Hong Kong’s government has finalised a comprehensive reform of public hospital service fees that will take effect on January 1, 2026, significantly increasing the charge for emergency room visits at publicly funded hospitals.

Under the new structure, patients attending accident and emergency departments will be required to pay a fee of HK$400 per visit, up from the current HK$180 flat rate, as part of broader measures to enhance the long-term sustainability and efficiency of the city’s healthcare system.

Patients classified as critically ill or in immediate danger under the triage system will continue to receive free emergency treatment, ensuring that those with the most urgent needs are not financially burdened.

The fee adjustment is part of a package of changes that also affects outpatient and diagnostic services, including outpatient consultations, specialist visits and non-urgent imaging tests, with the aim of better aligning patient demand with appropriate levels of care and resources in the public system.

Officials have emphasised that the reform is designed to encourage the public to seek non-emergency care at community and primary-care facilities, relieving pressure on overburdened hospital emergency departments and directing resources toward patients with genuine acute needs.

Alongside the fee increases, the government and the Hospital Authority are implementing financial safeguards, including a new annual cap of HK$10,000 on public medical fees and charges for eligible residents, excluding self-paid medications and devices, to protect patients from excessive healthcare costs.

To support lower-income and medically vulnerable groups, an enhanced medical fee waiver mechanism and transitional arrangements have been introduced, allowing patients to apply for fee reductions before the reforms fully take effect.

Additional measures include a refund policy for patients who register at an emergency department but choose to seek alternative care before being seen, and expanded assistance for those with chronic or recurrent medical needs.

Authorities have stressed that the revenue generated by revised fees will be reinvested entirely into public healthcare services to strengthen safety nets and improve service quality.

The reforms follow extensive consultation and are part of the government’s efforts to ensure that Hong Kong’s public healthcare system remains resilient and continues to deliver accessible, high-quality care amid demographic shifts and rising demand.

Hong Kong’s entire retail banking sector is introducing a new anti-scam service that allows customers to lock portions of their deposits, preventing unauthorised withdrawals and transfers unless verified by the account holder.

The enhancement, known as “Money Safe,” has been jointly promoted by the Hong Kong Monetary Authority and the Hong Kong Association of Banks as part of a broader push to strengthen protections against ever-evolving fraud schemes that have cost residents significant sums.

Under the service, customers can designate specific funds in their accounts that cannot be moved digitally — including local and overseas transfers, bill payments and internal transfers — without additional verification procedures conducted in person or through bank channels.

This deliberately friction-adding measure is intended to give account holders greater control over their finances and reduce the risk of scam-related losses by introducing an extra layer of confirmation before protected funds can be accessed.

Money Safe will be made available across all Hong Kong retail banks, including conventional and digital-only institutions, with the rollout scheduled to be completed by the end of December.

Participating lenders have begun implementing the service, and customers seeking to protect their deposits can enrol at branches, via online banking platforms or through mobile banking apps, depending on bank arrangements.

The initiative forms part of a suite of anti-fraud measures that also includes expanded alert systems for suspicious account activity and new security enhancements within mobile and online banking interfaces.

Bankers and regulators hope that by empowering consumers with tools like Money Safe, Hong Kong’s financial system can stay one step ahead of increasingly sophisticated scam tactics while maintaining a high standard of customer protection and confidence.

Hong Kong and Peru have taken concrete steps toward establishing an Authorized Economic Operator (AEO) Mutual Recognition Arrangement as part of efforts to deepen bilateral trade cooperation and streamline supply chains between the two economies.

A Hong Kong Customs delegation recently visited Lima to conduct a second joint validation exercise with Peru’s National Superintendency of Customs and Tax Administration, demonstrating momentum in expanding the AEO network in South America and building on earlier validation work carried out with other regional partners.

The joint activities involved site visits to existing and prospective AEO enterprises and detailed consultations on the text and implementation mechanics of a future mutual recognition arrangement.

The initiative is aimed at enabling certified trusted traders operating under Hong Kong’s AEO programme and their Peruvian counterparts to enjoy reciprocal customs facilitation benefits when moving goods across borders.

Hong Kong’s AEO programme itself certifies compliant and secure supply chain participants, providing advantages such as reduced inspections, priority cargo release and other logistical efficiencies.

By extending mutual recognition to Peru, both jurisdictions are expected to lower trade costs, strengthen supply chain predictability and enhance the competitiveness of their exporters and importers.

The discussions in Lima mark a significant step toward formalizing the arrangement, although a final agreement is still under negotiation.

Stakeholders note that successful implementation of an AEO mutual recognition arrangement would complement broader trade initiatives between Hong Kong and Peru, including the recently signed Free Trade Agreement that covers goods, services, investment and related areas, and is expected to further facilitate commerce between the two economies once ratified.

These developments reflect Hong Kong’s commitment to building global AEO networks, fortifying its role as an international trade and logistics hub, and expanding commercial ties with Latin American partners.

Hong Kong’s digital bank Mox Bank has concluded 2025 with a series of notable achievements that underscore its growing influence in the city’s financial ecosystem.

The bank now serves approximately 750,000 customers, equivalent to around 12 per cent of Hong Kong’s bankable population, a milestone reflecting accelerating adoption of digital-first banking services among consumers.

From January through November 2025, total customer deposits increased by more than 20 per cent year-on-year, signalling robust trust in Mox’s platform and offerings.

USD-denominated deposits surged dramatically, rising fourteen-fold from a year earlier, illustrating the bank’s appeal to internationally oriented clients.

Mox expanded its product suite in 2025 with the launch of FlexiBoost, a high-interest flexible savings product that combines attractive yields with easy fund access, further enhancing its retail appeal.

Mox’s card and lending businesses also displayed strong momentum, with spending on the bank’s payment cards increasing by more than 35 per cent year-on-year and the platform processing over five million monthly card transactions, pushing total cumulative transactions toward 150 million.

