Full text of the Chief Executive's 2026 Policy Address (2)

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Chapter III Strengthen the Four Centres and Develop the Hub for High-calibre Talent

(A) International Financial Centre

31. We will consolidate and enhance Hong Kong's status as an international financial centre, and stay committed to our global positioning. Hong Kong will deepen the development of its global offshore Renminbi (RMB) business and capital market, develop an international asset and wealth management centre and international risk management centre, enhance the securities market and expand fixed income and commodity trading. Through upgrading our real economy with the introduction of green elements, digitalisation and innovation, and reinforcing our connection with the Mainland and the world, we will cement our status as a global capital financing hub.

Global Offshore Renminbi Business Hub

32. In 2025, offshore RMB lending in Hong Kong registered a record high of RMB 935 billion, while bond issuance reached RMB 1 trillion for two consecutive years, consolidating the city's status as a global offshore RMB business hub.

33. We will continue to boost our market development:

Enhance Liquidity
(i) The RMB Business Facility introduced last year provides banks with a stable and relatively lower-cost source of RMB funds, supporting the wider use of RMB in the real economy and radiating funds to regions such as the Association of South East Asian Nations (ASEAN), the Middle East and Europe. The facility size has been expanded to RMB 500 billion, with loan tenor extended up to three years. The Hong Kong Monetary Authority (HKMA) is exploring enhancements of the Currency Swap Agreement with the People's Bank of China to strengthen offshore RMB market liquidity and consolidate Hong Kong's position as a global offshore RMB hub.

(ii) The HKMA will introduce a tendering mechanism of seven-day offshore RMB liquidity to expand channels for banks to meet their short-term financing needs. It will also explore the issuance of offshore RMB short-term debt instruments, to provide more high-quality investment and liquidity management products for the market, while supporting the building of an offshore RMB yield curve.

Expand the Dim Sum Bond Market
(iii) Expand dim sum bond issuance with an enhanced tenor structure in due course, seek support from the Ministry of Finance to increase the scale and frequency of bond issuance in Hong Kong, encourage policy financial institutions to issue bonds in Hong Kong.

(iv) The Hong Kong Exchanges and Clearing Limited (HKEX) will launch the HKEX Offshore RMB Bond Index as a reference for market trends and an underlying index for exchange-traded funds (ETFs).

Diversified Products
(v) The HKMA will explore expanding product scope under the Southbound Bond Connect to include products with Hong Kong Dollar bonds and RMB bonds as underlying assets.

(vi) The Securities and Futures Commission (SFC) is preparing for the inclusion of RMB counters under the Southbound Trading of Stock Connect, while the HKEX will encourage listed companies to set up RMB counters.

Diversify Risk Management Tools and Asset Uses
(vii) Following the official launch of China Government Bond Futures, the SFC will support the HKEX to enrich its RMB foreign exchange futures products.

(viii) The scope of acceptance of Northbound Bond Connect bonds as collateral will be expanded to the three clearing houses under the HKEX; a bond repurchase business using Southbound Bond Connect bonds as collateral will also be developed, with a view to vitalising the assets of local and non-local investors.

Deepen External Collaboration and Promotion
(ix) The HKMA, the People's Bank of China and Bank Indonesia are expected to kick-start the bilateral currency transaction framework between offshore RMB and Indonesian Rupiah this year, and the HKMA will explore arrangements for direct exchange between offshore RMB and other currencies.

(x) The HKMA will encourage more foreign banks in Hong Kong to directly join the Cross-border Interbank Payment System (CIPS) to expand the clearing network, and will deepen collaboration with the central banks in such areas as ASEAN and Middle East countries, forge closer ties with regions including Central Asia and Latin America, and visit Indonesia with the Hong Kong Association of Banks to promote Hong Kong's offshore RMB services.

