Good evening from the news desk! Here is a roundup of the top stories making headlines across Hong Kong’s leading newspapers on Sunday, May 31, 2026. From the Chief Executive leading Hong Kong’s largest-ever business delegation to Central Asia to the city surpassing Switzerland as the world’s top cross-border wealth hub and a significant drug bust at the airport, here are the stories that matter.

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1. CE Leads Record-Breaking Delegation to Central Asia

Chief Executive John Lee departed on Sunday morning for an official visit to Kazakhstan and Uzbekistan, leading the current administration’s largest-ever business delegation of more than 70 representatives. The delegation includes over 40 local business and professional representatives, as well as representatives from 30 mainland enterprises, spanning industries including finance, legal services, construction, logistics, innovation and technology, manufacturing and the automotive industry.

Lee stated that Central Asia enjoys “rapid economic development, abundant natural resources, and immense market potential,” and Hong Kong aims to strengthen cooperation with the region in areas including finance, trade, infrastructure, I&T and green development. Kazakhstan accounts for over 60 percent of the regional economy and is the SAR’s largest trading partner in Central Asia, while Uzbekistan is the region’s most populous country and a key partner of Hong Kong.

The group will first visit Kazakhstan, before going to Uzbekistan for three days from June 3, returning to Hong Kong on June 6. Various officials are joining the trip, including Deputy Secretary for Justice Cheung Kwok-kwan, Secretary for Financial Services and the Treasury Christopher Hui, and Secretary for Commerce and Economic Development Algernon Yau. During Lee’s absence, Chief Secretary Chan Kwok-ki will be acting chief executive.

2. Hong Kong Overtakes Switzerland as World’s Top Cross-Border Wealth Hub

In a significant milestone for the city’s financial sector, Hong Kong has officially surpassed Switzerland to become the world’s largest cross-border wealth management hub. According to Boston Consulting Group’s (BCG) latest global wealth report, cross-border wealth booked in Hong Kong rose 10.7 percent last year to about HK$23 trillion (approximately US$2.95 trillion), narrowly above Switzerland’s US$2.94 trillion, which grew by 7.6 percent.

Financial Secretary Paul Chan Mo-po said on Sunday that both domestic and international funds have cast a “vote of confidence” in the city, noting that Hong Kong’s asset management business has achieved remarkable growth. BCG projects Hong Kong’s cross-border wealth to grow about 9 percent annually through 2030, a faster rate than Switzerland. Flows from the Chinese mainland represented more than 60 percent of assets under management, further cementing Hong Kong’s role as China’s gateway to global markets.

Chan wrote in his blog that amid global geopolitical turmoil and the artificial intelligence wave, capital is being reallocated at an unprecedented scale. He noted that Hong Kong’s total asset management business has exceeded HK$35 trillion, with 54 percent of funds coming from investors outside Hong Kong, including the Chinese mainland.

3. Hong Kong Considers New Offshore Yuan Venture Capital Fund

The government is actively considering the launch of a new offshore renminbi venture capital fund to channel liquidity into frontier technologies and emerging industries, Financial Secretary Paul Chan announced on Sunday. The proposal, announced alongside plans to inject additional capital into the Hong Kong Investment Corporation, is the latest effort to strengthen the interplay between the financial markets and innovation ecosystem.

Chan noted that as of March, the Hong Kong Investment Corporation had invested in more than 200 projects spanning hard technology, life and health sciences, and new energy and green technology. Ten of its portfolio companies have listed in the SAR, and more than 30 others are applying or preparing to go public this year.

The finance chief said Hong Kong’s stock market has grown steadily over the past decade, with total market capitalization rising from HK$23 trillion to more than HK$47 trillion, while average daily turnover this year has exceeded HK$270 billion. The Northern Metropolis will be key ground for HKIC-linked enterprises to expand their presence in the city.

4. Retail Sales Expected to Post 12 Consecutive Months of Growth

Financial Secretary Paul Chan said on Sunday that he expects solid growth in April retail sales, which will be released on Tuesday, marking 12 consecutive months of growth and reflecting stable recovery momentum in Hong Kong’s retail sector. Hong Kong’s retail sales figure for March was estimated to have reached HK$33.9 billion, a rise of 13 percent year-on-year.

Chan wrote that the new round of technological revolution and industrial transformation is accelerating, with technological breakthroughs, product innovation and design upgrades driving investment and sales as a major engine of economic growth. Driven by exports of AI-related electronic products, Hong Kong’s total merchandise export value in April accelerated further to a 42.9 percent year-on-year increase.

