法律研究 | 安杰世泽香港资本市场及金融监管动态（2025年4月刊）

联交所对领地控股集团有限公司及一名现任董事的纪律行动（2025年4月8日）

Exchange's Disciplinary Action against Leading Holdings Group Limited and One Current Director（April 8 2025）

违规事项

刘先生未有以合理的技能、谨慎和勤勉行事，确保该公司向联交所提供及载于其公告中的资料准确完备，因而违反《上市规则》。

监管要点

为维持证券交易市场公平有序及有效率，上市公司披露及向联交所提供的资料在各重要方面均须准确完备，且没有误导成份。因此，董事必须尽力确保有关资料准确完备。

若所公布或提供的资料其后发现并不准确、不完备及／或具误导性，他们必须及时刊发公告及通知联交所，更正资料。

Breach

The Exchange found that in breach of the Listing Rules, Mr Liu had failed to exercise reasonable skill, care and diligence to ensure the accuracy and completeness of the information provided by the Company to the Exchange and stated in the Company's announcement.

Key Points of Supervision

For the maintenance of a fair, orderly and efficient market for the trading of securities, it is imperative that information disclosed by a listed company and provided to the Exchange is accurate and complete in all material respects and not misleading. Therefore, directors must use their best endeavours to ensure the accuracy and completeness of such information.

If the information so announced or provided is subsequently found to be inaccurate, incomplete and/or misleading, they must correct the position by issuing an announcement and informing the Exchange in a timely manner.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Regulatory-Announcements/2025/250408news?sc_lang=zh-CN

联交所对银基集团控股有限公司（清盘中）（已除牌）两名前任董事的纪律行动（2025年4月22日）

Exchange's Disciplinary Action against Two Former Directors of Silver Base Group Holdings Limited (in Liquidation) (Delisted)（April 22 2025）

违规事项

梁国兴先生及梁坤威先生在预付款交易中未有以该公司的利益为前提行事，也未能以应有的技能、谨慎和勤勉行事。他们 (1) 没有对采购代理或预付款交易进行任何实质的尽职审查及／或风险评估；(2) 在进行预付款交易之前没有向该公司董事会（董事会）报告；及 (3) 无视因梁国兴先生与关连采购代理之间的关系而引申出的明显利益冲突，也未有向董事会作出任何报告。

监管要点

董事是上市发行人事务和资产的受信人。他们必须保障发行人的资产、以发行人的利益为前提行事，也要避免实际或潜在的利益和责任冲突，特别是在涉及大额付款的交易中。

未能履行该等职责可能会令联交所怀疑有关董事是否符合《上市规则》订明的董事适合性。 

Breach

Mr Liang Guoxing and Mr Liang Kunwei failed to act in the interests of the Company and did not exercise reasonable skill, care and diligence in the prepayment transactions. They (1) did not conduct any substantive due diligence and/or risk assessments concerning the purchase agents or the prepayment transactions; (2) did not report to the Company's board of directors (Board) before proceeding with the prepayment transactions; and (3) disregarded the clear conflicts of interest arising from the relationship between Mr Liang Guoxing and the connected purchase agent and did not make any report to the Board.

Key Points of Supervision

Directors are fiduciaries of listed issuers' affairs and assets. They must safeguard the assets, act in the interests of the issuers and avoid actual or potential conflicts of interest and duty, especially in transactions involving significant payments.

Failure to discharge such duties could give rise to the Exchange's concern about the directors' suitability under the Listing Rules. 

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Regulatory-Announcements/2025/250422news?sc_lang=zh-CN

联交所对智富资源投资控股集团有限公司一名前董事的纪律行动（2025年4月24日）

Exchange's Disciplinary Action against a Former Director of Wisdom Wealth Resources Investment Holding Group Limited（April 24 2025）

违规事项

颜先生不遵守培训指令等同严重违反《上市规则》，联交所现向其作出董事不适合性声明。

监管要点

董事培训有助提升及维持发行人良好企业管治水平。联交所将在必要时发出培训指令，以改善企业管治。

不遵守培训指令是严重违反《上市规则》的行为，可能有如本个案一样遭受最严厉的制裁。 

Breach

His failure to comply with the training direction constituted a serious breach of the Listing Rules, which resulted in the imposition of a Director Unsuitability Statement against him.

