Business
Amazon still hiring junior developers, CTO says during Hong Kong visit
- 2026-10-10
- Business
- The Young Reporter
- By: LI Yuzhou Asher、HU Mudi 胡沐迪、Xi Yuke JackieEdited by: CHEN Yongru、ZHONG Xinyun、Wang Yunqi
- 2026-10-10
AI summary: *Amazon CTO Werner Vogels confirmed during a Hong Kong event that the company continues to hire junior developers at its historical rates. *The Hong Kong government plans to launch an 18-month AI upskilling campaign in early 2027 aimed at training roughly 40,000 employees. *PwC data shows 2025 job postings for low-AI-exposure roles reached 1.3 times 2021 levels, while highly exposed roles fell to 80%. —------------------------ Amazon is still hiring as many junior developers as in the past, chief technology officer Werner Vogels said in Hong Kong on Friday, stressing that human skills remain important in the AI era. Speaking to university students, start-ups and technology leaders at Hong Kong Science Park, Vogels delivered a keynote speech titled “The Renaissance Developer” at “Future Builders: The AI Career Dialogue”, hosted by Amazon Web Services (AWS). “Everything that AI generates for you is yours, not that of the tool,” he said. Discussing responsibility for errors in regulated industries, he added, “You can’t say to the regulator, ‘Oh, that was AI.’ No. It’s yours.” “AI transformation is not really about technology, it's about people and the process,” said Chris So, managing director of AWS Hong Kong. He said the event aimed to build a steady flow for Hong Kong talent ready to lead in the AI era. In the 2026 Policy Address, the Hong Kong government announced plans to offer more than 200 training courses and activities by the first quarter of 2028 under its "AI for All" Inclusive Programme. An 18‑month AI upskilling campaign, which will be launched in the first half of 2027, is expected to benefit around 40,000 employees, the government said Sun Dong, Hong Kong’s secretary for innovation, technology and industry, said at the event, “As generative artificial intelligence (AI) flattens the technical learning curve, …
Fintech leaders weigh AI returns as Hong Kong steps up support under Five-Year Plan
- 2026-09-23
- Business
- By: GUO Tongyao 郭童瑶、Zhang Xuan、CHU Ka Ying Ashley 朱家瀅Edited by: ZHOU Yun、LIN Xiaoyou、Wang Yunqi
- 2026-09-23
AI summary: Fintech leaders said AI adoption must deliver business value, with growth, revenue and margins remaining key priorities. Speakers highlighted AI’s potential to personalise marketing while acknowledging its limitations and the need to manage risks. Hong Kong’s First Five-Year Plan supports AI development and adoption by SMEs, while industry leaders see mainland connections as a potential advantage. The APAC Fin.Tech Marketing Conference 2026, held in Central on Tuesday, covered the growing use of AI in marketing, including how fintech marketing executives translate its use into measurable return on investment (ROI). Benjamin Quinlan, chief executive officer (CEO) and managing partner of Quinlan & Associates, said investors and buyers still focus on business fundamentals when assessing companies, despite the growing importance of AI. Growth, recurring revenue, and margins remain key factors, he said. Quinlan added that organic reach has collapsed amid the rapid increase in AI-generated content, as everyone is competing for the same limited amount of human attention and screen time. Addressing the operational side, Carrie Law, CEO and director of WOW Impact Group, said ROI includes both tangible and intangible benefits. Law said companies that send large volumes of generic or poorly targeted emails risk low returns on investment, open rates and engagement. She said AI could help marketers use customer behaviour data to tailor messages to individual customers rather than sending the same content to everyone. Stephen Wong, head of regional business solutions for Hong Kong, Macao and Taiwan at Xiaohongshu, said that authentic data can help brands identify the customer segments they need to reach. He added that AI could help users complete roughly the first 70% of a task. While AI can efficiently assist in those initial stages, moving from 70% to 90% remains exceptionally challenging because of the frameworks and logic within which AI models …
Hong Kong plans gold clearing system to strengthen role as trading hub
- 2026-09-19
- Business
- By: LIU Yingxi 劉穎熙、TANG Choi Luen 鄧載鑾、CHAN Cheuk Kiu 陳芍僑Edited by: TANG Siqi、Zhou Xinying、Wang Yunqi
- 2026-09-19
AI summary *Hong Kong plans to launch a central gold clearing and settlement system in the first quarter of 2027. *The Hong Kong Monetary Authority is also considering increasing the Exchange Fund’s gold holdings. *An independent commentator suggested limiting the combined allocation to gold, silver, hedge funds and bitcoin to 10% to 20% of a portfolio. Hong Kong plans to launch a central clearing and settlement system for gold in the first quarter of 2027 as part of efforts to build a modern, full-chain gold trading ecosystem, the government said at a press conference on Friday. The initiative was outlined in the city’s first five-year plan for economic and social development for 2026 to 2030 and the 2026 Policy Address. Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said gold and commodities are among the new engines for Hong Kong's future market development. Hui said the precious metal clearing system had operated smoothly during its pilot phase. “In terms of the quantum of gold that's been deposited through the system, I would say it has also been material.” Hui added, “The material quantum of the gold being deposited through the system is also a good sign that our overall plan to build Hong Kong into the international gold market has been well‑recognized.” As of Sep. 17, the SPDR Gold Trust (02840) had a fund size of US$147.47 billion. In comparison, the Hang Seng Gold ETF (03170) had assets under management of US$220.77 million. Retail investors in Hong Kong are generally more concerned about investment choices, potential returns, and risks than the operation of clearing and settlement systems, said Kenny Wen, an independent stock commentator. Wen said gold could play a role in investment portfolios. He suggested limiting the combined allocation to investments such as gold, silver, hedge funds …
Policy Address 2026: Data visuals put Hong Kong’s new growth measures in context
- 2026-09-19
- Business
- By: Zhang Xuan、LIU Yingxi 劉穎熙、TANG Choi Luen 鄧載鑾Edited by: TANG Siqi、CHEN Yongru、Wang Yunqi
- 2026-09-19
AI summary: New listing measures target overseas and technology companies. Tourism initiatives aim to extend visitor stays and increase spending. IPO and family-office policies aim to attract global capital. Hong Kong Chief Executive John Lee Ka-chiu delivered the 2026 Policy Address on Wednesday alongside the city’s first Five-Year Plan, outlining various measures to strengthen the city's status as an international financial centre, boost tourism, and attract international capital and family offices. The following charts provide context on Hong Kong’s fiscal position, tourism development, family-office policies and IPO market. Fiscal position provides the policy backdrop The Five-Year Plan says the Budget will provide resources for implementing the Policy Address and the plan while safeguarding the government’s financial sustainability. Flourish chart Sources：Financial Services and the Treasury Bureau Hong Kong’s fiscal deficit before bond issuance and repayments is projected to fall to HK$78.2 billion in 2026–27 from HK$188.3 billion in 2022–23. Tourism measures seek longer stays and higher spending Flourish chart Sources：partnerNet Flourish chart Sources：PartnerNet The 2026 Policy Address seeks to increase visitor spending and length of stay through “+ Tourism” initiatives. The Hong Kong Tourism Board will promote multi-destination itineraries with airlines and connect event organisers with retailers, restaurants and tourism-related organisations to provide ticket-stub offers. The government estimates that total tourism consumption related to inbound tourism will reach HK$238.1 billion in 2026, up about 9.5% year on year. According to The First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region, by 2030, the proportion of non-Mainland visitors among overnight visitors is targeted to reach 40%. Family-office measures The 2026 Policy Address says the government will step up promotion following the passage of legislation enhancing preferential tax regimes for funds, single-family offices and carried interest. Flourish chart The target to assist no fewer …
Policy Address 2026: Hong Kong targets over 35,000 public housing units a year
- 2026-09-17
- Business
- By: LI Yuzhou Asher、HU Mudi 胡沐迪、GUO Tongyao 郭童瑶Edited by: Zhou Xinying、LIN Xiaoyou、Wang Yunqi
- 2026-09-17
AI summary: Hong Kong plans to produce over 35,000 public housing units a year on average over five years starting in 2027/28. Increased supply could shorten housing queues, but one academic said tackling wealth and income inequality is also essential. The government is also tackling public housing abuse. Hong Kong will continue to increase public housing supply and combat public rental housing (PRH) abuse, Chief Executive John Lee Ka‑chiu said in his Policy Address 2026 on Wednesday. “The current-term Government has laid a solid foundation for, and is entering the harvesting phase of, public housing production, ” Lee said. “In the next five years, from 2027-28, public housing production will exceed 35,000 units a year on average.” HO Hang-kei, an Adjunct Associate Professor in the Department of Anthropology at The Chinese University of Hong Kong whose research interests include housing policy, commented that ramping up PRH supply is a positive measure. “I think this is great because, as we know, Hong Kong has been experiencing a shortage of public housing units, so as you can see from previous figures, the queue was very long,” Ho said. “And I think by having more supply, I think it's going to decrease the waiting time for many people actually need them, especially a lot of people are now kind of in the use of temporary housing.” Ho said that there would be some short-term kind of pain, such as a fiscal deficit. But over the medium to long term, he thought the increase in housing supply would benefit Hong Kong. More stable housing could help residents feel more secure about their work, education and other aspects of their lives, he said. However, Dong Ding, an Assistant Professor in the Department of Accountancy, Economics and Finance at Hong Kong Baptist University, said that more …
