Advertisement

Hong Kong’s financial task force to host more meetings in coming days to give short-term recommendations soon to boost stock market turnover and fundraising activities, chairman says

  • The task force chairman Carlson Tong Ka-shing told the Post that more meetings will be held in coming days to brainstorm for ideas to bolster the market’s activity
  • Members of the task force are drawn from a cross section of financial professionals in banking, stockbroking, asset management and investments

Reading Time:3 minutes
Why you can trust SCMP
23
Shoppers and tourists in Mong Kok on 4 May 2023. Photo: Dickson Lee
A government-appointed task force will hold additional meetings in the coming days to undertake a comprehensive review of Hong Kong’s stock market liquidity and recommend solutions to the city’s leader as soon as possible, according to its chairman.

The 13-member task force held its first meeting on Wednesday afternoon, its chairman Carlson Tong Ka-shing said, confirming an earlier report by the Post.

“The task force first discussed the relevant work methods and plans,” before conducting a “detailed analysis of market conditions and stock market liquidity from various financial regulatory agencies and the Hong Kong stock exchange,” Tong said. “They also actively exchanged views on factors affecting stock liquidity and related matters, including relevant data on investment costs.”

The task force will “meet frequently,” as Hong Kong’s Chief Executive John Lee Ka-chiu expects the team to provide him with recommendations before the city’s top official delivers his annual policy address in October, Tong said.

Carlson Tong Ka-shing, former chairman of the Securities and Futures Commission (SFC) during a press event in Wan Chai on 24 May 2021. Photo: Jonathan Wong
Carlson Tong Ka-shing, former chairman of the Securities and Futures Commission (SFC) during a press event in Wan Chai on 24 May 2021. Photo: Jonathan Wong

“The Financial Secretary had stated that the task force will study how to improve the liquidity of the stock market and has not ruled out the option of stamp duty,” Tong said, but declined to elaborate.

Advertisement