Key Points of Supervision

Director's training helps to promote and maintain good corporate governance standards and practices amongst issuers. The Exchange will impose a training direction where necessary in the interests of improving corporate governance.

Failure to comply with a training direction is a serious breach of the Listing Rules and can result in the most serious sanctions as in this case.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Regulatory-Announcements/2025/250424news?sc_lang=zh-CN

证监会禁止高政雍重投业界六个月（2025年4月22日）

SFC bans Kao Cheng Yung for six months (22 April 2025)

违规事项

高政雍没有勤勉尽责地监察客户活动，以及没有设立充足而有效的打击洗钱及恐怖分子资金筹集制度和监控措施。

监管重点

高政雍曾根据《证券及期货条例》获发牌进行第1类（证券交易）、第2类（期货合约交易）、第4类（就证券提供意见）、第5类（就期货合约提供意见）及第9类（提供资产管理）受规管活动。高在2017年9月8日至2021年7月18日期间隶属群益，并获核准以其负责人员的身分行事。高现时并非证监会持牌人。

高政雍没有在关键时间没有履行他作为群益的负责人员及高级管理层成员的职责。此乃属严重缺失，因为这可能会损害公众对市场的信心和破坏市场的廉洁稳健。

Breach

The failures of Mr Kao Cheng Yung to diligently monitor clients' activities and put in place adequate and effective AML/CFT systems and controls.

Key Points of Supervision

Kao was licensed under the Securities and Futures Ordinance to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 9 (asset management) regulated activities. Kao was accredited to CSC and approved to act as its RO from 8 September 2017 to 18 July 2021. Kao is currently not licensed by the SFC.

Kao's failure to discharge his duties as an RO and a member of the senior management of CSC during the material time. This is serious as it could undermine public confidence in, and damage the integrity of the market.

详见:

https://sc.sfc.hk/TuniS/apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/enforcement-news/doc?refNo=25PR53

证监会就涉嫌市场操纵者取得逮捕手令和临时强制令以冻结他于香港高达3,158,400元的资产（2025年4月25日）

SFC obtains arrest warrant for suspected market manipulator and interim injunction to freeze his assets in Hong Kong up to $3,158,400 (25 April 2025)

违规事项

刘少林于2018年5月及6月透过“设定收市价”活动推高柏荣的股价。刘其后于2018年6月卖出名下部分柏荣股份，从中赚取了约2,900,000元的非法利润。

监管重点

虚假交易构成违反《证券及期货条例》第295条的罪行。

“设定收市价”活动指在临近收市时落盘买卖股份以图影响收市价的行为。在这宗个案中，刘在临近收市时以高于当时市价的价格落盘买入股份，导致收市价被推高。

证监会于2018年9月17日根据《证券及期货条例》第204及205条发出限制通知书，以冻结刘所赚取的利润。该等限制通知书于2025年4月17日被撤销。

Breach

Liu pushed up the share price of Pak Wing by “marking-the-close” activities in May and June 2018 (Note 3). Liu subsequently disposed of some of his Pak Wing shares in June 2018 and made an illicit profit of around $2,900,000.

Key Points of Supervision

False trading constitutes an offence contrary to section 295 of the Securities and Futures Ordinance (SFO).

“Marking-the-close” activities refer to placing of orders to buy or sell shares near the market close in an attempt to influence the closing price. In this case, Liu placed orders to buy shares at prices higher than the prevailing market prices near the market close which increased the closing price.

The SFC issued restriction notices on 17 September 2018 under sections 204 and 205 of the SFO to freeze the profits made by Liu. The restriction notices were uplifted on 17 April 2025.

详见：

https://sc.sfc.hk/TuniS/apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/enforcement-news/doc?refNo=25PR55

盈透证券香港有限公司违反监管规定遭证监会谴责及罚款420万元（2025年4月28日）

SFC reprimands and fines Interactive Brokers Hong Kong Limited $4.2 million for regulatory breaches (28 April 2025)

违规事项

盈透证券在处理客户资产方面违反监管规定。发生程式错误，以致在关键时间内没有向这批客户发送常设授权续期通知。

监管要点

盈透证券根据《证券及期货条例》获发牌经营第1类（证券交易）、第2类（期货合约交易）及第3类（杠杆式外汇交易）受规管活动的业务。

盈透证券的缺失违反了《证券及期货（客户证券）规则》（《客户证券规则》）及《证券及期货事务监察委员会持牌人或注册人操守准则》。

Breach

IBHK breached the regulation in relation to the handling of client assets. The incident arose from IBHK's failure to send these clients renewal notices of the standing authority during the material time due to a programming error.

