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Hong Kong relaxes quarantine rules for largest listed firms such as Tencent and Alibaba

  • 14-day quarantine rule has been relaxed for executives of 480 of the largest companies listed in Hong Kong
  • Travellers to mainland China will still be subject to a 14-day compulsory quarantine requirement

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Christopher Hui Ching-yu was appointed secretary for financial services and the treasury in April. Photo: Jonathan Wong
Enoch Yiu

Hong Kong has relaxed its 14-day quarantine rule for executives of 480 of the largest companies listed in the city, its newly appointed secretary for financial services and the treasury said.

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Christopher Hui Ching-yu, who took the job in April, said in an interview that these companies will be able to send two directors or executives every month to the city for the signing of deals, to attend meetings and for other company affairs.

Auditors who need to visit mainland Chinese companies, as well as directors who need to come to Hong Kong for regulatory meetings, such as initial public offering hearings, have been allowed to move across the border with mainland China without being quarantined since last month.

Monday’s announcement, which confirms an earlier report by the South China Morning Post, has expanded this exemption to cover business activity beyond these two instances. The relaxation covers companies listed on the Hong Kong stock exchange and included in the Hang Seng Index, the Hang Seng China Enterprises Index or the Hang Seng Composite LargeCap, MidCap or SmallCap Index.

The relaxation will cover mainland Chinese companies such as Tencent Holdings and Post parent Alibaba Group Holding, the two largest companies listed in Hong Kong. Moreover, executives of insurer AIA or HSBC, for instance, who need to go to mainland China for these purposes, will not be quarantined on their return to Hong Kong.

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The move is the Hong Kong government’s latest effort aimed at bringing back deals and other business activity to reboot the city’s economy, Hui said. The city has had to implement social distancing measures and close its borders because of the coronavirus pandemic, which has infected almost 7 million people and led to at least 400,000 deaths globally. These measures have curtailed travel for work and delayed deals as well as other business activity. The quarantine requirement is in force until July 7.
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