On the investment side, Mox Invest saw trading volumes more than double compared with the previous year, while assets under management expanded by a factor of 2.5, aided by broader product selections and features tailored to long-term financial goals.

The bank is additionally preparing to enter the digital asset space with a forthcoming crypto trading service, which could position it at the forefront of digital-asset integration for retail customers.

In the insurance segment, Mox forged an exclusive partnership with QBE Hong Kong to bring general insurance products directly into its app, expanding protection options such as accident and travel cover for its clients.

Mox’s overall performance in 2025 reflects a period of sustained growth and diversification, as the digital bank evolves from a fintech challenger to a core participant in Hong Kong’s banking industry, building on strong customer engagement and the continuous rollout of innovative financial services.

The bank’s trajectory also aligns with broader economic momentum in the city as Hong Kong pushes to reinforce its role as a global financial hub amid stronger growth prospects and fintech adoption.

Hong Kong and mainland China stock markets are on track to deliver a second straight year of robust gains as 2025 draws to a close, reflecting renewed investor appetite and optimism about economic growth, liquidity and strategic sector performance.

Hong Kong’s benchmark index, despite recent modest declines, remained significantly above its level a year earlier, positioning it for a potential annual advance of nearly 28 per cent.

At the same time, mainland blue-chip stocks have also rebounded, contributing to broader regional equity strength and underpinning confidence in Chinese market fundamentals.

Hong Kong’s Hang Seng Index and other major gauges have benefited from strong inflows, significant initial public offering activity and favorable monetary and fiscal conditions that have encouraged both domestic and international participation.

The rebound in risk assets across the region is mirrored in wider Asia-Pacific markets, where major indices are set for their strongest annual performance in years, driven in part by enthusiasm for artificial intelligence and technology stocks.

Despite episodic volatility and occasional profit-taking, key sectors — including technology, finance and consumer shares — have powered much of the advance.

Equity markets in both Hong Kong and mainland China have also regained attention as investors respond to easing trade tensions and policies designed to support growth, while substantial equity capital raisings have underscored Hong Kong’s role as a premier listing hub for Chinese firms.

With economic indicators in mainland China showing resilience and local policy efforts supporting innovation-led growth, analysts say conditions remain supportive for continued market momentum.

Sustained demand for Chinese and Hong Kong equities, bolstered by strong corporate earnings expectations and strategic sector leadership, suggests 2025 will close on a positive note for investors and positions markets favourably heading into 2026.

Hong Kong’s equity markets have experienced a burst of initial public offering activity driven by a wave of Chinese artificial intelligence and technology companies preparing to list or debut their stocks, marking the busiest month for new listings on the Hong Kong Stock Exchange since 2019. The renewed momentum comes as demand from investors for AI-focused businesses and semiconductor developers has swelled, attracting both domestic and international capital.

Chinese AI startups such as Zhipu AI — marketed overseas as Z.ai — have advanced their IPO plans after passing listing hearings and submitting registration documents, with targets of raising hundreds of millions of dollars as they seek to capitalise on global investor appetite for AI innovation.

Z.ai’s proposed offering aims to raise approximately HK$4.35 billion (roughly US$560 million) with strong interest in its enterprise-oriented model-as-a-service platform, which serves millions of developers.

Meanwhile rivals such as MiniMax are preparing their own Hong Kong listings early in 2026, reflecting the broader rush by AI pioneers to tap the city’s deep pools of capital.

Both companies have cleared critical regulatory steps and are positioning themselves for early-year debuts as they compete to be among the first major large-model AI firms listed globally.

These developments highlight the confidence in the region’s ability to support high-growth tech IPOs amid an evolving global technology landscape.

The technology IPO pipeline is further bolstered by Chinese AI chipmakers such as Shanghai Biren Technology, which has begun bookbuilding ahead of a planned HK$4.85 billion (about US$624 million) offering that will make it the first mainland GPU developer to list in Hong Kong.

Biren’s IPO has drawn cornerstone investments from major asset managers and institutional funds, underlining strong institutional backing for semiconductor and related tech plays.

The convergence of AI software innovators and hardware specialists listing in the same window has created an exceptionally active market environment unmatched in recent years.

This upswing in IPO volume follows broader trends in Hong Kong’s capital markets, where regulatory reforms such as the Technology Enterprises Channel (TECH) and flexible listing pathways have encouraged pre-revenue and high-growth companies to pursue public listings.

The city’s strong performance as an IPO venue in 2025 — bolstered by technology, biotech and innovation-driven offerings — has set the stage for sustained activity into 2026. With more than three hundred companies reportedly in the queue to list and deep liquidity among global investors, Hong Kong is reaffirming its role as a vital hub for capital formation in Asia’s booming technology sector.

SoftBank Group Corp has entered into a definitive agreement to acquire DigitalBridge Group, Inc, a U.S.-based investor in digital infrastructure, in a transaction valued at approximately four billion dollars, including debt.

The deal reflects SoftBank’s strategic pivot toward artificial intelligence and the foundational infrastructure needed to support advanced computing workloads.

Under the terms of the agreement, SoftBank will pay sixteen dollars per share in cash for all outstanding common stock of DigitalBridge, representing roughly a fifteen per cent premium to the closing price on December 26, 2025, and a significant premium to its unaffected average share price over the prior year.

The transaction has received unanimous approval from DigitalBridge’s board and a special committee of independent directors.

DigitalBridge, which manages approximately one hundred eight billion dollars in assets under management, specialises in data centres, fibre-optic networks, cell towers, small cells and edge infrastructure.

These assets are widely regarded as essential components of the physical backbone needed to power artificial intelligence and cloud computing platforms.

SoftBank Chairman and Chief Executive Masayoshi Son said the acquisition will strengthen the company’s ability to build, scale and finance infrastructure for next-generation AI services and applications.