Key Points of Supervision

IBHK is licensed under the Securities and Futures Ordinance to carry on business in Type 1 (dealing in securities), Type 2 (dealing in futures contracts) and Type 3 (leveraged foreign exchange trading) regulated activities.

IBHK's failure constitutes breaches of the Securities and Futures (Client Securities) Rules (CSR) and the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

详见：

https://sc.sfc.hk/TuniS/apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/enforcement-news/doc?refNo=25PR57

没收未领取的2018年度第二次中期股息（2025年4月15日）

Forfeiture of Unclaimed Second Interim Dividend for 2018 (15 April 2025)

香港交易及结算所有限公司（“香港交易所”）于2025年2月28日宣布，根据香港交易所《组织章程细则》，于2019年4月15日派付而于2025年4月15 日仍为未领取的2018年度第二次中期股息每股3.07港元将予没收及复归香港交易所。因此，仍未被领取的2018年度第二次中期股息合共15,493,077.70港元已于今天被没收并复归香港交易所。

On 28 February 2025, Hong Kong Exchanges and Clearing Limited (“HKEX”) announced that, pursuant to HKEX's Articles of Association, the second interim dividend for 2018 of HK$3.07 per share, payable on 15 April 2019 and remaining unclaimed on 15 April 2025, would be forfeited and would revert to HKEX. Accordingly, the unclaimed second interim dividend for 2018 amounting to HK$15,493,077.70 is forfeited and reverts to HKEX today. 

详见：

https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2025/250415news/250415news_c.pdf

香港交易所与证监会首次合办国际碳市场峰会（2025年4月15日）

HKEX and SFC Co-Host Inaugural International Carbon Markets Summit (15 April 2025)

香港交易及结算所有限公司（香港交易所）与香港证券及期货事务监察委员会（证监会）4月15日首次合办国际碳市场峰会，体现了双方在建立可靠和高效的香港及区域碳市场生态圈的致力协作。

国际碳市场峰会于香港金融大会堂举行，逾 200位嘉宾出席，汇聚了来自世界各地监管机构、碳交易平台、企业和投资界的代表，共同探讨发展全球自愿碳市场的机遇与挑战，以及如何促进跨境和区域碳市场的更广泛合作。

Hong Kong Exchanges and Clearing Limited (HKEX) and the Securities and Futures Commission (SFC) co-hosted on 15 April the first-ever International Carbon Markets Summit, reflecting the collaborative effort to build trusted and effective carbon market ecosystems in Hong Kong and beyond.

The Summit welcomed over 200 distinguished guests from around the world, with representatives from local and overseas regulators, carbon trading platforms, corporates and the investment community, where they discussed the opportunities and challenges in developing global voluntary carbon markets, as well as ways to promote market connectivity and collaboration for cross-border carbon asset trading.

.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/News-Release/2025/2504152news?sc_lang=zh-CN

香港交易所宣布战略投资，用于集团总部建设（2025年4月24日）

HKEX Unveils Strategic Investment for Permanent Group Headquarters (24 April 2025)

香港交易及结算所有限公司（香港交易所）4月24日宣布与置地控股有限公司（置地公司）达成协议，购买交易广场第一座多层商业楼面作为集团总部，彰显了集团支持香港作为国际领先金融中心发展的长期承诺。

香港交易所将自资从置地公司购买交易广场第一座最高的九层办公楼，以及在交易广场一及二楼与香港金融大会堂相邻的部分区域，投资总额为63亿港元。此外，香港交易所将与置地公司签署新的长期租约，涉及香港交易所现已租用的位于交易广场第二座的几个楼层。这种购买与租赁结合的混合模式有助提高香港交易所应对不同房地产周期的灵活性和韧性。

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce on 24 April it has entered into an agreement with Hongkong Land Holdings Limited (Hongkong Land) to establish its permanent headquarters at Hong Kong's Exchange Square, underscoring the Group's long-term commitment to the growth and future development of Hong Kong as a leading global financial centre.

