Xinhua News Agency, Hong Kong, April 24th, Question: Hong Kong's financial circles work together to fight the "epidemic" and stabilize the market
Xinhua News Agency reporter Li Binbin
As an international financial center, Hong Kong has 260,000 employees in the financial industry, and the financial industry accounts for 19% of Hong Kong's GDP. During the New Coronary Pneumonia epidemic, Hong Kong's financial industry adopted multiple "hard-core" measures to ensure the stability of financial activities, and took advantage of its own advantages to participate in social assistance.
Multiple measures by financial institutions to safeguard financial activities
Various banks serving the people of Hong Kong have launched various measures to prevent and prevent epidemic.
A reporter recently came to the branch of BOC Hong Kong Wing On Group Building in Central. I saw that there was disinfectant hand sanitizer at the entrance. The staff first used an infrared tester and a frontal thermometer to measure the temperature of the customer. A 1.5-meter yellow line spacer attached to the floor of the hall reminds customers to keep an appropriate distance. The flow of people is much less than usual.
During the epidemic, BOC Hong Kong assisted customers in using electronic channels to conduct business, and employees took turns to go to their offices and some at home. At the same time, in order to reduce aggregation, some of the 194 branches of BOCHK in Hong Kong are currently suspended.
In the meeting room of Bank of Communications International, the reporter witnessed Gao Tingting, director of the securities business department, training about 200 fixed-line overseas customers through online webcasts and answering online questions.
"We tell customers through online training and interaction that both bear market and bull market are an economic cycle, and there are corresponding products that match the market, so you don't have to panic." Gao Tingting said.
Tan Yueheng, the permanent honorary chairman of the China Securities Association of Hong Kong and chairman of the Bank of Communications International, said that the company carried out a comprehensive deployment at the early stage of the epidemic. Online business capabilities including online services.
Various financial departments in Hong Kong have also made every effort to respond to the epidemic. Li Luren, chairman of the Hong Kong Financial Development Council (FDB), said that during the epidemic, the BFA used a remote office mechanism to encourage employees to work from home. The internal meetings of the BFA were mainly changed to online or telephone conferences.
"Cloud knocking gong" sounded the gongs listed online
Hong Kong has strong regulatory capabilities and internationally leading infrastructure to ensure the stability and resilience of Hong Kong ’s financial market during the epidemic.
At present, Hong Kong ’s capital and liquidity remain ample, and the Bank of Hong Kong concluded that the balance remained stable at 54 billion Hong Kong dollars at the end of March. As the Hong Kong dollar triggered a strong exchange guarantee, the summary balance rose to 60.6 billion Hong Kong dollars on April 23. The total deposits in the Hong Kong banking system at the end of February were 13.75 trillion Hong Kong dollars, and there was no significant outflow of funds.
The Hong Kong capital market continues to remain active. In the first quarter of 2020, the average daily turnover of the Hong Kong securities market was HK $ 120.9 billion, an increase of 20% year-on-year; the total capital raised in the Hong Kong capital market was HK $ 93.4 billion, an increase of 107% year-on-year.
However, during the epidemic, the Hong Kong Stock Exchange still canceled the on-site gong listing ceremony. On March 23, the "Cloud Knock Gong" network listing ceremony was officially launched, replacing the previous on-site listing ceremony of the Hong Kong Stock Exchange with online video.
Kangfang Biotechnology (Cayman) Co., Ltd. was listed on the Hong Kong Stock Exchange on April 24. It is the second company listed on the Hong Kong Stock Exchange through the "cloud knock gong". Its stock price rose 48% on the first day of listing and closed The rise of more than 50% has once again ignited investors' enthusiasm for Hong Kong stocks.
The Hong Kong financial industry has taken various measures to help enterprises overcome difficulties
During the epidemic, Hong Kong ’s financial institutions also took the initiative to assume social responsibilities and assisted all walks of life in various ways. Li Luren said that some insurance companies provide free new coronary pneumonia insurance protection for medical staff and frontline cleaners; some banks provide loans under the SME financing guarantee plan and provide mortgage repayment arrangements for some mortgage loan customers.
Since the launch of anti-epidemic and epidemic prevention measures, BOCHK has received more than 10,000 inquiries from customers, and has now implemented more than 3,000 applications. Among them, there are many inquiries about the repayment of property mortgage loans and the special SME anti-epidemic loan program.
The Hong Kong SAR Government has launched a phased anti-epidemic fund to provide assistance to affected enterprises and citizens. For example, employment protection schemes that provide wage subsidies to employers, secured loan schemes that help companies with capital turnover, and relaxation of eligibility for CSSA to support the unemployed.
SMEs in Hong Kong account for more than 98% of all business units and provide about 45% of jobs in Hong Kong. Hong Kong has introduced relief measures such as "100% guaranteed preferential loans" to provide support to SMEs.
As Xu Zhengyu, who has just assumed the post of Secretary of Financial Affairs and the Treasury of the Hong Kong Special Administrative Region Government, although facing difficulties and challenges, Hong Kong ’s financial genes remain unchanged, and it can use its advantages on the basis of Hong Kong as a fund-raising center to strengthen its asset management business. To take advantage of Hong Kong ’s link between the mainland and the international community and strive for development in financial technology and green technology.