Hong Kong’s wealth management sector resilient: FS

Financial Secretary Paul Chan said on Sunday that Hong Kong’s asset and wealth management sector remained resilient despite last year’s geopolitical headwinds.

In his weekly blog, Chan said China’s assets under management would reach more than HK$31 trillion in 2023, up about 2.1% year-on-year, with two-thirds of the assets coming from outside the territory.

The CFO added that the SAR remains the second-largest hub for private equity management after mainland China, with private equity fund assets exceeding HK$1.7 trillion last year.

“The above numbers show that despite the changing international geopolitical situation, investors still believe in the prospects of the mainland and Hong Kong markets,” he wrote.

“It is important that we do our job well and continue to explain how the country is constantly improving, how strong the central government’s support for Hong Kong is and how the unique benefits of One Country, Two Systems come from.

In a separate statement, Chan said the city’s flagship carrier, Cathay Pacific, announced it would buy back its remaining preference shares from the government this month, a move that shows the airline industry is moving toward full normality.