Develop New Growth Areas in Fixed Income Markets

34. Hong Kong is the largest hub for arranging international bonds issued by Asia-based entities, with the volume of issuance arranged in Hong Kong accounting for about a quarter of the global total in 2025. We will further consolidate Hong Kong's position as an international fixed-income hub:

(i) The SFC will refine the regulatory framework for the fixed income market by formulating internationally aligned standards for issuance and trading practices.

(ii) The Bond Connect Company Limited, a joint venture established by the China Foreign Exchange Trade System and the HKEX, will develop an electronic fixed income and currency trading platform in Hong Kong. It will initially support bond trading, gradually expanding to money market and foreign exchange trading.

(iii) The SFC will encourage the HKEX to include a new reference rate¹ under Swap Connect in the fourth quarter of this year. The rate, which reflects interbank financing costs in the Mainland, will help global investors manage RMB interest rate risks. The HKEX will also explore the introduction of a central clearing mechanism for bond repurchases to enhance market liquidity.

35. Between 2025 and the first half of 2026, digital bonds issued in Hong Kong captured nearly 50% of the global market, reflecting our leading position in the area. The Government will work to broaden use cases and popularise digital bonds through the following measures:

(i) The issuance of digital bonds will be regularised to drive innovation, such as using digital currencies for settlement and exploring their full-cycle application for digital bonds (such as dividend payment and redemption).

(ii) The HKMA will conduct tests on the operation of the tokenisation of Exchange Fund Bills by year's end to facilitate banks to further harness the advantages of tokenisation technology to make efficient, round-the-clock use of more than $1.3 trillion worth of Exchange Fund Bills to boost the efficiency of asset and liability management.

(iii) The HKMA's Tokenised Bond Expert Group will explore innovative solutions and launch its second-phase legal review in collaboration with the Financial Services and the Treasury Bureau (FSTB) to facilitate the application of Distributed Ledger Technology (DLT) in the capital market.

(iv) CMU OmniClear Limited (CMU Omniclear) will establish a digital asset platform this year, providing one-stop service in areas such as the issuance and settlement of digital bonds.

Enhance the Securities Market

36. The performance of Hong Kong's stock market has been strong. As of the end of August, funds raised through IPOs amounted to over $340 billion, surpassing last year's total. To further enhance the stock market regime:

(i) The SFC will begin consultation on streamlining prospectus disclosure requirements in 2027 to facilitate the listing of quality overseas enterprises in Hong Kong.

(ii) The SFC and the HKEX will promote dual primary and secondary listing of overseas enterprises, including enterprises from places including Southeast Asia and Belt and Road (B&R) countries, in Hong Kong, and advance the inclusion of Kazakhstan's qualifying exchanges to the list of recognised stock exchanges.

(iii) The SFC and the HKEX will begin second-stage consultation on increasing the competitiveness of the listing mechanism in the third quarter of this year to refine requirements concerning notifiable transactions, connected transactions and spin-offs. The goal is to reduce compliance costs and increase the flexibility of listed companies in corporate mergers and acquisitions, re-structuring and spin-offs.

(iv) Technology stocks listed in Hong Kong have accounted for over 40% of overall market liquidity. The HKEX will launch a consultation in the first half of next year on amendments related to specialist technology listing, including a review of the market capitalisation threshold.

(v) The HKEX is conducting preparations with the market for launching a "T+1" settlement cycle for the cash market upon co-ordination with relevant Mainland units. It is also collaborating with the HKMA to introduce a wholesale central bank digital currency (i.e. an e-HKD payment solution) for after-hours trading of derivatives. Real-value transactions are targeted for this year.

37. We will deepen cross-product and cross-market integration, as well as the liquidity of capital markets:

(i) The Central Moneymarkets Unit (CMU), operated by CMU OmniClear, will launch global securities services in phases. It will also strengthen connectivity with markets in Europe and America, the Middle East, Central Asia and ASEAN, to facilitate investors' global asset allocation through the CMU.

