Christopher Hui

Christopher Hui Ching-yu (Chinese: 許正宇; born 1976) is a Hong Kong politician and government official. Since 2020, he has been Secretary for Financial Services and the Treasury.

In this Hong Kong name, the surname is Hui. In accordance with Hong Kong custom, the Western-style name is Christopher Hui and the Chinese-style name is Hui Ching-yu.
The Honourable
Christopher Hui Ching-yu
許正宇
Hui in 2020
Secretary for Financial Services and the Treasury
Assumed office
22 April 2020
Chief ExecutiveCarrie Lam
John Lee
Preceded byJames Lau
Personal details
Born1976 (age 46–47)
British Hong Kong
NationalityChinese (Hong Kong)
Political partyDemocratic Alliance for the Betterment and Progress of Hong Kong (DAB)
Alma materUniversity of Oxford
INSEAD

Biography

Hui is the son of a veteran pro-Beijinger Hui Wang-chuen who is a leader of one of the major Fujian associations in Hong Kong. His sister, Florence Hui, was an Under Secretary for Home Affairs. His wife, Rita Chan, is a managing director at J.P. Morgan.[1][2]

Hui received his bachelor's degree from the University of Oxford, and his Master of Business Administration from the INSEAD graduate business school.[1] In 1999, he was admitted as an Administrative Officer in the Government and served in the Economic Development Branch, the Office of the Government of the Hong Kong Special Administrative Region in Beijing and the Home Affairs Department until 2003.[3]

After he left the government in 2003, Hui worked in the banking sector and became a managing director at Hong Kong Exchanges and Clearing for 12 years. He was also as a director of strategic development at New World Development, which was responsible for the development of the Greater Bay Area, the national plan to integrate Hong Kong with Macau, and other nine Guangdong cities, as a financial and technological powerhouse.[1]

In 2008, he joined the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB), the largest pro-Beijing party in Hong Kong, and has served on its standing committee. In 2014, he was appointed by Chief Executive Leung Chun-ying as a council member of City University of Hong Kong.[1] In 2019, Hui was appointed executive director of the Hong Kong Financial Services Development Council.[3]

Secretary for Financial Services and the Treasury

In April 2020, Chief Executive Carrie Lam appointed Hui Secretary for Financial Services and the Treasury, one of the principal officials of the Hong Kong government, even as he remained a member of the DAB.[3]

Private Equity Market

Hui proposed a “3-Step” Strategy to further enhance Hong Kong's status as the leading private equity hub.[4]  As the first step, a new Limited Partnership Fund regime was introduced for investment funds to be registered in Hong Kong in the form of limited partnerships.[5]  In a year's time, over 300 funds have registered under the regime.[6]

The second step is the passing of a legislation offering tax concession for carried interest issued by PE funds operating in Hong Kong,[7] and the final step is to introduce a redomiciliation mechanism such that offshore funds may relocate to Hong Kong. 

Hui is confident that the “3-Step” Strategy would greatly enhance the competitiveness of the Hong Kong market, and promote Hong Kong as one of the top global destinations for operation of PE and VC funds.[6]

Financial technology

To enrich Hong Kong's Fintech talent pool, Hui announced the launch of “Fintech Anti-epidemic Scheme for Talent Development” in July 2020, creating 1,000 full-time job positions in Hong Kong Fintech companies.[8]

During the Hong Kong FinTech Week 2020, he announced the launch of the “Fintech Proof-of-Concept Subsidy Scheme”,[9] with a view to encouraging traditional financial institutions to partner with Fintech companies and initiate Proof-of-Concept projects on innovative FinTech solutions.  Hui said he sees opportunities in solutions that can facilitate development of WealthTech, RegTech, InsurTech and payment systems, etc.[10][11]  

Further to a market consultation, Hui proposed that a licensing regime to be established for Virtual Asset Service Providers (VASPs) in Hong Kong.  Hui is of view that, while protecting investors and safeguarding against money laundering and terrorist financing are the key objectives, the regime will also facilitate the development of a market for virtual assets in Hong Kong.[12]

Global Financial Leaders’ Investment Summit

On 30 October 2022, Hui said that the Global Financial Leaders’ Investment Summit will show the world that Hong Kong is "open for business" and that "one of our advantages is that we are open to the world" despite guests to the Summit being allowed to eat at restaurants during their first 3 days in Hong Kong, when normal visitors to Hong Kong are not allowed to.[13][14]

Crowdfunding

In December 2022, Hui proposed new legislation to regulate all crowdfunding activities, and said some people had used crowdfunding to endanger national security.[15]

Controversies

In February 2021, Hui said that the government would take proactive measures to counter American sanctions under Executive Order 13936, but did not give clear details on how he would do so.[16]

In April 2021, Hui proposed making certain information in the Companies Registry hidden, a move which David Webb said would be detrimental and "How ironic that the government passed a law in 2019 prohibiting face masks in public assemblies so that people could be identifiable, arguably deterring them from committing crimes, but now wants to mask the identities of people trading with the privilege of limited liability, incentivising fraud and corruption."[17]