He emphasised the need for increased compute capacity, connectivity and power delivery as AI reshapes industries globally.

DigitalBridge’s CEO Marc Ganzi said the combination will accelerate the firm’s mission by leveraging enhanced capital resources and global networks while maintaining DigitalBridge’s operational independence.

The transaction remains subject to customary regulatory approvals and is expected to close in the second half of 2026, after which DigitalBridge will continue to operate as a separately managed platform led by Ganzi.

Observers see the deal as part of a broader industry trend in which technology investors and operators are consolidating digital infrastructure to capture growing demand for AI-centric data centre capacity.

Relations between Tokyo and Beijing have remained sharply strained following a diplomatic crisis triggered in November when Japanese Prime Minister Sanae Takaichi suggested that a Chinese attack on Taiwan could constitute a ‘survival-threatening situation’ for Japan, potentially justifying the use of collective self-defence.

Beijing reacted strongly, condemning the remarks as provocative and demanding a retraction, which Takaichi has refused to offer, setting the stage for an enduring feud.

The dispute has since broadened into multiple arenas of bilateral interaction, with Beijing deploying diplomatic pressure, economic measures and increased military signalling directed at Japan.

The tensions are rooted in deep strategic concerns over Taiwan, which China considers a breakaway province under its sovereignty and Japan views as central to regional security architecture.

Japan’s stance reflects concerns that instability in the Taiwan Strait would directly affect its own national security, given its geographic proximity and alliance commitments, particularly with the United States.

Analysts have observed that Beijing interprets Japan’s comments and defence posture as interference in its internal affairs and a challenge to its core interests, reinforcing a hardened stance toward Tokyo.

Historical undercurrents, including unresolved territorial disputes and past conflicts, further complicate the relationship.

Tensions have also manifested in broader military activity and diplomatic signalling.

Chinese military drills, especially live-fire exercises around Taiwan, have been interpreted in Tokyo as part of Beijing’s effort to project power and deter external involvement, including from Japan and the United States.

Meanwhile, Japan has approved a record defence budget aimed at strengthening its own deterrent capabilities amid the evolving security environment.

Friction over maritime boundaries and airspace incidents near disputed areas like the Senkaku Islands has added further strain, with both sides lodging protests over each other’s military activities.

Economic and cultural dimensions of the feud have also surfaced, with reports of potential disruptions to trade, cultural exchanges and regulatory cooperation.

While both governments maintain economic ties and interlocutors attempt to keep communication channels open, the current crisis reflects a broader realignment of regional security concerns that could continue to shape China–Japan relations for months or even years.

Observers note that without significant diplomatic thaw, the feud is likely to persist as each side calibrates its strategic posture in response to the other’s actions.

Hong Kong’s famed Peak Tram, one of the city’s most enduring tourist attractions and a historic transportation icon, has announced a comprehensive fare increase that will take effect on December 29. The revised pricing structure will see adult single journey tickets rise from HK$76 to HK$82 and return tickets from HK$108 to HK$116, reflecting a moderate increase for standard riders.

The adjustments are part of the company’s periodic review and follow previous fare restructuring efforts intended to balance operational sustainability with visitor experience.

The most substantial increases apply to children and elderly passengers, whose single tickets will climb to HK$52 from HK$38 and return tickets to HK$75 from HK$54, representing jumps of nearly forty per cent compared with the current rates.

Premium and bundled ticket categories, including the Ruby Special package that offers priority lane access and additional attractions, will see the steepest rises, with return fares moving from HK$149 to HK$222 — an increase approaching fifty per cent.

The Peak Tramways Company has framed the fare adjustments as part of its ongoing commitment to enhancing guest experience and sustaining the service’s long-term development.

The tramway, which first began operations in 1888, carries passengers between Central and Victoria Peak on a steeply graded track and remains a must-visit experience for both residents and international tourists.

Despite the ticket increases, passengers can still purchase tickets at current prices via the operator’s official channels until the end of December, with those tickets valid through January 2026. 

Industry observers note that the fare rise follows successive pricing changes in recent years as the operator continues to recalibrate its offerings and manage rising costs in an increasingly competitive tourism environment.

While the updated fares have prompted discussion, the Peak Tram’s enduring appeal and unique position in Hong Kong’s tourism ecosystem suggest sustained demand, particularly among visitors seeking panoramic views and heritage experiences that define the city’s skyline and culture.

China’s net gold imports via Hong Kong in November rose sharply from the previous month, more than doubling as buying activity intensified toward the end of the year.

According to data from the Hong Kong Census and Statistics Department, net imports stood at sixteen point one six metric tons in November, up from eight point zero two tons in October, marking a significant increase in bullion flows through the key trading hub.

Total gold imports via Hong Kong also edged up slightly to thirty point two two tons in November from thirty point zero eight tons in October, underscoring sustained interest among Chinese market participants.

As the world’s largest consumer of gold, China’s import patterns carry weight for global bullion markets, particularly at times of heightened volatility and shifting investor sentiment.

In the lead-up to the Lunar New Year and amid expectations of monetary easing by the United States Federal Reserve, domestic sentiment toward gold strengthened, with speculative demand rising and price premiums adjusting accordingly.

Analysts have noted that narrower price discounts and a firmer yuan supported increased imports, even as overall retail demand remained mixed.

China’s central bank continued its long-term accumulation of gold reserves, extending its additions for a thirteenth consecutive month and bringing its total holdings to over seventy-four million fine troy ounces by the end of November.

The sustained build-up of official reserves and growing private interest reflect broader strategic and investment motives behind the surge in imports.

Additionally, elevated spot gold prices — which have reached record levels this year — have contributed to shifting dynamics in global precious metals markets.

While Hong Kong remains an important conduit for bullion entering China, import figures do not capture all channels, with significant volumes also flowing through other gateways such as Shanghai and Beijing.

