Banking heavyweights commit to HK summit

Top executives from about 20 leading global enterprises have committed to being at a Hong Kong-hosted financial summit in November even as quarantine rules threaten to dampen turnout at the conference aimed at restoring the city's reputation as a regional hub.

The chief executives of HSBC, Noel Quinn, and Standard Chartered, Bill Winters, the two global banks with the biggest local presence, have said they will attend the two-day event.

Quinn, who in April had a week in quarantine during his first visit to Hong Kong in more than a year, has said he will "absolutely" attend, adding: "It's great to see Hong Kong starting to open up."

Morgan Stanley's James Gorman and Citigroup's Jane Fraser are also prepared to travel to Hong Kong, while top executives at Goldman Sachs, UBS, JP Morgan & Chase as well as BlackRock's Larry Fink are among invitees.

Attendance by many of Wall Street's leading lights is still contingent on Hong Kong ending a three-day hotel quarantine for incoming travelers, but about 20 firms have nonetheless pledged to send at least a high-ranking C-suite executive.

The gathering is among a slate of important events planned to trumpet that Hong Kong is open for business after almost three years of strict Covid policies and a political crackdown by Beijing.

Among them will be the Hong Kong Sevens rugby tournament in November, which will be staged for the first time in more than three years.

Back on the financial gathering, banks have also informed the Hong Kong Monetary Authority, the organizer of the event, that they will not accept individual quarantine waivers for their executives.

That reflects a sensitivity to being seen as receiving special privileges.

Waivers issued last year to actor Nicole Kidman and to JPMorgan chief executive Jamie Dimon caused public uproars.

The two-day financial event also remains subject to change - including the agenda and attendees - depending on the pandemic situation.

Still, a spokeswoman for the HKMA said it was making "good progress" in arrangements and was in discussions with stakeholders on hosting the event.

On a related front, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said he will "tell the good stories of Hong Kong" as he departed for Cambodia yesterday for an Association of Southeast Asian Nations' economic ministers consultation meeting that is scheduled for Sunday.

Yau said discussions will be held on the progress of implementing a free trade agreement and a related investment agreement between Asean and Hong Kong.

When asked about whether the Hong Kong administration will do away with quarantine by November, Yau said the authorities are taking a practical approach and making decisions based on scientific data.

Hong Kong counted 59,610 visitor arrivals in August after the "3+4" quarantine arrangement was implemented.

That reflected year-on-year growth of 451 percent, according to the Hong Kong Tourism Board.

But the board noted that current arrival numbers constitute only 1 percent of prepandemic levels, and most of the visitors came to Hong Kong for overnight stopovers, family visits, business and other essential travel needs.

eunice.lam@singtaonewscorp.com