kong, is hosting the largest investment conference in the city to fill a void left by Credit Suisse. More than 2,500 market professionals and 300 corporate executives are gathering in the city this week to discuss top issues challenging the industry and the world.

Attendees network at the HSBC Global Investors Summit at the Conrad Hotel in Hong Kong on April 8, 2024. Photo: Mia Castagnone

Hundreds of guests crowded the lobby of the hotel – where Credit Suisse held its swansong conference last year – and the ballroom was quickly filled to capacity during the morning sessions on Monday. Attendees spilled over to two floors above the conference room where they were relegated to watching the proceedings via live streaming. Three coffee stands across two floors were kept busy while morning pastries and dim sum plates were kept refilled.

A gala dinner will be held for guests on Monday evening at the M+ museum, while the bank said about 5,000 meetings had been arranged for attendees to explore ideas and issues in technology, sustainability, climate change and the Asia-Middle East corridor, among others.

“Hong Kong has long been in the business of thriving,” Lee said. “That is not about to change. I’m confident that as global investors, you can see the far-reaching promise of Hong Kong for yourself.”

The government is committed to enhancing the city’s markets, competitiveness and liquidity, Lee said. This includes already implemented measures like reducing the stamp duty on stock transfers, streamlining the listing regime for initial public offerings and targeting specialised technology sectors to boost competitiveness, as well as additional measures under consideration to boost investor services, such as improving the transaction mechanism, he said.

The city has been actively engaging with mainland authorities, and will continue to improve the Wealth Connect, Bond Connect and green finance initiatives, Hong Kong’s Financial Secretary Paul Chan Mo-po said during a fireside chat on Monday morning.

Financial Secretary Paul Chan Mo-po speaks at the HSBC Global Investment Summit on April 8. Photo: Handout

The city’s rule of law, judiciary system, and free flow of capital, people and information collectively enable Hong Kong to play a unique role as a superconnector between the mainland and the rest of the world, Lee said.

China is continuing to transform its economy and open its capital markets, presenting strong medium and long-term prospects for international investors, particularly in the consumer space, Mark Tucker, group chairman of HSBC, said in his keynote address.

“We strongly believe in the potential of the [Greater Bay Area] region, supply chain efficiency and advanced manufacturing capabilities, with a competitive international talent pool,” said Tucker.

Along with this, Hong Kong will be the key gateway for tapping emerging opportunities and will play a crucial role in diversified portfolios as a wealth and investment hub, he added.

As Saudi Arabia and the United Arab Emirates continue to diversify their economies, new opportunities are also being created connecting Asia to the Middle East, he said.

“Hong Kong’s openness and connectivity mean that it’s ideally placed to retain and further strengthen its status as a connector between mainland China, Asia and the rest of the world,” Tucker said.