Nevertheless, the robust performance of November’s import data highlights China’s enduring role as a central driver of global gold demand.

Hong Kong will ring in the New Year with a redesigned countdown celebration staged on Chater Road, marking a shift from previous formats and placing light performance at the heart of the festivities.

The event, themed “New Hopes, New Beginnings,” is designed to deliver a message of positivity and renewal as the city looks ahead.

Organisers have confirmed that the countdown will feature a specially curated light performance, transforming the heart of the Central business district into a symbolic stage for reflection and aspiration.

The new format is intended to create a more immersive and emotionally resonant experience for attendees, blending visual storytelling with the communal anticipation of the New Year.

The choice of Chater Road reflects an effort to bring large-scale public celebrations closer to the urban core, making them more accessible while reinforcing Hong Kong’s identity as a vibrant, global city.

Authorities have highlighted crowd management, safety arrangements and transport coordination as key priorities to ensure the smooth running of the event.

By centring the celebration on themes of hope and fresh beginnings, the New Year countdown aims to unite residents and visitors in a shared moment of optimism, setting a forward-looking tone for the year ahead.

Hongkong Land has cancelled one hundred ninety thousand two hundred shares after completing a market buyback, continuing a broader effort to optimise its capital structure and enhance long-term shareholder value.

The cancellation follows the company’s repurchase of its own shares on the open market, a move that reduces the total number of issued shares and can improve earnings metrics over time.

The buyback was conducted in line with shareholder mandates previously approved, and the subsequent cancellation formally removes the repurchased shares from circulation.

Such actions are commonly used by large listed companies to signal confidence in their underlying business and balance sheet, particularly during periods of market volatility.

Hongkong Land, a major developer and owner of commercial and residential property across Asia, has maintained a disciplined approach to capital allocation amid uneven conditions in regional property markets.

Management has emphasised balance-sheet strength and prudent cash deployment as priorities while navigating higher interest rates and shifting demand dynamics.

The latest share cancellation marginally reduces the company’s issued share capital, reinforcing its ongoing capital management programme as it continues to focus on long-term asset value and financial resilience.

Accounting and professional services firms in Hong Kong are preparing for a notable increase in recruitment in 2026, driven by broader economic confidence and the rapid adoption of artificial intelligence across the industry.

After a period of subdued hiring, many firms across the financial and professional services sector have signalled renewed appetite to expand their teams, with surveys showing more than a third of employers planning to boost hiring volumes in the next year.

The anticipated rise in recruitment aligns with rebounding activity in the initial public offering market and overall economic momentum in the city, which is reinforcing Hong Kong’s role as a key regional hub for finance and professional services.

At the same time, the widespread incorporation of AI tools into accounting workflows is prompting firms to rethink the talent they seek.

Recent industry surveys indicate that a significant majority of organisations in Hong Kong are now using artificial intelligence to support tasks such as data analysis, financial reporting and research, a trend that is reshaping traditional job functions.

While automation of routine work has led some firms to reduce entry-level hiring in certain roles, others are increasingly focused on recruiting professionals who can work effectively with AI technologies and provide higher-value services such as strategic advisory and complex client engagement.

Industry experts note that this dual trend — higher hiring confidence coupled with evolving role requirements — reflects broader shifts in the market.

Accounting firms are balancing the need for operational efficiency through technology with demand for human expertise in interpretation, judgment and client interaction that cannot be fully automated.

Employers are placing greater emphasis on digital literacy, analytical capability and skills that enhance AI-augmented workflows, while some routine tasks historically performed by junior staff are being streamlined through advanced tools.

As the sector adapts, firms are also paying closer attention to training and development to ensure existing staff can transition into new digital-focused responsibilities.

The combination of renewed demand for talent and the transformative effect of AI adoption suggests that 2026 could be a pivotal year for recruitment and workforce development in Hong Kong’s accounting and finance professions.

Hong Kong is intensifying efforts to strengthen its position as one of the world’s most connected cities, as competition among global hubs sharpens and economic recovery gathers pace across Asia.

Authorities and business leaders have pointed to renewed momentum in aviation, logistics, digital infrastructure and cross-border integration as central to keeping the city firmly in the fast lane of international connectivity.

Passenger traffic through Hong Kong International Airport has rebounded strongly, supported by the restoration of flight routes and the steady return of long-haul services.

The commissioning of the airport’s expanded three-runway system is seen as a pivotal milestone, significantly boosting capacity and reinforcing Hong Kong’s status as a leading aviation gateway between China and the rest of the world.

At the same time, cargo volumes have shown resilience, reflecting the city’s enduring strengths in high-value logistics and supply-chain management.

Beyond aviation, policymakers are emphasising the importance of seamless land and sea links within the Greater Bay Area.

Ongoing coordination with neighbouring mainland cities is designed to shorten travel times, facilitate business mobility and integrate financial and professional services more closely across the region.

These physical connections are complemented by investments in digital infrastructure, including data centres, high-speed networks and emerging technologies that support fintech, trade finance and smart-city applications.

Supporters of the strategy argue that connectivity is not only about transport, but also about maintaining open flows of capital, talent and information.

Hong Kong’s regulatory environment, deep financial markets and common-law system continue to be presented as key advantages that anchor its role as an international business centre, even as rival cities seek to attract similar activity.

Challenges remain, including global economic uncertainty and intensifying regional competition, but officials maintain that sustained investment and policy focus will allow Hong Kong to adapt and evolve.

By reinforcing its physical and digital links while leveraging its institutional strengths, the city aims to secure long-term relevance in an increasingly interconnected and competitive global economy.

Green and Smart Mobility JSC (GSM), an affiliate of Vietnam’s Vingroup conglomerate and deeply tied to electric-vehicle maker VinFast, is preparing for an international initial public offering that could value the company at about twenty billion dollars.