(ii) The HKMA and the HKEX will promote mutual access between CMU OmniClear and Depository and Nominee System (DNS) to pursue institutional and technological breakthroughs for exploring the establishment of a unified asset management framework for bonds and stocks, thereby creating cross-asset synergy.

38. The Government will develop a multi-tiered derivatives system, with strengthened risk management and price discovery functions, to raise the efficiency of the market's asset allocation:

(i) The HKEX will support the industry in developing a variety of thematic indices, broaden the diversity of bond indices, explore the development of commodity indices and launch more index-based ETFs and derivatives, to foster a financial index ecosystem.

(ii) The Derivatives Market Consultative Panel of the HKEX will explore enriching derivatives further, including launching more short-dated stock options and thematic futures and options.

39. The SFC will encourage and support the HKEX to continue to boost market liquidity and improve capital flexibility:

(i) Enhance the margin arrangement across clearing houses and conduct overall assessments on participants' offsetting position risks in different markets, lowering costs and improving efficiency.

(ii) Expand eligible non-cash collateral types and reduce related fees.

International Asset and Wealth Management Centre

40. Hong Kong has become the world's largest cross-boundary wealth management centre this year. We will continue to develop a more attractive asset and wealth management ecosystem. This includes stepping up promotion following the passage of a bill on the enhancement of preferential tax regimes for funds, single-family offices and carried interest. The goal is to attract funds and family offices to establish a presence in Hong Kong and more global capital to be managed in the city, while also promoting product innovation and market upgrading:

(i) We will introduce a bill this year to enable the privatisation or restructuring of real estate investment trusts (REITs), and another bill in the first half of 2027 to provide a stamp-duty waiver for the transfer of non-residential properties into REITs seeking to list.

(ii) The SFC will streamline its procedures to attract quality overseas REITs to Hong Kong for dual-listing. It will also revise the codes in the fourth quarter of this year to promote innovation in fund products and broaden investor choices.

(iii) We will continue to seek early inclusion of REITs under mutual-market access.

41. Attracting allocation of diverse capital to quality assets in Hong Kong:

(i) Promote investment by Mainland insurance funds in Hong Kong ETFs through mutual market access, expand the scope of eligible ETF products under the scheme, and promote cross-listing of ETFs on the HKEX and Southeast Asian exchanges.

(ii) Lift the total investment limit on eligible index-tracking ETFs by MPF funds, facilitating MPF funds to take advantage of quality local ETFs.

International Risk Management Centre

42. Hong Kong will further enhance its insurance regulatory regime and establish a multi-layered risk management system to develop a leading risk management centre in Asia, safeguarding the development of the real economy through financial security.

Strengthen the International Reinsurance Hub

43. The Insurance Authority (IA) is actively developing reinsurance and captive insurance businesses to enhance synergy between the capital market and the insurance industry in building an international risk-transfer platform:

(i) Three captive insurers have been authorised this year, bringing the total to nine. They help companies develop comprehensive global risk management capabilities.

(ii) Continue to promote insurance-linked securities (ILS), work to narrow the protection gap for catastrophe risk and review investor restrictions to invigorate the ILS fund trading market.

(iii) Explore legislative amendments to introduce a protected cell company (PCC) structure to lower the costs of establishing captive insurers and issuing ILS.

Develop Specialty Insurance to Meet the Needs of Emerging Industries

44. The development of emerging industries will generate increasing demand for new specialised insurance. The Government and the IA will suitably increase the insurance sector's underwriting appetite to cover such areas as gold storage, commodity trading and green-fuel bunkering.

Develop a Commodity Trading Ecosystem

Expedite the Development of an International Gold Trading Market

45. The Government will seize the gold trading market's momentum and strengthen its development:

(i) Officially launch Hong Kong's central clearing and settlement system for gold in the first quarter of 2027.

(ii) The HKEX will announce details of the new RMB-denominated and physically settled gold futures contracts this year to boost the global influence of the RMB in the pricing of precious metals.

