A top official in Hong Kong has reiterated the city's free port status and the attractions for wealth management.

International investors continue to give Hong Kong’s equity, bonds, foreign exchange and wealth management markets a vote of confidence, with foreign cornerstone investment in initial public offering deals at a five-year high in both capital and proportion, Hong Kong’s Financial Secretary, Paul Chan Mo-po, is quoted as saying yesterday.

The comments come after fresh data shows that Hong Kong is on course to take the top spot for initial public offerings (IPOs) in 2025.

“Amidst global uncertainties, Hong Kong will, as always, uphold its status as a free port under the principle of ‘one country, two systems,’ maintaining a low and simple tax regime and transparent, predictable economic policies. The city continues to welcome international investors, including those from the United States, to develop and thrive here,” Chan wrote.

Chan, who is slated to join China’s delegation to the 2025 annual meetings of the World Bank Group and the International Monetary Fund in Washington this week, said in his blog (according to a translation from China Daily) that Hong Kong’s strong links with the Chinese mainland, global reach and its international depth of capital and talent, stand out even more today. 

Chan thinks that the Greater Bay Area’s growing appetite for diversified asset allocation remains a key driver behind Hong Kong’s emergence as a leading cross-border wealth management hub.

“We’re encouraged to see many international financial institutions expanding their wealth management teams and even doubling their office space in Hong Kong this year, underscoring their confidence in the city’s long-term prospects,” he said.