The prospective IPO, which advisers suggest might target a listing in Hong Kong by two thousand twenty-seven, would mark one of the largest ever for a Vietnamese technology and mobility firm and position GSM alongside major regional peers in the ride-hailing and electric mobility sector.

GSM runs Vietnam’s largest all-electric taxi fleet under the Xanh SM brand, using vehicles supplied exclusively by VinFast, and has rapidly expanded operations into countries including Laos, Indonesia and the Philippines as demand for clean transport solutions grows.

Vingroup has confirmed the firm’s intention to explore international capital markets but said any valuation will ultimately depend on market conditions at the time of listing.

While some advisory views have floated a valuation close to twenty billion dollars that would rival the market capitalisation of Southeast Asian technology group Grab, others have noted that including debt could bring estimates nearer to two to three billion dollars.

The company has not set a firm timeline for the offering and confirmed that a listing will not occur in two thousand twenty-six, underscoring the tentative nature of the plan.

A listing in Hong Kong is favoured by executives for its deep investor base and strong appetite for electric-vehicle and mobility plays compared with alternative markets.

An IPO would mark Vingroup’s second major overseas share sale, following VinFast’s listing on the Nasdaq stock exchange, and could provide a substantial capital infusion to support GSM’s continued regional expansion and investment in fleet growth.

The move reflects broader investor interest in electric mobility platforms across Asia and highlights the strategic role of Vietnamese technology and transport firms in the international capital markets.

Claire Lai, the daughter of Hong Kong pro-democracy media tycoon Jimmy Lai, has made a heartfelt appeal to Chinese authorities and the international community as her father faces the prospect of spending the remainder of his life in prison following his conviction on national security charges.

Speaking in Washington, D.C., Claire expressed deep concern for her 78-year-old father’s deteriorating health and warned that letting him die in custody could turn him into a symbol or “martyr” for democratic values, a scenario she said would damage Hong Kong’s reputation and legacy.

Lai, a British citizen and founder of the now-defunct Apple Daily newspaper, was found guilty this month by a Hong Kong court on charges including collusion with foreign forces and publishing seditious material under the national security law imposed by Beijing in 2020. Conviction carries the possibility of life imprisonment, prompting international appeals from British and U.S. officials urging his release or parole.

Claire noted that her father’s health has significantly declined after more than five years in custody, including extended periods of solitary confinement, citing conditions such as diabetes, weight loss and limited access to medical support.

In interviews with news outlets, Claire reiterated her father’s lifelong commitment to free expression and his deep Catholic faith, emphasising that he would focus on family and spiritual reflection rather than political activism if freed.

She described their limited family visits and the emotional toll of years apart, while voicing hope that diplomatic pressure, particularly during upcoming high-level visits by Western leaders, might secure his release.

British and U.S. officials have publicly raised Lai’s case, noting the broader implications for rule of law and human rights protections in Hong Kong.

Claire’s appeal underscores not only her personal anguish but also the wider international concern about the application of the national security law and its impact on Hong Kong’s civil liberties.

As Lai awaits sentencing in mid-January, his daughter and supporters continue to urge authorities to consider his frail condition and to prevent his imprisonment from becoming a poignant emblem of resistance and suffering.

Hong Kong residents are increasingly falling victim to sophisticated online scams, prompting renewed calls from law enforcement and consumer advocates for heightened public vigilance and stronger preventive measures.

Police and cybersecurity specialists say the evolving nature of fraud — especially in investment platforms and impersonation schemes — has led to marked financial losses for thousands of people in the city.

Latest figures reveal that online investment scams in Hong Kong have risen sharply, with authorities reporting a notable increase in both the number of cases and the total value of losses.

Many of these schemes involve fraudsters posing as financial professionals, sending unsolicited messages that steer victims toward bogus investment apps or websites and subsequently demanding fees or additional transfers to unlock funds.

The pattern underscores the challenges that increasingly complex scams pose to ordinary residents.

Law enforcement officials have emphasised that scammers are leveraging mainstream social media and messaging apps to reach potential victims.

These platforms are attractive to criminals because of their broad user base and the difficulty police face in tracing accounts hosted offshore.

The Hong Kong Police Force has warned that without proactive platform cooperation and enhanced legal tools, authorities risk remaining a step behind perpetrators in addressing fraud at its source.

The human toll of these scams is significant: victims span a wide demographic range, including professionals and experienced investors, not only the elderly or first-time participants in the digital economy.

Large single losses — sometimes involving millions of Hong Kong dollars — have spotlighted how convincing and well-orchestrated some schemes have become.

In response to the rising tide of fraud, police and civic groups are advocating better public education on scam tactics, stronger real-time monitoring by financial institutions, and improvements to regulatory frameworks governing digital platforms.

All stakeholders, they say, must work in concert to enhance consumer awareness and resilience against scams that exploit trust in technology and online communication.

Hong Kong equities climbed to a two-week high as investor confidence improved following clear signals from Beijing that additional fiscal support will be deployed to bolster economic growth and reinforce market stability.

The benchmark index advanced broadly, with gains led by technology, financial and consumer-related stocks that are most sensitive to policy direction from the mainland.

The rally followed renewed commitments from Chinese policymakers to step up fiscal measures, including targeted spending and support for key sectors, amid ongoing efforts to sustain recovery momentum.

Investors interpreted the pledges as a sign of stronger policy backing for growth, helping offset lingering concerns over global monetary conditions and external demand.

Market participants said the move reflected a shift toward cautious optimism, with Beijing signalling readiness to act decisively to underpin confidence.

Shares linked to mainland consumption and infrastructure performed particularly well, while turnover also improved, suggesting returning participation from both local and international investors.

Analysts noted that Hong Kong’s market remains highly responsive to fiscal and policy signals from the mainland, given the city’s role as a major offshore financial hub and gateway for global capital into China.