HKEX is purchasing the top nine office floors in One Exchange Square from Hongkong Land, as well as additional space adjacent to HKEX Connect Hall at Levels 1 and 2 of the building, for a total investment of HK$6.3 billion that will be funded via internal resources. HKEX will also sign new long-term leases for several floors in Two Exchange Square that are currently occupied by HKEX, with the hybrid buy-and-rent model providing more flexibility and resilience against different property cycles.

详见：

https://www.hkex.com.hk/News/News-Release/2025/250319news?sc_lang=zh-HK

香港交易所2025年第一季度业绩（2025年4月30日）

HKEX 2025 First Quarter Results (30 April 2025) 

集团行政总裁陈翊庭表示：“香港交易所今年开局表现强劲，2025年第一季创下集团历来最佳季度业绩。2024 年下半年，全球对投资中国机遇的热情回升，并在人工智能和其他创新发展的推动下持续增强，让我们的市场在2025年依然保持活跃。与此同时，随着中国内地投资者更积极地参与离岸市场，我们的现货市场及衍生产品市场成交量均创下新高。本季度有16个交易日成交量超过3,000亿元，多只期货及期权合约的成交量和未平仓合约张数均创单日新高。商品市场亦稳健增长，2025年第一季LME 成交量创下11年来第二高的季度水平。“

Bonnie Y Chan, Chief Executive Officer said:“HKEX had a strong start to the year, with Q1 2025 being the Group's best quarterly results on record. The renewed global interest in China opportunities that picked up in the second half of 2024 continued to build momentum into 2025, boosted by exciting developments in artificial intelligence and innovation. This, along with the increased participation of Mainland Chinese investors in offshore markets, led to record volumes in our Cash and Derivatives Markets. Trading turnover exceeded $300 billion on 16 days during the quarter, and several Futures and Options contracts achieved fresh single-day records in volume and open interest. Commodities also recorded solid growth, with the LME trading volumes marking the second highest quarterly levels in 11 years.“

详见：

https://www.hkex.com.hk/-/media/HKEX-Market/News/News-Release/2025/250430news/250430news_c.pdf

2025年股东周年大会投票表决结果、再度委任主席及新委任香港交易所董事会成员（2025年4月30日）

Poll Results of 2025 Annual General Meeting, Re-appointment of Chairman and New Appointments to HKEX Board (30 April 2025)

香港交易及结算所有限公司（香港交易所）4月30日举行2025年股东周年大会，于2025 年 3 月20日发出的股东周年大会通告内提出的所有建议决议案均获得通过。各项决议案之投票表决结果，请参阅今天刊发的公告。

董事会今天再度委任唐家成出任香港交易所主席，有关再度委任的安排有待香港特别行政区行政长官书面批准。请参阅今天刊发有关再度委任香港交易所主席的公告。

Hong Kong Exchanges and Clearing Limited (HKEX) on 30 April hosted its 2025 Annual General Meeting (AGM). All proposed resolutions as set out in the notice of AGM dated 20 March 2025 were passed. Please refer to the regulatory announcement issued today for the results by resolution.

The Board today re-appointed Carlson Tong as HKEX's Chairman, subject to the written approval of the Chief Executive of the Hong Kong Special Administrative Region. Please refer to the regulatory announcement issued today for the re-appointment of HKEX's Chairman.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/News-Release/2025/2504302news?sc_lang=zh-CN

有关首次公开招股申请、除牌和停牌公司之报告（2025年4月）（2025年4月30日）

Report on Initial Public Offering Applications, Delisting and Suspensions (April 2025) (30 April 2025)

本月度报告就报告涵盖期间我们履行监察职责各阶段工作提供关键统计数据。报告期间的资料涵盖（其中包括）已处理之上市申请数目及其现况、向新/潜在新上市申请人及其顾问发出的意见函和指引数目及相应的处理时间、被拒申请及被发回申请的数目，以及除牌和停牌公司数目。

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Market-Communications/2025/2504303news?sc_lang=zh-CN

通告 – 关于Interra Acquisition Corporation （于开曼群岛注册成立之有限公司）取消上市地位（2025年4月7日）

Announcement – In relation to the matter of Interra Acquisition Corporation (Incorporated in the Cayman Islands with limited liability) Cancellation of listing (7 April 2025）

