|2023/11/06||HKEX Consultation Paper on GEM Listing Reforms|
The Chamber welcomes the HKEX’s proposals to enhance the GEM Listing regime in light of the recent significant decline of listings. We nevertheless suggest that greater strides should be taken to attract GEM’s main intended beneficiaries – growth and small and medium sized companies (SMEs), who are crucial contributors to Hong Kong’s economy and prosperity as an international financial city – so as to facilitate the success of such reforms. Recommendations on how to achieve such objectives, comprising cost reduction and relaxing financial eligibility requirements for GEM listing, reducing the profit requirement for entry to the Main Board, as well as enhanced promotion and outreach, are also outlined in the response.
|2023/10/05||Consultation on the Introduction of a Patent Box Tax Incentive in Hong Kong|
The Chamber welcomes and supports the proposals to introduce a patent box tax incentive in Hong Kong as this would encourage businesses to engage in more R&D and IP trading activities in the city. To further strengthen Hong Kong’s tax competitiveness as an international innovation and technology centre, and a regional IP trading centre, we suggest that consideration should be given to such aspects as taxing IP income at a lower rate, as well as widening the scope of eligible IP-related asset and income.
|2023/09/19||HKMA Consultation Paper on Review of the Three-Tier Banking System|
The Chamber is generally supportive of the Hong Kong Monetary Authority’s proposals to simplify the existing three-tier banking system – through merging Deposit-taking Companies with Restricted Licence Banks to form a new second-tier - and recognize the benefits of such reforms as enhancing the industry’s role in strengthening Hong Kong’s status as an international financial centre. At the same time, we suggest that consideration could be given to further consulting key industry stakeholders on the potential implications of such changes on the banking system, so as to achieve a balanced and sustainable implementation of the initiative.
|2023/09/19||Chamber Submission to the 2023/24 Policy Address|
The Chamber has offered recommendations on the Government’s policy priorities for Chief Executive John Lee’s formulation of his second Policy Address in the face of unprecedented challenges.
|2023/09/05||Consultation on the Proposal to Regulate and Phase Down Hydrofluorocarbons|
The Chamber welcomes the proposals to regulate such powerful greenhouse gases with high global warming potential and suggests that the Government takes into account the operational practicalities that businesses are faced with during the implementation. We propose that the Government defer the implementation of the ban on sale and supply, as well as on-product labeling requirements, to allow businesses more time to comply with minimal disruptions.
|2023/07||Consultation on the Enhancement of Climate-related Disclosures under the ESG Framework|
The Chamber supports global efforts to develop common standards for ESG reporting as they could provide a useful reference guide for investors and issuers. We venture to suggest a deferral of implementation of mandatory climate-related reporting standards to allow sufficient time for all market participants, especially smaller cap issuers, to comply. The proposed mandatory requirements should also consider such factors as practicability and proportionality to avoid listing rule violations.
|2023/07/11||Legislative Proposal to Streamline the Arrangement for Extension of Land Leases|
The Chamber welcomes and supports the Development Bureau’s legislative proposal to streamline the arrangement for the extension of land leases as it would enhance clarity and certainty, as well as reduce cost for businesses and households. We venture to suggest that consideration be given to such aspects as including special purpose leases in its scope and extending the gazette notice period to allow greater certainty for commercial planning and investment purposes.
|2023/06/07||Consultation on Refinements to Hong Kong’s Foreign-sourced Income Exemption Regime (FSIE) for Foreign-sourced Disposal Gains|
The Chamber suggests that the source of disposal gains should be determined based on the location or jurisdiction where relevant economic activities were carried out, providing greater clarity for businesses and aligning with principles of source-based taxation.
|2023/04/26||First-stage Consultation on Enhancing the Review Mechanism of the Statutory Minimum Wage|
The Chamber recommends that the review mechanism of the Statutory Minimum Wage (“SMW”) be left unaltered, and has also submitted comments on the relevance and necessity of a SMW.
|2023/03/31||Consultation Paper on the Proposed Regulatory Requirements for Virtual Asset Trading Platform (VATP) Operators licensed by the Securities and Futures Commission (SFC)|
The Chamber welcomes the SFC’s introduction of a new regulatory framework for licensed virtual asset trading platform (VATP) service operators as well as proposals to allow retail investors to access services delivered by the former, provided that there is balance between supporting the development and demands in virtual asset trading, and providing robust protection to investors and market integrity. At the same time, the Chamber notes that there exist differences in industry views on the necessity and sufficiency of certain proposed investor protection mechanisms.