Company News - 05/28/2021

Supporting Patriots Governing Hong Kong Thank the Hong Kong Legislative Council for Passing the Bill to Improve the Electoral System in the Third Reading

Recently, the Legislative Council of the Hong Kong Special Administrative Region passed the "Improvement of the Electoral System (Comprehensive Amendment) Bill 2021" (hereinafter referred to as the "Bill") in the third reading with 40 votes in favor and 2 votes against. The bill will be published in the Gazette and take effect on May 31. The draft bill is a clarification of the original source, providing a solid foundation for patriots to govern Hong Kong. It also marks the full completion of the local legislative work to improve the electoral system of the Hong Kong Special Administrative Region. It is another major institutional achievement of governing Hong Kong according to law and rectifying the chaos.

On March 11 this year, the National People's Congress passed the relevant decision to improve the Hong Kong electoral system with a high vote; on March 30, the Standing Committee of the National People's Congress passed the amendments to Annex I and Annex II of the Basic Law of Hong Kong. On April 13, the SAR government published the draft bill in the Gazette and submitted it to the Legislative Council for the first and second readings the next day. The new system has the greatest changes to the Election Committee. Not only has the number of members increased from 1,200 to 1,500, but all candidates for the Legislative Council elections must be nominated by the Election Committee in the future. The Legislative Council also increased from 70 seats to 90 seats, of which directly elected seats were greatly reduced to only 20 seats. At the same time, the seats of the District Council (Second) sector were eliminated and replaced by 40 seats directly elected by the Election Committee. The functions of the Election Committee have been expanded from only being responsible for nominating and electing the Chief Executive in the past to nominating all Legislative Council members and electing nearly half of the members. On the other hand, the Legislative Council increased from 70 seats to 90 seats, and an "Election Committee" was added, with up to 40 seats directly elected by the Election Committee.

Regarding the passage of the bill, Mr. Calvin Choi, Chairman of AMTD Group, Founder of AMTD Charity Foundation, Special Vice President of the China Young Entrepreneurs Association, Vice Chairman of the Greater Bay Area Common Home Youth Charity Fund, Honorary President of the Hong Kong Youth Army Association, and Founding Chairman of the Greater Bay Area Young Entrepreneurs Association, who has always supported the principle of "patriots governing Hong Kong", said that the establishment of the new electoral system has created a long-term and stable development environment for Hong Kong, which is conducive to Hong Kong society getting back on track as soon as possible and getting out of the political quagmire.

Mr. Sin Yat-kin (SBS, CSDSM), Chief of Staff of AMTD Group, Vice President of AMTD Charitable Foundation, Member of the Advisory Council of the Hong Kong Army Cadets Association, Vice Chairman of the Executive Committee of the Hong Kong Playground Association, and Director of the Hong Kong Polytechnic University, said that improving the electoral system of the SAR will help Hong Kong get back on track. All sectors of society should take responsibility for the future of Hong Kong and the youth of Hong Kong, strengthen the education and guidance of the younger generation of Hong Kong under the principle of "patriots governing Hong Kong", and let "one country, two systems" bloom with strong vitality.

The draft bill, which has just been passed in the third reading, proposes to amend 8 main laws and 24 subsidiary laws, aiming to implement the decision of the National People's Congress and Annex I and Annex II of the Hong Kong Basic Law revised by the Standing Committee of the National People's Congress through local legislation.