香港联合交易所有限公司（联交所）宣布，由2025年4月10日上午9时起，Interra Acquisition Corporation（该公司）A类股份及上市认股权证（有关证券）的上市地位将根据《上市规则》第18B.74条予以取消。

于2024年9月13日，该公司获股东批准其建议（延长建议），将其根据《上市规则》第18B.69条须刊发特殊目的收购公司并购公告的期限延长六个月至2025年3月16日（延长期限）。随着延长建议触发的股份赎回完成，该公司的公众持股量跌至低于15%。因此，该公司有关证券自2024年11月1日起已暂停买卖。

The Stock Exchange of Hong Kong Limited (the Exchange) announced that with effect from 9:00 am on 10 April 2025, the listing of the class A shares and listed warrants (the Securities) of Interra Acquisition Corporation (the Company) will be cancelled under Rule 18B.74.

The Company's proposed six-month extension (the Proposed Extension) of the de-SPAC announcement deadline under Rule 18B.69 to 16 March 2025 (the Extended Deadline) was approved by its shareholders on 13 September 2024. Following the completion of the share redemption triggered by the Proposed Extension, the Company's public float fell below 15 per cent. Accordingly, trading in the Company's Securities has been suspended since 1 November 2024.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Regulatory-Announcements/2025/250407news?sc_lang=zh-CN

通告 – 关于中泛控股有限公司（清盘中）（于百慕达注册成立之有限公司）取消上市地位（2025年4月17日）

Announcement – In relation to the matter of China Oceanwide Holdings Limited (In Liquidation) (Incorporated in Bermuda with limited liability) Cancellation of listing (17 April 2025）

香港联合交易所有限公司（联交所）宣布，由2025年4月24日上午9时起，中泛控股有限公司（清盘中）（该公司）的上市地位将根据《上市规则》第6.01A(1)条予以取消。

该公司的股份自2023年9月25日起已暂停买卖。根据《上市规则》第6.01A(1)条，若该公司未能于2025年3月24日或之前复牌，联交所可将该公司除牌。

The Stock Exchange of Hong Kong Limited (the Exchange) announced that with effect from 9:00 am on 24 April 2025, the listing of China Oceanwide Holdings Limited (In Liquidation) (the Company) will be cancelled under Rule 6.01A(1).

Trading in the Company's shares has been suspended since 25 September 2023. Under Rule 6.01A(1), the Exchange may delist the Company if trading does not resume by 24 March 2025.

详见：

https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/News/Regulatory-Announcements/2025/250417news?sc_lang=zh-CN

金管局与环球联盟合办亚太区打击金融罪行研讨会2025（2025年4月1日）

HKMA and GCFFC co-host APAC Fighting Financial Crime Conference 2025 (1 April 2025）

香港金融管理局（金管局）与环球打击金融罪行联盟（环球联盟）于4月1日合办亚太区打击金融罪行研讨会2025。会议以「如何在更复杂的世界打击金融罪行」为主题。

是次活动汇聚了区内与全球打击洗钱及恐怖分子资金筹集（反洗钱）专家，以及来自香港反洗钱生态系统的参与者，包括银行、政府机构、金融监管机构和执法机构的代表。与会者通过主题演讲、小组讨论及互动环节，分享了加强打击诈骗和金融罪行的心得。

Hong Kong will host the second Hong Kong Green Week from 8 to 12 September. The theme of this year is “Forging a Sustainable Future Together”. The week-long event will cover a wide array of sustainability-related topics, providing stakeholders from various regions and sectors with a platform for dialogue and collaboration.

During the week, the Hong Kong Monetary Authority (HKMA) and the International Finance Corporation will co-host the anchor event, Climate Business Forum: Asia Pacific 2025. The Forum will bring together speakers at the forefront of sustainable business and finance for a deep dive into the region's transition to low-carbon, resilient and inclusive growth. The HKMA will also coordinate other events such as conferences, roundtables, workshops and networking events hosted by international organisations, financial institutions, corporates, industry associations, academic institutions and others. Event details will be announced in due course.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250401-8/

金管局2025年度薪酬检讨（2025年4月3日）

HKMA 2025 Pay Review (3 April 2025)

香港金融管理局（金管局）4月3日公布2025年度薪酬检讨结果。薪酬检讨由外汇基金咨询委员会辖下的管治委员会进行。财政司司长透过外汇基金咨询委员会，批准管治委员会的建议。

金管局员工由2025年4月起一年的固定薪酬将会冻结。员工将会获发总额相当于薪酬总额19.93%的浮动薪酬，而分配予个别员工的实际数额会按其2024年度工作表现厘定。浮动薪酬是发给工作表现达到或超越指定水平的员工的一次过款项。

The Hong Kong Monetary Authority (HKMA) announced on 3 April the results of the 2025 annual pay review. The review was undertaken by the Governance Sub-Committee (GSC) of the Exchange Fund Advisory Committee (EFAC). The GSC's recommendations have been approved by the Financial Secretary through EFAC.

