You've spoken to your members I'm sure the last 72 hours or so.
Robert what was the response so far to the easing of these restrictions in Hong
Kong. Thanks for having me.
So far the feedback has been very positive.
Obviously we've been for the past two and a half years or so have been under
pretty strict restrictions.
But I think it still is a positive sign to see the new term government gradually
easing moving from three plus four to zero plus three.
And we're going to keep the pressure on and we hope to see subject to the actual
situation and how the pandemic pans out. And as long as the medical facility and
capacity can handle it we want to push for further opening up because frankly a
lot of businesses or families. It's it's it's a good sign.
We want to resume back to normal as soon as possible.
And for a lot of businesses we need to see clients and evaluate deals look at
investments. So it's been a generally positive.
I think so far Robert.
I mean while this has been going on gradually wouldn't be eroding this
this place is a financial hub now. Do you have any kind of positive
feedback to give us as to perhaps a window when you got next month.
Will we see this relax and say well I think that's it.
If if the trend continues as we're seeing right now and the the the figures
are maintained stable I think there is reasonable amount of hope that it will
continue to relax continue to open up. I think it is also in the best interests
of Hong Kong as we obviously where international city.
You want to connect with the world. We need to continue promoting business.
Right. So
a lot of the a lot of the piece about competition with Singapore or other
places that in combination is good. It makes us stronger makes us trying to
do better. So each each place is kind of in a
different place. Right.
But I think for us we're definitely moving forward with new leadership.
I think with the new term for members we're working hard to get a lot of this
feedback. And I think
like I mentioned businesses families. We're all very hopeful that things can
resume back to normal as soon as possible.
So the gradual opening up I think will we'll be helpful and we'll keep that
pressure on. That's one border.
Robert how about the other one to the mainland where really a lot of wealth
managers are based here. A lot of the businesses at the
brokerages are mainland clients for example.
Where are we on that conversation. I think it's
the the stance for this area government has really been to be very scientific
about it. I think they're balancing the interests
of elderly people people or and with illnesses and young children and things
of that sort. And at the same time the opening gradual
opening and looking at the problem from different angles.
So if we can open international first of course that's something that we will
work hard on achieving in terms of the mainland.
I think ideally yes we can have a resume back to normal 100 percent.
Right. But if we had to choose I think it's
it's helpful to work on the pieces that is possible to to maneuver and then
maybe on a restricted basis with mainland to the extent that we can open
up a little bit further then know we will we will work hard to try to open it
up. But again I think a lot of it does
with the mainland situation and the population's bigger and the medical
facilities and and and the actual numbers may differ from place to place.
So it is definitely RTS and emphasis to try
to open up as much as possible in all areas.
But at the same time we have to be realistic and see if we can open
international first. Let's let's do that person and work on
mainland afterwards. How much do you think Hong Kong is a
test for mainland China. On whether China reopens.
Robert do you think there's there's a correlation in that way.
Well I think the strength of Paul. All right.
Obviously the much has been said about whether it's capital or talent moving
away. But I think that capital can come back
as long as we continue to open up. The fundamental aspects of Hong Kong
remain the same. Right under one country two systems are
still in a unique position. It has strategic advantages.
And I think generally speaking despite you know a weak investor sentiment and
geopolitical tensions I think countries and regions they want to grow.
Right. Businesses need to grow.
And so Hong Kong has will still be the place where a lot of investors who want
to tap into the Chinese markets as it continues to reform and open up is still
a good place to to to be a financial international financial centre.
So I think. Robert.
Yeah. Yeah.
Robert I mean but the thing is that foreigners I mean talking to sales
traders that they don't see much interest at the moment in equities being
traded here in Hong Kong. They need to get that interest back.
And it's going to take more than just saying you're the global financial hub
for offshore yuan you got to bring the whole package together.
What do you need to do here to get people interested again in this special
administrative region. Well I think it's obviously this is
we're we're in the midst of a pretty pretty weak investment sentiment.
As mentioned previously. But I think we're more than about just
equities. Right.
And I think more than just a local market.
I mean Hong Kong health there's professional services.
Obviously we're establishing ourselves as kind of with emphasis on wealth and
asset management with the various connect.
Right. So I think even during this pretty tough
time we've seen ETF the next Walk Connect and I think there is reason to
hope and reason to see other index go will continue.
For example perhaps IPO connected commodities connect.
And so I think in a lot of the conversations whether here with the
local government with the Financial Services and Trade Bureau or with their
mainland counterparts in China there's that's going to be continue to be the
push. So I think what's what's will bring
opportunities and hope is is that further opening up.
So for example Wealth Connect is something that is a scheme that's been
launched. Right.
But obviously right now it's on a limited basis mostly involving a banks
20 or so financial institutions doing relatively conservative products like
time deposits and things of that sort. But once you gets that can be opened up
for more financial institutions doing a wide variety of products equities
derivatives commodities fixing. And then you will see the opportunity
and I think you will see the people and the capital flowing back and people will
look for opportunities. So I think that's where the attraction
is.