The latest advance, they added, underscores expectations that further supportive measures could help stabilise earnings outlooks and reduce downside risks in the months ahead.

With Beijing reiterating its commitment to growth and financial stability, investors are watching closely for follow-through in upcoming policy announcements, viewing them as critical to sustaining the recent rebound in Hong Kong equities.

Hong Kong is preparing a significant expansion of its bond markets and offshore yuan issuance in 2026 under a new regulatory road map set out by the Hong Kong Monetary Authority and the Securities and Futures Commission.

The plan is designed to reinforce the city’s position as a premier international financial centre and the world’s largest offshore hub for yuan-denominated finance.

According to the outlined strategy, regulators will work to broaden the range of bond products available, enhance market liquidity and improve market infrastructure to attract a wider pool of global issuers and investors.

A central focus will be the expansion of yuan-denominated bond issuance, building on growing international demand for yuan assets and Hong Kong’s established role as the primary gateway between mainland China and global capital markets.

The road map also emphasises closer integration between the bond and money markets, alongside measures to streamline issuance processes and strengthen post-trade services.

Authorities aim to encourage more sovereign, quasi-sovereign and corporate issuers to tap Hong Kong’s markets, while supporting risk management tools that make participation more efficient for international investors.

Officials have said the initiative aligns with broader efforts to promote the international use of the yuan and to diversify Hong Kong’s financial offerings amid evolving global market conditions.

By expanding both scale and sophistication in its bond markets, Hong Kong seeks to maintain competitiveness, deepen financial connectivity with the mainland, and sustain long-term growth in its capital markets through 2026 and beyond.

Hong Kong’s economy is expected to grow by 3.2 % in 2025, a revised forecast announced by Financial Secretary Paul Chan that reflects a stronger-than-anticipated performance across key sectors and an improving macroeconomic backdrop.

Chan raised the year’s gross domestic product projection from an earlier range of 2 %–3 %, emphasising that robust external demand, a buoyant stock market and recovering domestic activity have contributed to the city’s resilience and growth trajectory.

The upgraded outlook follows data showing broad-based expansion, with external merchandise and services exports posting gains, domestic consumption picking up and fixed-asset investment supporting activity through the first three quarters.

The city’s third-quarter GDP advanced at one of its fastest paces in 2025, driven by strong exports and solid demand, which together have underpinned upward revisions to the full-year figure.

Chan outlined a comprehensive strategy to sustain momentum into next year, focusing on strengthening Hong Kong’s role as a global financial hub, enhancing its appeal as a centre for innovation, and deepening its function as an international trade gateway.

Efforts include attracting more initial public offerings — particularly from companies in Southeast Asia and the Middle East — and promoting wider use of the yuan in global markets.

The government is also prioritising the development of artificial intelligence and biotechnology as emerging drivers of future growth, while bolstering segments such as fintech, bonds, gold trading and cross-border trade finance.

The Hang Seng Index has been among the world’s best-performing markets this year, reflecting investor confidence and contributing to positive economic sentiment.

Chan noted that resilient exports, increased investment and spending by consumers have helped propel the stronger growth outlook.

With global economic conditions expected to remain supportive and domestic policy measures in place to broaden economic foundations, Hong Kong aims to maintain its upward trajectory into 2026 and beyond.

Hong Kong’s residential property market is showing signs of renewed vitality, with primary home sales projected to reach their highest level in a decade in 2026 as demand for smaller, more affordable flats gains traction among buyers.

Market participants anticipate robust transaction volumes in new developments as developers adjust pricing and product mix to align with shifting buyer preferences and easing financing conditions.

Next year’s expected sales surge would represent a major milestone for the city’s housing market, which has endured a prolonged downturn in recent years and is gradually rebalancing.

Experts attribute the momentum in part to the growing appeal of compact units priced within reach of first-time buyers and small household purchasers, who have been active in recent primary market launches.

The increased appetite for such homes is prompting developers to accelerate inventory clearance and launch new projects that align with this demand trend.

Market intelligence indicates that transactions in 2026 could surpass the decade-long norm for primary residential sales, reflecting renewed confidence among buyers and strategic adjustments by builders.

Alongside this, broader market indicators such as rising rents, improving pricing momentum and supportive policy adjustments such as stamp duty relief have contributed to a cautiously optimistic outlook.

Should current trajectories continue, the anticipated decade high in primary home sales in 2026 would underscore the strengthening underlying fundamentals of Hong Kong’s residential property sector and signal a meaningful step in its recovery cycle.

Exiled Hong Kong pro-democracy activists have reported a disturbing campaign of harassment involving sexually explicit deepfake images and false advertisements that appear designed to intimidate and shame dissidents living abroad.

Activists including Carmen Lau, a senior advocacy associate now in the United Kingdom, and the family of former Hong Kong legislator Ted Hui in Australia have been targeted by letters and posters bearing AI-generated images purporting to depict them in sexually compromising situations, according to local authorities and media reports.

The harassment incidents emerged in late 2025, with letters posted from Macau delivered to Lau’s former neighbours in Maidenhead, England, containing fabricated sexualised images and text implying she worked as a sex worker.

Similar materials — including fabricated posters advertising sexual services involving Hui’s wife — were circulated in Adelaide, Australia, prompting police investigations into potential malicious communications and harassment offences.

Authorities in both countries have confirmed that digital forensics are under way, though no arrests have yet been announced as investigators seek to trace the origin of the materials.

The campaign is widely seen as part of a broader pattern of transnational repression against Hong Kong activists who fled the territory following the imposition of the national security law, which has led to arrest warrants and bounties issued against dozens of pro-democracy advocates.

British Member of Parliament Joshua Reynolds described the use of sexually explicit deepfakes as “grotesque transnational repression,” and urged clear condemnation and accountability from governments.

Local police and immigration officials have emphasised the importance of community safety and pledged full investigations.