The Fixed Pay of the HKMA staff will be frozen for the coming year from April 2025. Variable Pay equivalent to 19.93% of Total Pay will be paid to staff on the basis of their performance in 2024. Variable Pay is a one-off payment to staff who have attained or exceeded the required level of performance.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250403-8/

香港最新外汇储备资产数字（2025年4月7日）

Hong Kong's Latest Foreign Currency Reserve Assets Figures Released (7 April 2025)

香港金融管理局（金管局）4月7日公布，香港于2025 年3月底的官方外汇储备资产为4,131亿美元（2025年2月底为4,164亿美元）。

连同未交收外汇合约在内，香港于2025年3月底的外汇储备资产为4,125亿美元（2025年2月底为4,159亿美元）。

The Hong Kong Monetary Authority (HKMA) announced on 7 April that the official foreign currency reserve assets of Hong Kong amounted to US$413.1 billion as at the end of March 2025 (end-February 2025: US$416.4 billion).

Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of March 2025 amounted to US$412.5 billion (end-February 2025: US$415.9 billion).

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250407-3/

金管局与银行业支持多个行业中小企（2025年4月8日）

HKMA and banking sector support SMEs from various industries (8 April 2025)

香港金融管理局（金管局）4月8日与“银行业中小企贷款协调机制”（协调机制）和“中小企融资专责小组”（专责小组）相继举行会议后，联同银行业推出针对个别行业的支持措施，进一步协助更多中小企获取银行融资和升级转型。

The Hong Kong Monetary Authority (HKMA), together with the banking sector, introduced on 8 April sector-specific support measures to further assist more small and medium-sized enterprises (SMEs) in obtaining bank financing and in their upgrade and transformation. The measures were introduced following meetings held by the Banking Sector SME Lending Coordination Mechanism (Mechanism) and the Taskforce on SME Lending (Taskforce) today.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250408-8/

“GenA.I.新时代：促进金融服务负责任地应用人工智能”报告（2025年4月9日）

Report on “Financial Services in the Era of Generative AI: Facilitating Responsible Adoption” (9 April 2025)

金融学院辖下负责研究工作的香港货币及金融研究中心（研究中心）4月9日发表题为“GenA.I.” 新时代：促进金融服务负责任地应用人工智能」的应用金融研究报告。

报告探讨了生成式人工智能（GenA.I.）的发展与其对金融服务业和金融监管机构的广泛影响。通过分析调查及访谈的结果，报告反映了市场参与者对本地金融机构在GenA.I.应用的现状、预期香港GenA.I.发展的路向，以及风险管理和人才发展策略的意见。

The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), on 9 April released a new Applied Research report, titled “Financial Services in the Era of Generative AI: Facilitating Responsible Adoption”.

This report provides an overview of the evolution of Generative Artificial Intelligence (GenA.I.) and its broader implications for both the financial services industry and financial regulators. The report draws on the findings from a survey and interviews that gathered the views of market participants on the current state of GenA.I. adoption among local financial institutions, the expected trajectory of GenA.I. development in Hong Kong, and the strategies employed for risk management and talent development.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250409-3/

金管局、警务处及银行公会联合宣布新措施加强打击诈骗及洗钱活动（2025年4月10日）

HKMA, HKPF and HKAB jointly announce new measures to strengthen the response to fraud and money laundering (10 April 2025)

香港金融管理局（金管局）、香港警务处（警务处）及香港银行公会（银行公会）4月10日联合宣布一系列新措施，以防范、侦测及打击金融罪行，包括诈骗及相关傀儡户口网络。

诈骗活动日具规模和渐趋复杂，骗徒借着科技更迅速和更大规模地欺骗市民谋利，进一步威胁社会。2024年，警务处共收到44,480宗诈骗案件，较2023年上升11.7%。去年共有10,496人因涉及各类型骗案及洗钱罪行而被捕，其中约7,700人涉及出售或容许他人使用其银行帐户从事洗钱活动，较前年上升13.6%。

The Hong Kong Monetary Authority (HKMA), the Hong Kong Police Force (HKPF) and The Hong Kong Association of Banks (HKAB) jointly announced on 10 April a series of new measures to prevent, detect and disrupt financial crime, including fraud and associated mule account networks. 