(iii) The Mandatory Provident Fund Schemes Authority optimised its approval mechanism for gold ETFs in July this year, increasing the flexibility of MPF funds investing in gold ETFs.

(iv) The SFC will enhance the regulatory regime for over-the-counter derivatives to facilitate risk and capital management in gold and commodity trading.

(v) The IA will strengthen co-ordination with the industry in arranging insurance for precious metals, and has launched a dedicated specie insurance hotline to connect policyholders with insurers.

(vi) The HKMA is exploring the possibility of increasing the Exchange Fund's gold holdings and participating in Hong Kong's spot and futures markets. It is also considering gradually transferring its physical gold holdings to designated vaults appointed by the Hong Kong Precious Metals Central Clearing Company Limited.

(vii) The Government will set up a dedicated Gold Hotline to provide one-stop support for Mainland and overseas gold traders to take part in Hong Kong's gold trading ecosystem, while encouraging the sector to establish an industry association for gold and host a flagship event in 2027.

(viii) Collaborate with the Financial Services Development Council (FSDC) to launch gold trading-related courses featuring full-chain development and ancillary facility operations.

Expand the International Metal Trading and Delivery Network

46. Since the London Metal Exchange (LME) included Hong Kong in its global warehousing network in 2025, the city's storage area has exceeded 60 000 square metres, with an inventory of more than 20 000 tonnes of metal to date. We will accelerate the development of a secure and efficient commodity trading hub with international influence:

(i) Implement a half-rate tax concession for physical commodity trading to attract more commodity traders to set up or expand their businesses in Hong Kong; explore a proposal to provide tax concessions for qualifying activities within the gold and commodity trading ecosystem for consultation with the Legislative Council (LegCo) next year.

(ii) Facilitate the establishment of more LME-approved warehouses in the Northern Metropolis (NM) by warehouse operators to promote clustering of physical delivery, financing and risk management services.

(iii) The HKEX plans to launch the LME Steel HRC Shanghai contract on the LME in October to expand international application scenarios of onshore prices and enhance the international influence of China's futures.

(iv) The HKEX is striving to launch a pilot project for tokenised warehouse-receipt financing in collaboration with designated banks in 2027, using physical tracking technologies to promote the use of commodity inventories as collateral by enterprises in securing liquidity.

(v) The HKEX is establishing a blockchain-backed, multi-asset tokenisation platform, with carbon credits listed on Core Climate² already incorporated. It will also include commodity warehouse receipts from LME-approved warehouses for a pilot next year, to facilitate the flexible allocation of collateral and cross-collateralisation in the market.

(vi) The Customs and Excise Department (C&ED) will explore how to facilitate the customs clearance for commodities.

(vii) Encourage the International Organization for Mediation (IOMed) to explore the establishment of a special panel of mediators for commodity trading. This would lower the risk of cross-border transactions and attract more international traders and financial institutions to use Hong Kong as a base for trading and settlement.

47. The Government will establish a Joint Working Group on Commodity Trading to be led by the Secretary for Financial Services and the Treasury. In collaboration with relevant financial regulators, it will holistically identify market opportunities and prospects for cross-exchange collaboration.

Development of Green and Sustainable Finance

48. In 2025, green and sustainable bond issuances arranged in Hong Kong accounted for around 40% of Asia's total issuance volume. This year, the Ministry of Finance arranged its inaugural issuance of RMB sovereign green bonds in Hong Kong. Measures for further expanding sustainable finance include:

(i) Achieve full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) by large publicly accountable entities by 2028 to improve the quality of market disclosure.

(ii) The HKEX will introduce a "Green Equity Designation Scheme" to raise the market profile of eligible green securities issuers. The HKMA will explore new application scenarios for the Hong Kong Taxonomy for Sustainable Finance.

(iii) The HKEX's Core Climate and the Hong Kong Quality Assurance Agency will explore Hong Kong's participation in cross-boundary carbon trading, in a bid to support the country in building a carbon market of greater international influence.