Activists and observers note the troubling evolution in harassment tactics, with AI and deepfake technologies enabling the creation of realistic but fabricated imagery that can be distributed widely and anonymously.

This gendered dimension of harassment, particularly targeting women dissidents with sexually explicit content, has been described as a new escalation in digital intimidation that exploits personal data and technology to inflict reputational and psychological harm.

The campaigns have underscored gaps in legal frameworks for addressing AI-enabled harassment across borders, prompting calls from civil society and legislators for strengthened responses to protect exiled critics and their families.

Authorities in London and Adelaide continue to investigate, and host governments have publicly reiterated their commitment to safeguarding dissidents from foreign intimidation and harassment.

The incidents have amplified international discussions about how emerging digital tools can be misused against political activists and the need for robust protective measures in liberal democracies to deter and respond to such transnational harassment efforts.

China’s top financial envoy in Hong Kong, Qi Bin, is preparing to leave his post after just over a year in a role closely watched by the city’s financial community, marking a notable transition in Beijing’s management of economic engagement with the former British colony.

Qi, who serves as deputy director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, has informed close contacts of his imminent redeployment to a senior advisory role in the Chinese People’s Political Consultative Conference, according to people familiar with the matter.

Qi’s tenure, which began in November 2024, saw him emerge as Beijing’s principal voice on financial affairs in Hong Kong, engaging with bankers, lawyers and regulators as part of efforts to stimulate the city’s market and integrate it more closely with mainland economic priorities.

While his initiatives to re-energise Hong Kong’s financial sector won backing from some quarters, his assertive style occasionally drew concern from local officials wary of Beijing’s influence over the city’s institutions.

As Qi departs, the Liaison Office is expected to appoint Zhang Yong, executive vice-president of Cosco Shipping, as his successor in the deputy director role, according to reports.

The Liaison Office did not publicly comment on the personnel changes, but the reshuffle reflects broader adjustments in Beijing’s long-term strategy for overseeing Hong Kong’s financial resilience amid global economic shifts.

Before his appointment to the Liaison Office, Qi brought extensive experience from China’s sovereign wealth fund, China Investment Corp., and regulatory work on cross-border market links, positioning him as a seasoned bridge between mainland financial policy and Hong Kong’s markets.

Observers say his replacement will inherit a pivotal task: sustaining international investor confidence while advancing Beijing’s vision of seamless financial integration across the Pearl River Delta and with global capital.

Hong Kong recorded a notable increase in visitor arrivals during the recent festive period, underscoring the city’s continued recovery as a regional travel hub.

Officials said inbound tourism rose compared with the same holiday period a year earlier, supported by seasonal events, cross-border travel demand, and improved transport connectivity.

At the same time, Hong Kong residents travelled abroad in significantly higher numbers over the holidays, signalling strong pent-up demand for leisure trips following several years of disruption.

Immigration and tourism data indicate outbound departures grew at a faster pace than inbound arrivals, as families and travellers took advantage of eased travel conditions across Asia and beyond.

The twin rise in inbound and outbound travel highlights Hong Kong’s deep integration with regional and global travel networks.

Industry representatives said the festive performance reflects both the city’s appeal to visitors and the willingness of residents to resume international travel, with airlines and hospitality operators adjusting capacity to meet demand.

Officials noted that travel patterns are expected to remain dynamic in the coming months, influenced by flight availability, regional economic conditions, and upcoming holiday periods.

Hong Kong authorities have fully reopened the Tseung Kwan O–Lam Tin Tunnel after completing extensive inspections and clean-up work following a serious fuel truck crash that forced the closure of the strategic transport link.

The tunnel, a vital artery connecting eastern Kowloon with Tseung Kwan O, resumed normal operations after engineers confirmed it was safe for traffic.

The incident occurred when a fuel tanker lost control inside the tunnel, resulting in a spill that raised immediate fire and environmental concerns.

Emergency services swiftly evacuated the tunnel and suspended traffic in both directions as a precaution, while specialised teams worked to contain and remove the spilled fuel.

No fatalities were reported, though the crash caused significant congestion across nearby routes and required lengthy remediation.

Transport and engineering departments conducted structural checks, ventilation assessments, and road surface repairs before authorising the reopening.

Officials said safety considerations guided the cautious timeline, noting that tunnels carrying high traffic volumes require rigorous verification after hazardous incidents.

Public transport operators restored affected bus routes shortly after the tunnel reopened, easing pressure on alternative crossings.

Authorities also reiterated reminders to operators of hazardous goods vehicles to strictly comply with safety regulations, emphasising that enforcement would remain firm to protect public safety.

The reopening restores full capacity to one of Hong Kong’s newest and most important road links, bringing relief to commuters and businesses after days of disruption.

A passenger at Hong Kong International Airport was arrested on Thursday after security officers discovered an extendable baton in his checked baggage destined for Canada, authorities confirmed.

The incident occurred on Christmas Eve, when routine screening identified the suspected prohibited weapon within the luggage during pre-departure checks, prompting intervention by airport security personnel. 

Airport district police attended the scene and detained the 45-year-old man on suspicion of possessing a prohibited weapon in violation of Hong Kong’s Aviation Security Ordinance.

The extendable baton, classified under local law as a prohibited item, is strictly barred from both carry-on and checked baggage on flights departing from the city, reflecting a robust regulatory regime aimed at ensuring aviation safety and public security at the international transport hub. 

Following the arrest, the individual was taken into police custody for questioning by the airport’s criminal investigation team.

After initial interrogation, he was released on bail pending further investigation; formal charges may be brought as inquiries continue. 

Hong Kong’s legal framework prohibits the possession of certain weapons, including extendable batons and other offensive instruments, without lawful authority, and offenders face potential penalties that include imprisonment.