Policy Address 2026: Two AI models identify Offshore RMB business as a key theme
- 2026-09-17
- Business
- By: Xi Yuke Jackie、CHU Ka Ying Ashley 朱家瀅、CHAN Cheuk Kiu 陳芍僑Edited by: ZHOU Yun、ZHONG Xinyun、Wang Yunqi
- 2026-09-17
Hong Kong will consolidate its status as a global financial centre by deepening offshore renminbi (RMB) business and capital markets, said Chief Executive John Lee Ka-chiu during his Policy Address speech on Wednesday. When used to analyze the international financial centre sector, AI models Gemini and Doubao converged on consolidating Hong Kong's role as a global offshore RMB hub as the premier priority within this domain. Doubao prioritised the offshore RMB hub for its immediate, actionable measures, whereas Gemini framed it as Hong Kong’s core strategic advantage amid shifting global trade patterns and emerging-market de-dollarisation. Hong Kong is the world’s largest offshore RMB business hub, Lee said in the policy address. He also said the government will continue to boost market development in the following five areas: Enhance Liquidity, Expand the Dim Sum Bond Market, Diversified Products, Diversify Risk Management Tools and Asset Uses and Deepen External Collaboration and Promotion. On new initiatives, Doubao and Gemini identified identical core upgrades. These include expanding the RMB Business Facility to RMB 500 billion with tenors of up to three years , introducing the Hong Kong Monetary Authority’s seven-day liquidity tender, launching the Hong Kong Exchanges and Clearing Limited Offshore RMB Bond Index, and adding RMB counters to Southbound Stock Connect. According to data from the Hong Kong Monetary Authority (HKMA), the size of the RMB business facility increased fivefold from October 2025 to July 2026. The Policy Address mentioned that the facility channels funds to regions such as the Association of Southeast Asian Nations (ASEAN), the Middle East and Europe. Alongside the 2026 Policy Address, Lee also released Hong Kong’s First Five-Year Plan (2026–2030), which establishes the medium-to-long-term blueprint to strengthen governance, accelerate Northern Metropolis development, align with national strategies, and drive sustainable economic and social growth. Both AIs agreed that the …
Policy Address 2026: Hong Kong government to call for private sector bids to build student housing
- 2026-09-16
- Society
- By: MA Yifan Chloe、SHI Puxuan AmyEdited by: CHEN Xiyun
- 2026-09-16
The Development Bureau will put the first student-hostel designated site up for sale this financial year, Chief Executive John Lee Ka-chiu said in today’s policy address. The tendered land will be from Kai Tak, Siu Lek Yuen, Shatin or Tung Chung East, according to the February release of LegCo, with no further details released. The land-selling initiative comes under the Hostels in the City Scheme, jointly launched by the Development Bureau and Education Bureau in July last year, and encourages dormitory developers from private sectors. The scheme was previously limited to the conversion of office buildings and hotels into student housings when introduced in the policy address last year. Ho Hang-kei, a professor researching housing policy at the Chinese University of Hong Kong, said, developing new sites, as opposed to converting existing buildings, will compete for limited construction human resources in the market. He added that it may curb the number of building projects that can commence in the same period. “But in the medium term, I think that’s going to be quite an attractive position, given the steady stream of students and high occupancy rate,” he said. As of April, existing market-run student hostel projects have recorded an occupancy rate of between 98% and 100%, according to the report from Jones Lang LaSalle. Sun Yichen, 22, a master student at City University of Hong Kong, moved into the Yuè Residence in Kowloon in August this year since she failed to secure a place in the on-campus hall in June. Sun thinks that the hostel needs better security arrangements. “It’s very late for me to finish the class at 10 p.m. every night,” she said. “Temple Street draws heavy foot traffic after dark, and there is only one security guard on duty downstairs at the dormitory,” she added. TYR reporters …
Policy Address 2026: Hong Kong moves forward with shift to digital trade
- 2026-09-16
- Business
- The Young Reporter
- By: XIE Xinni Cindy、LO In Fei FayeEdited by: Li Yinheng
- 2026-09-16
Hong Kong is accelerating its digital trade initiatives by expanding paperless trade documentation and freight data sharing platforms, Chief Executive John Lee Ka-chiu said in the policy address today. The government confirmed its goal of granting electronic trade documents the same legal validity as traditional paper documents in a response to the Legislative Council in April. “The government will introduce a bill on facilitating the digitalisation of ‘business‑to‑business’ trade documents,” Lee said. The Hong Kong Monetary Authority launched the Cargox pilot programme in May in collaboration with 21 major banks and leveraged the previously established Commercial Data Interchange infrastructure, with both programmes facilitating digital trade. Philip Li, manager of ICBC (Asia) Market Financing Department, said banks have more channels to access business