(iv) The HKMA will continue organising Hong Kong Green Week to promote Hong Kong's leading status as a sustainable finance hub.

Foster Fintech Innovation

49. The SFC will promote fintech to empower industry upgrading. Details include:

(i) Enhance virtual-asset licensing regimes and formulate specific regulatory guidelines to map a clear compliance pathway for virtual asset service providers.

(ii) Improve the regulatory framework for tokenised investment products to facilitate the issuance and trading of tokenised products of gold and other suitable real-world assets on licensed platforms, as well as the launch of innovative products.

(iii) Promote the trading of regulated stablecoins on licensed virtual asset trading platforms and their use in the settlement of tokenised money market funds, raising Hong Kong's competitiveness as an international digital asset hub.

50. The HKMA is planning to implement central bank digital currency (CBDC) settlement and 24/7 operations under EnsembleTX by around the end of this year, and will continue to explore more use cases for tokenised deposits.

Co-ordinate the Management of New Financial Risks

51. Adhering to the principle of prudent risk management, the Government is committed to increasing the efficiency and security of fintech in serving the real economy:

(i) We will explore enhancing the legal framework to bolster the detection and removal of fraudulent content, including content generated through the misuse of artificial intelligence (AI) by sectors such as technology and telecommunications, launching a public consultation on the proposed legal framework by the end of the year. The HKMA is considering using AI technology to analyse payment data, enhancing the capabilities of banks in detecting suspicious transactions. The HKMA is driving the adoption of "iAM Smart" Step-up Authentication in banks and stored value facilities. The first phase of testing related to remote account opening has commenced.

(ii) While quantum computing can enhance financial services in the future, cryptography will need to be upgraded. The HKMA has launched the Quantum Preparedness Index to guide the industry in this regard. It will work with research institutes to facilitate adoption progressively.

(iii) The SFC will begin operation of the digital asset custody surveillance system in the second half of the year, and will activate the CrypTech initiative's big data market surveillance and anti-money laundering surveillance components in 2027.

52. In addition, the FSTB will consult the public on a legislative proposal enhancing beneficial ownership transparency of companies and express trusts this year, with a view to implementing the latest international standards for anti-money laundering and counter-terrorist financing.

(B) International Maritime Centre and Aviation Hub

International Maritime Centre

53. As our country's sole international maritime centre operating as a separate customs territory, Hong Kong has ranked fourth globally in maritime comprehensive strength for seven consecutive years. We will drive a "volume to value" transformation of the Hong Kong Port, capitalising on our strengths in high value-added maritime services, to develop Hong Kong into a "Global Maritime Capital".

Develop a Green Fuel Bunkering and Trading Centre

54. We will ensure a stable supply of green maritime fuel, providing additional facilities and promoting trading:

(i) Announce the first "Green Energy Corridor" in collaboration with a Mainland city later this year, with plans to develop a network of Hong Kong-centric "Green Energy Corridors" in the future, with Mainland cities supplying green maritime fuel for bunkering or trading in Hong Kong.

(ii) Begin the planning application and other statutory procedures regarding green maritime fuel-storage facilities in Tsing Yi South next year, with tenders to be invited in early 2028; and facilitate the development of new storage facilities and the retrofitting of existing oil storage tanks.

(iii) Support the industry in conducting preliminary studies on establishing a green maritime fuel-trading platform and in strengthening related promotional efforts.

(iv) In collaboration with local universities, establish a clear and transparent carbon emission calculation framework for the bunkering and trading of green maritime fuels.

Strengthen the Ecosystem of High Value-added Maritime Services

55. The Government has introduced an amendment bill into the LegCo to enhance the tax concession regimes for maritime services and introduce a half-rate tax concession for physical commodity trading, promoting the development of Hong Kong's high value-added maritime services industry.