Security authorities emphasised that travellers should be vigilant in checking the contents of their luggage before travel, noting that prohibited items are occasionally found in both checked and hand-carried baggage despite repeated public advisories. 

The arrest underscores ongoing enforcement efforts by Hong Kong airport security to prevent prohibited items from reaching aircraft and ensure compliance with aviation safety laws.

In reminding the travelling public of legal obligations, officials highlighted the severe consequences of attempting to transport weapons through airport security and the importance of adhering to established safety protocols.

Hong Kong is taking concrete steps to confront potential tax evasion in the burgeoning cryptocurrency market by laying the groundwork for international tax information sharing and enhanced regulatory oversight.

Faced with rapid growth in digital asset trading and concerns about undeclared crypto gains, the city’s authorities have launched a public consultation on implementing the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework (CARF) and updating the Common Reporting Standard to include crypto-related data. 

Under the proposed framework, Hong Kong would require detailed reporting of crypto-asset transactions and account information from digital asset service providers, such as exchanges and wallet operators, and automatically exchange that information with partner jurisdictions that meet strict standards for data confidentiality and security.

This would closely mirror the existing system for conventional financial account information exchange, which the city has participated in since 2018, but extend it to the digital asset realm. 

The consultation highlights a timeline in which the necessary legislative amendments to Hong Kong’s Inland Revenue Ordinance are expected to be completed by 2026, allowing the first automatic exchanges of crypto tax data with other countries to begin as early as 2028, with further reporting enhancements rolling out by 2029. These reforms are aimed at strengthening international tax cooperation and curbing cross-border tax evasion facilitated by opaque digital asset transactions. 

Financial Services and the Treasury Secretary Christopher Hui has emphasised that adopting these global standards is crucial to maintaining Hong Kong’s reputation as a responsible and transparent international financial centre, especially as the city seeks to balance innovation in fintech and digital assets with robust regulatory and fiscal safeguards. 

The proposed reporting framework would introduce stricter requirements for registration, enhanced penalties for non-compliance and mandatory reporting obligations for relevant market participants, strengthening authorities’ ability to detect and deter tax avoidance.

While the initiative reflects a deliberate effort to uphold global transparency standards, it also underscores the challenges of regulating an increasingly complex and interconnected digital financial ecosystem.

As consultations continue, stakeholders across the crypto industry are weighing in on the details of implementation and compliance ahead of the planned rollout. 

Manulife (International) Limited and Bupa International Limited have announced a strategic partnership in Hong Kong under a newly signed memorandum of understanding, signalling a joint effort to create a more integrated healthcare network that enhances access, convenience and value for customers.

The agreement, unveiled in mid-December in Hong Kong, reflects a shared commitment by the two industry leaders to respond to evolving healthcare needs amid rising demand for coordinated services and support across the territory. 

At a signing ceremony attended by senior executives from both companies, Patrick Graham, Chief Executive Officer of Manulife Hong Kong and Macau, described the collaboration as a “significant milestone” in the firm’s ambition to be the health partner of choice for individuals and families.

He highlighted that combining Manulife’s extensive insurance platform with Bupa’s deep healthcare services expertise is expected to deliver better health outcomes while addressing the pressures of a rapidly ageing population in Hong Kong. 

Fiona Harris, Managing Director of Bupa Hong Kong, emphasised that the partnership aligns with both organisations’ missions to help people live longer, healthier and more fulfilling lives.

She said that by integrating their capabilities — including digital health innovations and personalised care pathways — Manulife and Bupa plan to reach more residents and introduce new opportunities in healthcare delivery, with a focus on individualised solutions throughout the entire health journey. 

The collaboration is intended to go beyond traditional insurance offerings by combining financial protection with enhanced access to healthcare services, boosting convenience and choice for members.

Customers are expected to benefit from expanded options for care, improved affordability and more seamless support from prevention and early diagnosis to treatment and wellness management. 

Industry observers say the initiative exemplifies how insurers and healthcare providers are increasingly moving toward ecosystem-driven models, leveraging strategic alliances, digital tools and customer-centric approaches to improve value and quality of care.

While further details on the implementation timeline and specific services will be shared in due course, the MoU underscores a growing emphasis on integrated health solutions in Hong Kong’s competitive healthcare landscape.

The Phoenix metropolitan area’s economy, valued at about $398 billion, now ranks among the world’s largest regional economies but remains smaller than that of Hong Kong, a new report has found.

According to a study by the Common Sense Institute Arizona, the Phoenix metro has the forty-third largest economy globally, with output exceeding that of many sovereign states but still falling short of larger international hubs such as Hong Kong and countries like Romania. 

The report highlights Phoenix’s remarkable rise over the past decade, as the region expanded from a mid-tier income area into a high-income economic powerhouse driven by population growth, diversified industry sectors and robust consumer spending.

Phoenix’s economy, now ahead of markets like Chile, the Czech Republic and Egypt, reflects the city’s transformation into a major center for services, technology, healthcare and housing demand. 

Analysts attribute much of the region’s expansion to its business-friendly environment, favorable tax structure and rapid in-migration, which together have bolstered retail sales, construction activity and overall economic output.

Consumer spending in the Phoenix area has increased dramatically since the pandemic, outpacing growth in many other major U.S. metro regions. 

Nevertheless, the report underscores challenges that could temper future growth, particularly rising housing costs that threaten affordability and risk slowing the inflows of new residents drawn by job opportunities and quality of life.

While Phoenix’s economy has almost reached the scale of Hong Kong’s in terms of output, it has not yet overtaken it, illustrating both the strides the Southwestern U.S. city has made and the hurdles it faces in closing the gap with major global financial centers. 

The comparison with Hong Kong, a key Asian economic hub known for its dense commerce, international finance and strategic port activities, highlights the increasing prominence of major American cities on the world economic stage and reflects ongoing shifts in global urban economic rankings as regional centers expand and diversify their economic base.