Hong Kong SFC: Hong Kong has accumulated institutional advantages and market strength over the years; dim sum bonds and new stock fundraising are flourishing on multiple fronts.

Hong Kong SFC Chairman Wong Tin-yau said that the Hong Kong SAR government recently published the "Hong Kong's First Five-Year Plan" and a new "Policy Address," clearly stating that finance is Hong Kong's foundation and greatest advantage. This blueprint, built on the institutional strengths and market capabilities Hong Kong has accumulated over the years, is a commitment to investors and the market, and an important path for translating institutional strengths into market outcomes. Over the past two years, dim sum bond issuance in Hong Kong has exceeded RMB 1 trillion annually; A+H share listings this year have raised over HK$230 billion; and the world's first China government bond futures listed in an offshore market were also launched in August this year. Every SFC licence is not just an entry ticket, but a commitment to investors and the market. Wong Tin-yau pointed out that the two documents actively align with the national "15th Five-Year Plan," setting a clear direction for Hong Kong's financial industry: strengthening three major functionsoffshore RMB business, international asset and wealth management, and international risk management; enhancing market depth; and deepening internal and external connectivity. The SFC Board has held in-depth discussions on how to implement the contents of these two documents in the capital market. The SFC will issue a statement on September 23 setting out the relevant strategic action agendaboth enhancing market competitiveness and vitality, and maintaining the quality, integrity, and trust on which Hong Kong's success depends. He noted that how large a market is is reflected in data; but how strong a market is is built on trust. The SFC is both a market guardian and a development facilitator. These two missions are not a trade-off, but two sides of the same coin: only by protecting investors well can market confidence be built, vitality be unleashed, and high-quality development be promoted. Hong Kong's blueprint has been drawn up, with the SAR government setting direction, regulators building institutions, and industry colleagues expanding the market. Translating opportunities into products, services, and market outcomes depends on execution.