56. We will revamp Hong Kong's ship registration system, introducing a dual registration arrangement³ to increase flexibility in catering for the diverse commercial operating models of the international maritime sector.

Develop "Finance + Shipping"

57. Taking advantage of our well-established maritime finance, insurance and maritime arbitration under common law, we will build an integrated ecosystem under which Hong Kong-invested enterprises adopt Hong Kong law, take out Hong Kong insurance and choose for arbitration to be seated in Hong Kong. Hong Kong's international influence will be reinforced through the provision of comprehensive solutions for ship finance, contractual governance, risk management and dispute settlement. To promote the high-quality synergistic development of financial and maritime centres, we will work with the Hong Kong Maritime and Port Development Board and the industry to explore proposals for the synergies between financial and maritime services, with a particular focus on marine insurance and ship finance.

58. The IA will drive the expansion of the underwriting capacity of the industry's marine specialty risk pool to better manage risks. With the support of the China Shipowners Mutual Assurance Association and the assistance of the Government and the IA, the Hong Kong Shipowners Mutual Assurance Association will conduct international business in Hong Kong.

59. Maritime arbitration cases in Hong Kong have increased in recent years. The Government will continue to promote Hong Kong's maritime arbitration services.

Promote the Development of a Green and Smart Port and Green Corridor

60. The Government will, in collaboration with port operators, formulate a roadmap for the smart transition and green transformation of the Kwai Tsing Container Terminals. This will include introducing more autonomous electric vehicles, expanding the application of remotely-controlled cranes, supporting operators in developing onshore power-supply facilities, including exploring port dues incentives, to attract international liners to use these services.

61. We will announce the first green shipping corridor with a trading green port this year. Using green fuels and improving bunkering facilities will propel our maritime routes towards net zero carbon emissions.

Develop the Port Community System

62. Over 8 000 enterprises have registered with the Port Community System since its rollout this year. By using trusted cargo-flow data, there have been more than 20 successful applications in which enterprises have secured trade finance. We will further:

(i) Develop offshore trade-cargo tracking with blockchain technology to expand system coverage.

(ii) Launch the Port Community System Enabler Recognition Scheme to commend enterprises that actively participate in and promote the system's application.

(iii) Provide better support, with funding from the Future Innovative Logistics Acceleration Scheme, for small and medium enterprises (SMEs) to adopt innovative logistics solutions that interface with the Port Community System.

Enhance the Comprehensive "Rail-sea-land-river" Intermodal Transport System

63. We will strengthen the Chongqing-Shenzhen-Hong Kong⁴ and Chengdu-Shenzhen-Hong Kong⁵ scheduled freight train services, in combination with the Shenzhen Hong Kong Connect feeder service, as a sea-rail intermodal network that shortens total cargo transportation time between the Chengdu Chongqing region and Hong Kong from two to four weeks down to approximately three days. A container terminal operator has also launched the Chongqing-Qinzhou-Hong Kong sea rail intermodal service, backed by daily liner service, to connect Hong Kong Port with the New International Land Sea Trade Corridor.

64. The Government will continue to explore the development of inter-provincial land freight transport and direct river-sea intermodal transport modes to expand our cargo hinterland.

65. The Government will study application scenarios, regulatory considerations and other support measures in relation to autonomous ships in Hong Kong, to prepare Hong Kong for participation in the national development of a smart and green logistics model. It will use "water to water transhipment", which focuses on river-sea intermodality.

Expand the Partner Port Network

66. The Government will announce the second batch of partner ports, and channel more maritime routes from Central and South America to call at the Hong Kong Port. We will also expand collaboration with Mainland ports and promote the establishment of a "brother port" relationship with Shanghai this year.

Establish a Maritime Academy

67. We will promote the establishment of a maritime academy in Hong Kong, and support representative maritime institutions to establish a presence in the city. The goal is training high-calibre maritime talent under an "institution enterprise collaboration" model. We will also work with the trade to formulate cross-disciplinary, career-progression pathways within the industry, while expanding talent development co-operation with international maritime organisations.

