It's all systems go for summit

The major financial summit in Hong Kong will press ahead from tomorrow in the shadow of a tropical storm and with the hope that Covid-hit Financial Secretary Paul Chan Mo-po can attend in person after flying back to Hong Kong this afternoon from Saudi Arabia.

But three top executives had by last night pulled out - two of them with coronavirus - of a three-day event that is attracting about 200 people from more than 100 major global firms including banks, securities companies, asset managers and hedge funds.

Chan, who contracted Covid during a working visit to Saudi Arabia capital Riyadh last week, has now tested negative in a rapid antigen test and arranged to return to the SAR on a flight that lands this afternoon.

But an official in Chan's office did not touch on the prospects of him attending the three-day Global Financial Leaders' Investment Summit in person as much will depend on the results of his Covid PCR test at Hong Kong International Airport.

Chan is set to deliver a keynote speech tomorrow at the summit and then feature the following day in a session titled "Conversations with Global Investors."

The SAR's financial chief revealed on Sunday that his condition was improving and he would try to return to Hong Kong to attend the summit in person.

Even if he cannot make it, Chan said from quarantine in Riyadh, he would still take part through videoconferencing.

But definitely among the non-starters in Hong Kong is Blackstone president Jonathan Gray because he also contracted Covid. His chief financial officer, Michael Chae, will be replacing him.

According to the summit agenda, Gray was to have been a panelist in a discussion of "Navigating Through Uncertainty" tomorrow morning.

And Barclays chief executive C S Venkatakrishnan will not be in Hong Kong as planned, though a spokeswoman did not give the reason for no show.

Still, he was not scheduled to be on a panel at the summit, which is being organized by the Hong Kong Monetary Authority.

The absence of Gray and Venkatakrishnan follow on from Citigroup chief executive Jane Fraser being ruled out last week after she too was diagnosed with Covid. Fraser was to have featured in a panel discussion on sustainable finance.

Other top executives who will be attending the summit include HSBC chief executive Noel Quinn, Standard Chartered counterpart Bill Winters, Goldman Sachs chief executive David Solomon and Morgan Stanley CEO James Gorman.

The event is intended to show the SAR is back in business after an awkward isolation caused by Covid restrictions, which raised doubts about Hong Kong's future as an international finance center.

The summit will open tomorrow at the Four Seasons Hotel in Central, while a seminar "Conversations with Global Investors" will be held at the HKEX Connect Hall in Central as it nears its close on Thursday.

Various people who have arrived in good time will be at a welcoming dinner at the M+ Museum in West Kowloon tonight.

But contingency plans were being made last night after the Hong Kong Observatory hoisted the strong wind signal No 3 at 4.20pm. Severe tropical storm Nalgae is forecast to be closest to Hong Kong tomorrow or Thursday.

A spokesman for the HKMA said the most appropriate arrangements for the summit are in place and any updates to the program will be announced amid expected changes in weather conditions.

Darryl Chan Wai-man, the monetary authority's executive director (external), said alternative plans have been made for various sessions.

"With what we are organizing, the presence of so many heavyweights from the world of finance will be a strong testament to the rest of the world that we are reopening," he said.

And speaking after attending Hong Kong Fintech Week at the Hong Kong Convention and Exhibition Centre, Secretary for Financial Services Christopher Hui Ching-yu offered the reassurance: "For any emergencies we always have arrangements."