Fraud has been growing in scale and complexity, and the use of technologies has enabled criminals to take advantage of people at speed and scale, amplifying the threat. A total of 44,480 deception cases were reported in 2024, representing an increase of 11.7%, compared with 2023. A total of 10,496 persons were arrested for involvement in various types of deception and money laundering offences last year, including about 7,700 persons for selling or allowing their accounts to be used for money laundering, representing an increase of 13.6% compared with 2023.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250410-7/

外汇基金分析帐目（2025年4月14日）

Analytical Accounts of the Exchange Fund (14 April 2025)

香港金融管理局（金管局）今日4月14日公布外汇基金在2025年3月底的主要分析帐目。

在3月份，外汇基金的境外资产减少240亿港元，至34,159亿港元。

货币基础为19,771亿港元，包括负债证明书、政府发行的流通纸币及硬币、银行体系结余，以及已发行外汇基金票据及债券。

The Hong Kong Monetary Authority (HKMA) released today on 14 April the key analytical accounts of the Exchange Fund at the end of March 2025.

Foreign assets, representing the external assets of the Exchange Fund, decreased during the month by HK$24.0 billion to HK$3,415.9 billion.

The Monetary Base, comprising Certificates of Indebtedness, Government-issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$1,977.1 billion.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250414-5/

国家财政部透过香港金融管理局的债务工具中央结算系统发行人民币国债（2025年4月15日）

Ministry of Finance issues Renminbi Sovereign Bonds through Central Moneymarkets Unit of Hong Kong Monetary Authority (15 April 2025）

国家财政部将会透过香港金融管理局（金管局）的债务工具中央结算系统发行人民币国债。国家财政部的人民币国债招标公告和招标章程以及发行和交存代理通过金管局提供关于招标的信息见附件。

The Ministry of Finance will issue Renminbi Sovereign Bonds through the Central Moneymarkets Unit of the Hong Kong Monetary Authority (HKMA). Please find attached the tender notice and the tender information memorandum of the Renminbi Sovereign Bonds to be issued by the Ministry of Finance. Please also find attached the tender-related information provided by the Issuing and Lodging Agent through the HKMA.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250415-3/

2025年3月底综合利率（2025年4月17日）

Composite Interest Rate: End of March 2025 (17 April 2025)

香港金融管理局（金管局）4月17日公布2025年3月底的综合利率。

反映银行平均资金成本的综合利率在2025年3月底为2.07厘，较2025年2月底的2.09厘下跌2基点（见附件图1）。综合利率下跌，主要反映月内存款的加权资金成本减少。

The Hong Kong Monetary Authority (HKMA) announced on 17 April the composite interest rate at the end of March 2025.

The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 2 basis points to 2.07% at the end of March 2025, from 2.09% at the end of February 2025 (see Chart 1 in the Annex). The decrease in composite interest rate reflected the decreases in the weighted funding cost for deposits during the month.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250417-4/

基础建设债券计划及政府可持续债券计划下特区政府机构债券暂定发行时间表（2025年4月17日）

Tentative Issuance Schedule for HKSAR Institutional Government Bonds under Infrastructure Bond Programme and Government Sustainable Bond Programme (17 April 2025)

香港金融管理局（金管局）以香港特别行政区政府（特区政府）代表身分，于4月17日公布2025年4月至9月的6个月内在基础建设债券计划及政府可持续债券计划下政府机构债券（政府债券）的暂定发行时间表。政府债券以港元及人民币计价，并将以竞争性投标方式发行。该暂定发行时间表载有每批政府债券的暂定年期、投标日期、发行金额、发行日期及发行方式等资料。详细资料载于在香港政府债券网站（https://www.hkgb.gov.hk）上公布的资料备忘录中。

