“I am not surprised by John Tsang’s resignation, as his move has been widely expected,” Ip told the Post. “This has not impacted my plan to serve the Hong Kong community.”

Retired judge Woo Kwok-hing’s secretary said he had no plan to comment on the issue on Monday. Woo was the first to officially announce his intention to contest the chief executive poll.

Pro-government lawmaker Paul Tse Wai-chun welcomed Tsang's decision to resign.

“The news is not too surprising as everybody is expecting it. But nevertheless, it is a good thing that Tsang and other wannabes can drop their reserve and come out in the open after [Chief Executive] C.Y. Leung backed down,” Tse said.

He said he was not concerned that Lam would also resign soon, hamstringing the administration, as there was an existing deputy system.

Democratic Party lawmaker Wu Chi-wai welcomed Tsang’s resignation and potential bid for the city’s top job.

“With more capable candidates joining the race, it will allow true competition and force all candidates to response to real needs in Hong Kong.” Wu said.

Emily Lau Wai-hing, former chairwoman of the Democratic Party, said she did not believe Tsang would make a good chief executive.

“[Chief Secretary] Carrie Lam is also not an ideal candidate because she is widely disliked given her increasingly tough style.

“John Tsang is too stingy and miserly. He is reluctant to spend more to improve people’s livelihood and boost economic development,” Lau said.

“Tsang may not be as confrontational as Carrie Lam. But he is weak vis a vis Beijing,” she added. “He will not stand up for Hong Kong.

“It’s important to have a chief executive who is willing to work with the pan-democrats and civil society. But Tsang never tried to work with us.”

In a recent poll conducted by the Chinese University between October 26 and November 2, 28 per cent of respondents said they would support the financial minister if he ran for chief executive. His closest rival Woo was supported by 13.5 per cent of respondents, followed by former Legislative Council president Jasper Tsang Yok-sing.

Tsang has largely managed not to upset people throughout his career and has notably fewer known enemies compared to other hopefuls such as Lam and Ip.

“He is more willing to listen and talk to people in general,” former Civic Party chairwoman Audrey Eu Yuet-mee said. “We understand there are limitations and restrictions for government high officials due to the Communist Party’s control over Hong Kong, but in general he will try to accommodate all parties’ needs if possible.”

Those in the ABC – anyone but CY – camp, agreed that Tsang had traits that made him a better choice than the incumbent.

“John Tsang is generally a much lower-profile person, and he is less confrontational as compared to others, for example, C.Y. Leung,” former People Power legislator Albert Chan Wai-yip said.

One of his biggest fans is Liberal Party honorary chairman James Tien Pei-chun, who said most of the people he knew in the business sector supported Tsang, although he has not personally endorsed the finance chief.

Chan believed Tsang’s policy of minimal government intervention in the economy was why the business sector supported him, as opposed to Leung, who favoured increasing government involvement.

Maverick businessman Ricky Wong Wai-kay earlier backed Tsang, as well as former Legislative Council president Jasper Tsang Yok-sing, as ideal choices for Hong Kong’s next leader as he believed they were both honest, would make Hongkongers’ interests their top priority, and would unite Hongkongers from different walks of life.

John Tsang’s passionate support for local sports culture has also won him many fans.

He has never been shy about showing his love for local boxing star Rex Tso Sing-yu, visiting him ahead of major fights, cheering for him on his blog and, on several occasions, cheering in the crowd as “The Wonder Kid” let fly with his fists.

Tsang is likely to have overwhelming support from the sports sector, especially as he has openly stated on different occasions that sports in Hong Kong have great potential to generate economic benefits and unite the community.

Local movie director and actor Alfred Cheung Kin-ting joked that he was inclined to back Tsang as he was a true support of the film industry. He had previously said Tsang would be his first choice if he had to choose among him, Lam and Ip.

Cheung formed a eight-person alliance to contest seats on the Election Committee that will vote for the city’s leader in March. In the end, pro-democracy filmmaker Derek Yee Tung-sing was the only one in the group to win a place on the panel. The alliance stressed they would first meet Tsang in person before deciding how to vote.

Tsang attended elite school La Salle College in Kowloon Tong and Stuyvesant High School in New York City before studying architecture at the Massachusetts Institute of Technology in Boston.

After graduating, he worked with Boston Public School before beginning his career in the Hong Kong civil service under the colonial government.

Tsang held several civil service posts before being appointed financial secretary on July 1, 2007, including director general of the London Economic and Trade Office, commissioner of Customs and Excise, secretary for planning and lands, permanent secretary for housing, planning and lands, secretary for commerce, industry and technology, and director of the Chief Executive’s Office.

His long history of public service is likely to win him the support of civil servants.

As financial secretary, Tsang managed some large budget surpluses, to the joy of the government and Hongkongers, who hoped that more money would go toward projects that would better their lives.

Tsang, however, has widely been seen as conservative in terms of public spending. He baulked at introducing a universal pension scheme despite admitting that the Mandatory Provident Fund scheme failed to give low-paid workers and the unemployed enough retirement protection.

Tsang is also famous for missing estimated budgets by wide margins – eight years in a row.