Even though the financial services industry in Hong Kong registered broad-based growth, strong growth momentum and positive structural trends last year, the city still needs to explore more avenues for boosting quality growth, the Financial Services Development Council said.

The Hong Kong Special Administrative Region government’s high-level advisory body for the financial services industry hosted a press conference on Wednesday to review the work progress in 2025 and the work priorities for 2026.

“With the international system becoming definitively more messy and fragmented, Hong Kong stands out as one of the few places that can offer this combination of growth, stability and policy predictability, providing both a platform for growth and a harbor for risk diversification,” FSDC Chairman Benjamin Hung Pi-cheng said at the press conference.

“The key is to differentiate what the underlying structural or long-term trends are that Hong Kong can leverage strongly with a view to strengthening Hong Kong’s long-term competitive edge against other important financial centers. Hong Kong’s role has never been more important in this process,” the chairman added.

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In terms of equity fundraising, Hong Kong ranked second globally in the first half of 2026, after the mega share sales of SpaceX on the Nasdaq market in the United States in June.

“Hong Kong should still pride itself in its ability to attract and attain the type of pipeline and the breadth of new economy industries the city is listing. Hong Kong should continue to find ways to diversify both its listing issuers and potential future investors to enhance IPO (initial public offering) quality rather than just purely focus on the quantity play,” Hung said.

FSDC Vice-Chairman Daniel Fung Wah-kin added: “I think the long-term trends and structures are very much favor Hong Kong. For the extraction industries from ASEAN (Association of Southeast Asian Nations) and the Central Asia region, which used to list traditionally in London and Toronto, they (now) choose to list in Hong Kong for geopolitical reasons.”  

Amy Lo Choi-wan, an FSDC board member, said the advisory body is very positive on the wealth management industry in Hong Kong.

“One of the growth drivers for the wealth management industry is the wealth creation in the region.  Another trend we have been observing is the intergenerational transfer of assets, and we will witness a transfer level (of) $11 trillion just in Asia,” she added.

Lo said that the local wealth management industry has been making proposals to the government and regulator regarding the expansion of the Wealth Management Connect in terms of product lines and quota. “If this can get implemented, I will see a continuous flow to Hong Kong.”

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Both Hung and Lo are also positive about Hong Kong’s niches in building the commodity trading ecosystem. Last week, the SAR government commenced the trial operation of a new central clearing and settlement system for gold in Hong Kong.

“It is a significant opportunity for Hong Kong as the Chinese mainland is the world's largest consumer of commodities, while the entire Asia region lacks a strong commodity trading center,” Hung said. He also said that global commodities are currently priced in US dollars, and he is concerned that multi-currency pricing may struggle to emerge in the future.

Lo said that both central banks and family offices hold gold reserves, and said she believes that Hong Kong’s development into a gold storage center will serve as an advantage.

Rocky Tung Yat-ngok, executive director of the FSDC, said the think-tank will release a report in August focusing on patient capital, improvements and enhancements to the financial infrastructure, and connectivity mechanisms. Next year, a key report will be released on the impact of new technologies on the overall economy and the financial industry.

The FSDC is closely monitoring the Central Asian market and is expected to visit Central Asian countries in August. Representatives from a Kenyan pension fund have visited the FSDC to explore investment opportunities in Hong Kong and on the Chinese mainland.