SFC deeply mourns the passing of Hong Kong’s first Chief Executive, Mr Tung Chee-hwa

The Securities and Futures Commission (SFC) today expressed profound sorrow over the passing of Mr Tung Chee-hwa, the former Vice-Chairman of the National Committee of the Chinese People's Political Consultative Conference and the first Chief Executive of the Hong Kong Special Administrative Region.

The SFC's Chairman Dr Kelvin Wong said, "Under Mr Tung Chee-hwa's outstanding leadership during his tenure of more than seven years, Hong Kong successfully navigated through the 1997 Asian financial turmoil. With his strategic foresight, he also played a pivotal role in establishing the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), bringing a significant historic opportunity to Hong Kong's financial sector."

"Implemented in 2003, CEPA, together with national policies supporting Mainland state-owned commercial banks to list in Hong Kong, significantly enhanced the total market capitalisation, liquidity and internationalisation of the Hong Kong stock market. This strengthened Hong Kong's position as the preferred offshore fundraising platform for Mainland enterprises and reinforced its role as a regional market hub, enabling Hong Kong's financial markets to better support the nation's financial reform and opening-up."

"Mr Tung made distinguished contributions to Hong Kong's smooth return to the Motherland and the implementation of the principle of 'one country, two systems' and the Basic Law. He also laid an important foundation for the long-term competitiveness of Hong Kong's financial markets. He will always be remembered with deep respect and gratitude," Dr Wong concluded.

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