Promote Modern Logistics Development

68. A feasibility study on the development of a "business and trading zone for re-export" will begin this year to remove barriers and ease restrictions for the development of high value-added logistics services. We will also make preparation for the update of the Roadmap for ESG Development for Logistics Industry to promote green and sustainable logistics development.

69. We are inviting the market to submit expressions of interest for the Hung Shui Kiu/Ha Tsuen modern logistics cluster. We will formulate the development mode, taking industry views into account, with the target of releasing the first batch of land parcels starting from the end of 2027 at the earliest.

International Aviation Hub

70. In 2025, Hong Kong's passenger throughput recorded a year-on-year increase of 15%, to 61 million, with flights to over 220 destinations. The city's air cargo throughput reached 5.07 million tonnes, making our airport the world's busiest cargo airport for the 15th year since 2010. Passenger departure facilities at Terminal 2 have begun operations, while the Terminal 2 Concourse will be commissioned before the end of next year, enhancing the airport's overall capacity.

Expand the Aviation Network

71. Since last year, the Government has updated or expanded existing bilateral air-services arrangements⁶, or entered into new arrangements⁷, with 20 aviation partners. We will continue to take the initiative to visit South America, Africa, Central Asia, the Middle East and the Caucasus to expedite the conclusion of new air services agreements and the expansion of traffic rights, thereby assisting the industry in exploring new passenger and cargo sources.

72. The Airport Authority Hong Kong (AAHK) will continue to encourage airlines to launch new routes and increase the frequencies of existing ones. As at the end of August, 40 airlines had launched 94 new routes covering regions in Asia, Europe, North America and Africa, while flight frequencies on 15 existing routes were increased.

Develop a New Ecosystem for the Aviation Industry

73. To support the large-scale development of home-grown aircraft, we will actively press ahead with the development of production of high-end parts, parts processing and storage, maintenance support and leasing and sale of aircraft and parts. We will also collaborate with international partners in the aircraft dismantling and recycling business, to develop a globally competitive aviation industry chain and enhance training for pilots and aviation professionals.

Foster the Development of the Sustainable Aviation Fuel Industry

74. The Government has spearheaded the establishment of Hong Kong's world leading sustainable aviation fuel (SAF) production base in Dongguan, which will begin production by 2030. We are planning to construct the first SAF blending facility in Hong Kong, and are studying the establishment of a mandatory consumption-ratio mechanism and the development of a green energy certification system to boost our green energy value chain and maintain a long-term supply of competitive SAF.

¹"The 7-day fixing repo rate between banks in the Mainland" (FDR007)

²Launched by the HKEX in October 2022, Core Climate is an international, voluntary carbon-credit-trading platform. It specialises in offering trading, custody and settlement functions for quality voluntary carbon credit products and carbon-emission reduction projects to enterprises, investors and project owners around the world.

³The dual-registration arrangement to be introduced refers to the arrangement to suspend an original owner registration and undertake a demise charter registration at another ship registry.

⁴Connecting Chongqing, Shenzhen's Yantian Port and Hong Kong, the Chongqing-Shenzhen-Hong Kong freight train service provides scheduled and fixed-point freight operations under the sea rail intermodal network.

⁵Connecting Chengdu, Shenzhen's Yantian Port and Hong Kong, the Chengdu-Shenzhen-Hong Kong scheduled freight train service provides scheduled and fixed-point freight operations under the sea rail intermodal network.

⁶The Mainland, Israel, Malta, Turkey, Kazakhstan, Luxembourg, Vietnam, Qatar, Indonesia, Thailand, Brazil and Azerbaijan.

⁷Chile, Peru, Poland, Togo, Argentina, Ecuador, Cuba and Uzbekistan.

(To be continued.)

Ends/Wednesday, September 16, 2026
Issued at HKT 13:02

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