On 5 January 2022, Carrie Lam announced new warnings and restrictions against social gathering due to potential COVID-19 outbreaks.[18] One day later, it was discovered that Hui attended a birthday party hosted by Witman Hung Wai-man, with 222 guests.[19][20][21] At least one guest tested positive with COVID-19, causing all guests to be quarantined.[21] He was ordered to take leave until 24 January.[22]

In April 2023, protestors rallied against Hui when he visited the UK to meet with British ministers, with one protestor saying "The [Chinese Communist Party]'s human rights violators have no place in British business, government or culture."[23]

Personal life

Hui and his family own 7 registrable properties, including 4 flats with 3 parking spaces in Hong Kong, 1 in Singapore, 1 in Australia, and 1 in Hangzhou.[24] In August 2023, his total amount of property was deemed the most out of 21 government ministers.[25]

In November 2022, Hui was tested positive for COVID-19.[26]

References
  1. "New faces Carrie Lam has enlisted to help Hong Kong tackle coronavirus impact". South China Morning Post. 20 April 2020.
  2. Reuters Staff (2020-11-12). "MOVES-JPMorgan names Rita Chan as Asia head of real estate banking - memo". Reuters. Retrieved 2021-08-20. {{cite news}}: |author= has generic name (help)
  3. "Government announces appointment and removal of Principal Officials (with photos)". Hong Kong Government. 20 April 2020.
  4. "強化配套 吸引海外基金落戶". Hong Kong's Information Services Department (in Chinese (Hong Kong)). Retrieved 2021-08-30.
  5. Editors, Regulation Asia (2020-07-12). "Hong Kong Passes Limited Partnership Fund Bill". Regulation Asia. Retrieved 2021-08-30. {{cite web}}: |last= has generic name (help)
  6. "SFST's speech at virtual 20th HKVCA China Private Equity Summit (English only)". www.info.gov.hk. Retrieved 2021-08-30.
  7. "Passage of tax bills welcomed". Hong Kong's Information Services Department (in Chinese (Hong Kong)). Retrieved 2021-08-30.
  8. "Hong Kong launches US$15.5 million subsidy plan to encourage fintech hiring". South China Morning Post. 2020-07-01. Retrieved 2021-08-30.
  9. "【FinTech Week】許正宇：港府研強制發牌管虛擬資產平台 「拍住上」資助金融科技 - 香港經濟日報 - 即時新聞頻道 - 即市財經 - 股市". inews.hket.com. Retrieved 2021-08-30.
  10. "Fintech aid on way to ease pain points". The Standard. 6 January 2021. Archived from the original on 2021-01-07.
  11. "財經事務及庫務局 : 金融科技「拍住上」". www.fstb.gov.hk (in Chinese (Hong Kong)). Retrieved 2021-08-30.
  12. "財經事務及庫務局 : 穩健監管迎未來發展 — 虛擬資產服務提供者發牌制度". www.fstb.gov.hk (in Chinese (Hong Kong)). Retrieved 2021-08-30.
  13. "Week of large-scale events shows Hong Kong is 'open for business': treasury chief". South China Morning Post. 2022-10-30. Retrieved 2022-10-31.
  14. "HK's advantages won't be taken away: Christopher Hui - RTHK". news.rthk.hk. Retrieved 2022-10-31.
  15. "Hong Kong crowdfunding appeals to be more heavily policed". South China Morning Post. 2022-12-17. Retrieved 2022-12-18.
  16. "Order banks to reopen sanctioned officials' accounts, Beijing loyalist Junius Ho tells minister ｜ Apple Daily". Apple Daily 蘋果日報 (in Chinese (Hong Kong)). Archived from the original on 2021-02-04. Retrieved 2021-02-04.
  17. "Mistaken identity a serious risk if Hong Kong restricts company records and IDs: activist ｜ Apple Daily". Apple Daily 蘋果日報 (in Chinese (Hong Kong)). Archived from the original on 2021-04-13. Retrieved 2021-04-13.
  18. "Bars, gyms to close, 6pm restaurant curfew as Hong Kong ramps up Omicron battle". South China Morning Post. 2022-01-05. Retrieved 2022-01-07.
  19. "衞生防護中心最新發現洪為民宴會人數為222人 - RTHK".
  20. Hong Kong Finds New Suspected Covid Case at Official’s Scandal-Hit Birthday Party
  21. "All 170 guests of Covid-19 scandal-hit birthday party sent to quarantine". South China Morning Post. 2022-01-07. Retrieved 2022-01-07.
  22. "Leave extension defuses Tsui resign speculation".
  23. Lee, Peter (2023-04-20). "Hong Kong treasury minister's visit to UK to promote business ties met with protest". Hong Kong Free Press HKFP. Retrieved 2023-04-21.
  24. Standard, The. "Financial Services Secretary tops the interests declaration with seven properties". The Standard. Retrieved 2022-08-11.
  25. "16 Hong Kong top advisers declare ownership of 110 properties, 450 plots of land". South China Morning Post. 2023-08-09. Retrieved 2023-08-10.
  26. Kong, Dimsumdaily Hong (2022-11-26). "Secretary for Financial Services and the Treasury tests positive for COVID-19". Dimsum Daily. Retrieved 2022-12-16.
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