The Hong Kong Institute of Certified Public Accountants (HKICPA) has submitted its formal response to the government's public consultation on Hong Kong's First Five-Year Plan for Economic and Social Development, recommending further improving the mechanisms for red-chip and H-share companies to undertake initial public offerings and subsequent fundraising in Hong Kong.
Proposed measures include simplifying regulatory reviews and disclosure requirements, studying the establishment of a dedicated listing channel or fast-track route for such companies, formulating a Belt and Road professional services action plan, developing a commodities trading ecosystem to connect talent, enterprises and capital across different markets, and enhancing tax certainty for cross-border talents.
Arthur Lee-kin, chief executive and registrar of HKICPA, said the listing timetable could be shortened by establishing an early pre-communication mechanism for companies before they formally apply.
He also suggested creating a startup incubation mechanism prior to GEM to nurture emerging businesses for eventual Main Board listings.
Addressing workforce concerns, Stephen Law Cheuk-kin, president of HKICPA, stressed that artificial intelligence will not replace accountants and will instead serve as a crucial operational aid. Meanwhile, the institute plans to launch an AI governance toolkit to help small and medium-sized accounting practices enhance their technological oversight, he added.
In terms of talent, Jasmine Lee Shun-yi, vice president of HKICPA, noted that increasing audit demands from listings and corporate overseas expansions have intensified the sector's talent shortage over the past two years.
The institute recommends establishing a "Hong Kong Accounting Park" in the Northern Metropolis to serve as an international hub for high-value-added accounting professional services. This would work in tandem with Futian to form a "Shenzhen-Hong Kong Accounting Park Corridor".
To support this, it proposes offering competitive tax arrangements for qualifying institutions within the Accounting Park in respect of designated cross-boundary and emerging professional services income, alongside pilot personal tax concessions in the area to attract global high-end financial and technology talent.