data from small and medium-sized enterprises through these digital trade information platforms. “These third-party digital platforms add greater credibility to corporate information,” Li said. According to HKMA's research, the infrastructure narrows information gaps between banks and SMEs, helping smaller firms, especially young startups, obtain better loan terms with lower interest rates and less collateral required. Dong Xiaole, founder of Fortunae Limited, said everything in the trading process is becoming digitised, but the number of steps involved may have increased. “For instance, simply stamping a document is so easy, just one quick action, whereas electronic seals require more creation and verification steps,” Dong said. Chan Ka Ming, the Chief Operation Officer of Meat the Next Research and Development Company Limited, said when using electronic systems to process food customs declaration documents, it is necessary to backtrack and redo steps after an initial attempt, resulting in repetitive actions. “Regarding the CDI and Cargox launched by HKMA, we have only looked into it so far and haven't actually tried using these tools yet,” Chan added. According to the policy address, digitisation …
Policy Address 2026: Hong Kong to support AI training for employees and SMEs
- 2026-09-16
- Society
- The Young Reporter
- By: YANG Shuyi、Yutong SuEdited by: Lou Zhengzheng、QIN Ziyang
- 2026-09-16
The policy address proposed several AI training programs to support employees in enhancing practical AI skills and optimized the existing AI support program for small and medium-sized enterprises. The government will release more than 200 training courses and activities under the “AI for All” programme before the first quarter of 2028. The government’s Employees Retraining Board will release an 18-month AI upskilling campaign in the first half of 2027, offering free online courses on workplace AI applications, expected to benefit at least 40,000 employees. Calvin Cheng, the Executive President of the Hong Kong Small and Medium Enterprises Association, said that with subsidies from the government and corporate training, employees would be more willing to spend time learning how to use AI. “Many employees hold conservative views against AI, fearing job displacement,” Cheng said. “Companies need to educate their employees that AI is not meant to replace them, but to help improve their work efficiency.” According to Peter Shum, Deputy Chairman of the Federation of Hong Kong Industries, a lack of clear AI strategies from management creates a gap with employees keen to adopt AI but remaining cautious due to data leakage and security risks. Microsoft’s May 2026 Work Trend Index reveals that only 19% of AI users in Hong Kong believe their leadership has set a clear and consistent AI strategy. “The market is flooded with information about AI for SMEs, leaving them confused and unsure of what to do,” said Cheng. “The government can provide some successful showcases as guidance for them.” According to the Census and Statistics Department, as of March 2026, there were approximately 360,000 SMEs, accounting for more than 98% of the enterprises in Hong Kong. “The government needs to prioritize supporting SMEs in the field of AI, because large companies have substantial financial resources to …
Red minibus drivers struggle as ridership plunges and fuel costs rise
- 2026-05-13
- Society
- The Young Reporter
- By: CHEUNG Ka Yi Ann、ZHENG Yuan ElaineEdited by: CHAU Wing Yau
- 2026-05-13
At Kwun Tong Yue Man Square Public Transport Interchange, one of the city’s busiest transport hubs, 55-year-old red minibus driver Saniel Ng would clock off from a 13-hour shift at 9pm on most days with a take-home pay of just about HK$1,000. As Ng looked around the transport interchange, he noted that even though there were some queues of passengers waiting for red minibuses, ridership was not what it used to be. “Bus companies have taken away the business,” said Ng, who has been a red minibus driver for more than 20 years. “Without enough passengers, it’s hard to survive.” For decades, Hong Kong’s red minibus has been better known for its high speed and unruly round-the-clock service. But the trade is at risk of becoming a remnant of old Hong Kong as the city’s mass transport network continues to modernise. There are two types of public light buses, differentiated by their roof colours and service flexibility. Red minibuses operate on flexible routes with fares that drivers can adjust based on demand and the time of day, whereas green minibuses run on fixed routes and schedules set by the government. Red minibuses are disappearing, with passenger numbers falling by more than half, or 50.5%, from 295,000 in 2017 to 146,000 in 2024, according to Transport and Logistics Bureau data compiled in a Legislative Council research report published in March last year. Commercial vehicles in Hong Kong must obtain operational licences from the Transport Department. The price of a minibus operating licence, for both red and green minibuses, also dropped 47% between 2022 and 2024, from HK$1.7 million to HK$900,000, far below its 2014 peak of HK$5.5 million. Despite green minibuses having recorded a recovery in passenger volume since 2022, red minibuses have continued to see a decline in their passenger …