Summit kicks off despite typhoon

Hong Kong's first major financial summit in years will start today against all odds - even with a possible Typhoon No 8 - at the Four Seasons Hotel in Central.

The three-day event started with a dinner reception and tour of M+ Museum in West Kowloon for 200 global financial and banking leaders last night.

Organizer the Hong Kong Monetary Authority said yesterday the Global Financial Leaders' Investment Summit will be held today as planned.

"Most of the overseas participants are staying at the venue hotel, and local guests can decide whether to attend, taking into account safety situations," an HKMA spokesman said. RTHK will provide live broadcasting of the event.

The HKMA announced an updated agenda yesterday that replaced two top bankers - Citigroup chief executive Jane Fraser and Blackstone president Jonathan Gray - who were supposed to be panel speakers but pulled out at the last minute after both contracted Covid.

Instead, Citigroup's chief executive of personal banking and wealth management, Anand Selvakesari, and Blackstone's chief financial officer and senior managing director, Michael Chae, will be speaking.

Financial Secretary Paul Chan Mo-po returned to Hong Kong yesterday evening from his work trip to the Saudi Arabia capital Riyadh after he tested positive to Covid there last week.

Speaking to reporters at the Hong Kong International Airport, Chan said his rapid antigen test has been negative for two consecutive days. Like other travelers, he took the PCR test at the airport upon his arrival, and would wait for the result at home.

He was looking forward to attending the summit.

In a 10pm announcement, the Department of Health classified Chan as a non-infectious recoveree with no isolation required.

He will attend the summit today but will not join banquet activities.

At least five top executives have pulled out from the summit, apart from Fraser and Gray. Amundi SA chief executive Valerie Baudson canceled her trip for urgent family reasons, while a spokesman for Capital Group chief executive Timothy Armour said yesterday he is unwell.

On Monday, a spokeswoman of Barclays said chief executive C.S. Venkatakrishnan will no longer visit Asia this week.

Chan said he understands their absence as some of them have contracted Covid or cancelled the Asian trip.

But he said more than 100 top executives of international financial institutions are attending the summit.

"Their attendance shows that they are proactive regarding Hong Kong as an international financial hub and the investment opportunities here," Chan said.

Chief Executive John Lee Ka-chiu said yesterday the absent guests were just a small number. "What we have seen now is that there are more than 200 participants, which is within our expectation," he said before the Executive Council meeting.

Hong Kong is full of energy and vitality in these two weeks under the "0+3" arrangement, which has provided more room for different activities, Lee said.

Several large-scale events have been or will be held including the Hong Kong FinTech Week, which started on Monday, the Hong Kong Sevens at the weekend, and the Asia Summit on Global Health scheduled for next Thursday and Friday.

He said the government will closely monitor the epidemic development, and allow more activities under proper management of risks, so the SAR can further connect to the world. He also said some anti-epidemic measures have been designated for large scale events like the financial summit and Hong Kong Sevens, after which authorities will review the results to help improve the measures.

Private jets have been flying into the city for days with bankers from around the world, including Goldman Sachs Group's David Solomon and Morgan Stanley's James Gorman.