London Daily

Focus on the big picture.
Tuesday, Sep 09, 2025

Hong Kong’s role as finance hub can withstand quarantine, SFC chief says

Hong Kong’s role as finance hub can withstand quarantine, SFC chief says

The head of Hong Kong’s securities regulator, who is undergoing compulsory quarantine, believes the city’s zero-Covid approach, will not affect its status as a finance centre

The head of Hong Kong’s securities watchdog categorically defended the government’s restrictive quarantine policy, saying that it will not affect the city’s status as a global finance hub.

“There will be no long-term impact on Hong Kong as an international financial centre,” said Ashley Alder, chief executive of Securities and Futures Commission.

Alder, who is currently undergoing a 21-day quarantine after returning from the COP26 climate summit in Glasgow, answered media queries from his hotel room as he remotely took part in the SFC Regulatory Forum.

Other financial centres like Singapore, London and New York have eased travel restrictions and opted for “living with Covid”. Hong Kong, on the other hand, has adopted a zero-Covid-19 policy and requires travellers to undergo up to 21 days of compulsory quarantine.

“The other cities cannot replicate what we are doing,” he said. “Hong Kong has a range of successful cross-border trading schemes with the mainland, including the two Stock Connect schemes, Bond Connect and Wealth Management Connect schemes.”

He pointed out that other cities did not have such mechanisms for moving capital in and out of the mainland.

Alder, who is currently in the last week of quarantine, said his personal experience has been fine. “I personally find that I have more time and space to think.”

The SFC chief said he understood the concerns of the financial sector about the quarantine rules, but said the Hong Kong government would need to achieve a balance as it focuses on reopening the border with the mainland first.

The first phase of the much-anticipated reopening of the border between Hong Kong and mainland China, without having to undergo Covid-19 quarantine, was brought forward to early next month from the original start date of December 17, the Post reported last week, citing sources.

International financial firms have urged Hong Kong to ease its zero-Covid-19 approach.

A survey compiled by the Asia Securities Industry and Financial Markets Association found that nine out of 10 of the association’s members were finding it difficult to operate here because of the highly restrictive Covid-19 policies. Some 48 per cent of respondents were contemplating moving staff or functions away from Hong Kong amid such challenges, the survey showed.

The association, which counts 150 banks and asset managers as members, including BlackRock, Goldman Sachs and JPMorgan, last month sent a letter to Financial Secretary Paul Chan Mo-po, urging him to give a clear road map of how the city plans to resume normal operations like other international financial centres.

Hong Kong’s mandatory quarantine measure requires residents returning from overseas to undergo up to 21 days of isolation in a government-mandated hotel.


At Thursday’s forum, SFC deputy chief executive Julia Leung Fung-yee said that local brokers and financial firms do not face systemic risks arising from the debt crisis affecting mainland developers like China Evergrande Group and Kaisa Group Holdings.

Highly indebted Chinese developers have been trying to buy time with partial repayments and debt restructurings in recent months amid a liquidity crunch after Beijing instituted new rules designed to stem speculative bubbles in the residential property market.

“We have stress tested and confirmed the risks arising from the debt crisis of mainland developers, such as Evergrande, are manageable,” Leung said. “The buyers of the high-yield bonds are usually professional investors who are more sophisticated and can manage the risks.”

Newsletter

Related Articles

0:00
0:00
Close
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
Generations Born After 1939 Unlikely to Reach Age One Hundred, New Study Finds
End to a four-year manhunt in New Zealand: the father who abducted his children to the forests was killed, the three siblings were found
Germany Suspends Debt Rules, Funnels €500 Billion Toward Military and Proxy War Strategy
EU Prepares for War
BMW Eyes Growth in China with New All‑Electric Neue Klasse Lineup
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Brand-New $1 Million Yacht Sinks Just Fifteen Minutes After Maiden Launch in Turkey
Here’s What the FBI Seized in John Bolton Raid — and the Legal Risks He Faces
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
×