5. LPG Fuel Subsidy Scheme Launches for Public Transport

The Hong Kong government launched a temporary LPG subsidy scheme for taxis, public light buses and school private light buses on Sunday, aimed at easing the financial burden on the city’s transport sector amid ongoing instability in global energy markets. Eligible vehicles will receive a fuel subsidy of HK$0.5 per liter for a two-month period through July 30.

Approximately 16,900 LPG-powered and LPG-hybrid taxis will benefit from the subsidy program, along with around 3,440 LPG public light buses and 170 LPG school private light buses. Drivers will automatically receive the discount at all 66 LPG filling stations across Hong Kong without needing to complete any registration. The government has entered into formal agreements with six major oil companies—Sinopec, ExxonMobil, Shell, PetroChina, Chevron (Caltex), and Feoso—to implement the scheme.

6. Customs Seizes HK$0.9 Million of Cannabis at Airport

Hong Kong Customs detected a drug trafficking case involving baggage concealment at Hong Kong International Airport on Sunday, seizing about 5 kilograms of suspected cannabis buds with an estimated market value of about HK$0.9 million. A 31-year-old male passenger arrived in Hong Kong from Koh Samui, Thailand, and was found to have the suspected cannabis concealed in snack packaging inside his carry-on baggage. The man was subsequently arrested, and an investigation is ongoing.

Customs reminded the public that under the Dangerous Drugs Ordinance, trafficking in a dangerous drug carries a maximum penalty of a HK$5 million fine and life imprisonment. The department will continue to step up enforcement against drug trafficking activities through intelligence analysis and risk assessment.

7. Northbound Vehicle Travel Scheme Extended for Five Years

The Guangdong Provincial People’s Government has officially extended the “Northbound Travel for Hong Kong Vehicles” scheme for an additional five years, allowing local private cars to continue traveling to the mainland via the Hong Kong-Zhuhai-Macao Bridge until June 1, 2031. The extension provides continuity for motorists who rely on the cross-border passage for travel and business.

8. Heat Shelter Operating in Shek Kip Mei as Very Hot Weather Warnings Persist

Shek Kip Mei Community Hall is operating as a temporary heat shelter with upgraded facilities and a dedicated female-only zone to cater to residents’ needs, as the Hong Kong Observatory continues to issue Very Hot Weather Warnings for consecutive days. The shelter provides air-conditioned refuge for vulnerable residents amid the ongoing hot weather.

9. HK Express Cancels Flights as Typhoon Jangmi Approaches Okinawa

HK Express has canceled six flights to and from Okinawa on Monday and Tuesday as Typhoon Jangmi approaches Japan’s southern islands. Travelers are advised to check with the airline for the latest updates and alternative arrangements.

10. Citizens Protest at US Consulate Over Hong Kong Policy Act Report

About 20-plus citizens gathered outside the US Consulate General in Hong Kong and Macau to protest against the United States’ release of the 2026 Hong Kong Policy Act Report, according to Now News. The protesters unfurled banners and chanted slogans, condemning the US for smearing Hong Kong’s national security, rule of law and human rights, and meddling in Hong Kong affairs. They placed a letter of protest outside the consulate.

Weather Update

Sunday’s weather remained unsettled. At 8 a.m., the Hong Kong Observatory recorded a temperature of 28 degrees Celsius with relative humidity of 78 percent. A strong easterly airstream affected the eastern coast of Guangdong, with intense thunderstorm activity affecting the Pearl River Delta area. Parts of the New Territories Northwest and Lantau recorded over 10 millimeters of rainfall this morning. The forecast called for mainly cloudy conditions with a few showers, isolated thunderstorms in the early hours, and daytime highs of around 32 degrees Celsius under brief sunny intervals. A thunderstorm warning was in effect until 9:30 a.m.. Looking ahead, the coming days are expected to see sunny periods with very hot conditions during the daytime.

Other News in Brief

China’s factory activity stalled in May as new export orders contracted and input costs kept rising, an official survey showed on Sunday, adding to concerns the world’s second-largest economy is losing momentum despite pockets of strength in services and high-tech manufacturing. Meanwhile, Henderson Land Development will launch 648 units at One Victoria Cove in the short term to meet market demand.

In the corrections system, officers stopped ten male remand persons in custody from assaulting two others at Pik Uk Correctional Institution on Sunday. Both victims were 19 years old. One sustained injuries to his head and hand and was referred to a public hospital. The case has been reported to police for investigation.

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This summary was compiled from multiple Hong Kong news sources on the morning of May 31, 2026. For breaking news and real-time updates, please follow the respective news outlets directly.