The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), published on 17 April a tentative issuance schedule for institutional Government Bonds (GBs) to be offered under the Infrastructure Bond Programme and Government Sustainable Bond Programme for the six-month period from April to September 2025. The GBs are denominated in Hong Kong dollars (HKD) and Renminbi (RMB) and will be offered by way of competitive tendering. The tentative issuance schedule contains information on, among others, the tentative tenors, tender dates, issuance sizes, issue dates and methods of issuance of individual GB issues. Further details are set out in the Information Memorandum published on the Hong Kong Government Bonds website, https://www.hkgb.gov.hk.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250417-6/

金管局成立Cargox 专家小组以支援贸易融资数码生态圈（2025年4月28日）

HKMA establishes Expert Panel on Project Cargox to support digital trade finance ecosystem (28 April 2025)

香港金融管理局（金管局）4月28日宣布成立Cargox 专家小组（专家小组），旨在善用货运物流数据，优化贸易融资的数码生态圈。

The Hong Kong Monetary Authority (HKMA) announced on 28 April the establishment of an Expert Panel on Project Cargox (the Expert Panel) to enhance the digital ecosystem for trade finance by harnessing the power of cargo data.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20240428-3/

金管局及数码港推出第二期GenA.I.沙盒 为金融业人工智能创新提速(2025年4月28日）

HKMA and Cyberport launch second cohort of GenA.I. Sandbox to accelerate A.I. innovation in financial sector (28 April 2025)

香港金融管理局（金管局）与香港数码港管理有限公司（数码港）4月28日宣布推出第二期生成式人工智能（GenA.I.）沙盒计划。此计划旨在为银行提供一个风险可控的环境，以支持开发和测试使用人工智能（A.I.）的创新解决方案，进一步推动金融业采用A.I.技术。

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced on 28 April the launch of the second cohort of the Generative Artificial Intelligence (GenA.I.) Sandbox initiative. The GenA.I. Sandbox aims to provide a risk-controlled environment for banks to develop and test innovative solutions using artificial intelligence (A.I.), further advancing the adoption of A.I. technology in the financial sector.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250428-5/

外汇基金资产负债表摘要及货币发行局帐目（2025年4月30日）

Exchange Fund Abridged Balance Sheet and Currency Board Account (30 April 2025)

香港金融管理局（金管局）4月30日公布，截至2025年3 月 31日，外汇基金总资产为39,789亿港元，较2025年2月底减少301亿港元，其中外币资产减少542亿港元，港元资产则增加241亿港元。

The Hong Kong Monetary Authority (HKMA) announced on 30 April that the total assets of the Exchange Fund amounted to HK$3,978.9 billion as at 31 March 2025, HK$30.1 billion lower than that at the end of February 2025. Foreign currency assets decreased by HK$54.2 billion while Hong Kong dollar assets increased by HK$24.1 billion.

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250430-5/

国际储备及外汇流动性数据（2025年4月30日）

International Reserves and Foreign Currency Liquidity (30 April 2025)

香港金融管理局（金管局）4月30日公布截至2025年3月底香港特别行政区外汇储备及流动性分析数据（见附件）。金管局按照国际货币基金组织的数据公布特殊标准（特殊标准）制定的国际储备及外汇流动性数据范本，每月公布这些数据。

The Hong Kong Monetary Authority (HKMA) released on 30 April the analytical data on the Hong Kong Special Administrative Region's foreign currency reserves and foreign currency liquidity as at the end of March 2025 (Annex). These data are published monthly in the Template on International Reserves and Foreign Currency Liquidity in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS).

详见：https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2025/04/20250430-6/

向保管服务客户提供虚拟资产质押服务（2025年4月7日）

Provision of Staking Services for Virtual Assets from Custodial Services (7 April 2025)

In light of the market development and growing interest of authorized institutions (“AIs”) in digital asset-related activities, including the provision of staking of virtual assets (“VAs”) 1 as a service, I am writing to set out the standards expected of AIs related to the provision of staking of VAs from custodial services to their customers.

In this circular, staking services refer to any arrangements which involve the process of committing or locking client VAs for a validator to participate in a blockchain protocol's validation process based on a proof-of-stake consensus mechanism, with returns generated and distributed for that participation (“Staking Services”).

详见：https://www.hkma.gov.hk/media/gb_chi/doc/key-information/guidelines-and-circular/2025/20250407c1.pdf

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