Hong Kong Goldsmiths Association Report: It is recommended that Hong Kong establish a full-cycle capital formation center.

On September 8, the Hong Kong Financial Services Development Council released the report "Pathway to Hong Kong's Capital Market 2.0: A Joint Action Plan for Building Hong Kong as a Global Financial Hub," which proposes a strategic roadmap to promote the development of Hong Kong's capital market into a highly interconnected multi-currency and multi-asset capital formation hub within the Asian time zone. This research report builds on the concept report "Pathway to Hong Kong's Capital Market: Super ConnectorsA Global Financial Hub in the Digital Age," published by the Financial Services Development Council in December 2025. The concept report outlines a market vision for efficient cross-border connectivity among issuers, investors, intermediaries, and financial instruments, while this report further plans the pathway to achieving that vision. By gathering insights from more than 30 closed-door roundtable discussions with over 600 industry professionals, the report makes recommendations to enhance the long-term competitiveness of Hong Kong's capital market, compiled against the backdrop of the government's public consultation on the "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region." The Financial Services Development Council noted that at the time of the report's publication, multiple factors such as geopolitical fragmentation, technological transformation, and an increasing market demand for robust, diversified, and trustworthy market access are reshaping the global flow of capital. In this environment, jurisdictions that can connect different markets, currencies, and pools of capital are becoming increasingly significant. Hong Kong's long-standing advantages, including a common law system, free flow of capital, multi-currency capabilities, a deep offshore RMB market, and its unique ability to connect both mainland China and international markets, provide Hong Kong with the distinctive conditions to assume this role. The report organizes its main recommendations into short, medium, and long-term priorities: establishing a full-cycle capital formation center based on an enterprise rescue framework and a more streamlined follow-up financing mechanism; mobilizing more long-term capital from institutional and private sources by expanding alternative asset investment channels and deepening participation from pensions and insurance funds; further consolidating offshore RMB and fixed income market development; modernizing the investor access system; developing benchmark products; and promoting the integration of digital finance into mainstream market development. The report calls for enhanced collaboration among public and private sectors to jointly advance the implementation of these recommendations, transforming Hong Kong's strategic advantages into structural market depth and continuously solidifying Hong Kong's leadership position in capital marketssustaining the Hong Kong dream where aspirations, regardless of their origin, can find capital, partners, and a market to foster their development.