China’s record dividend payout puts yuan under pressure amid US-China tensions
By Bloomberg
China’s ambitious campaign to revive its flagging stock market has made the yuan an unintended casualty, with record dividend payouts leading to outflows.
Interim dividends paid by Hong Kong-listed Chinese firms are set to reach US$12.9 billion between January and March, a record level for the first quarter, according to Bloomberg-compiled data. That comes as fourth quarter levels have already topped US$16.2 billion, the most ever for the period and up 47 per cent compared with a year ago.
The dividend bonanza is adding pressure on the Chinese yuan already weighed by a resurgent dollar and the prospect of growing US-China tensions. The firms mostly pay dividends in Hong Kong dollars but earn most their revenue in yuan, which requires conversion.
The looming outflows will test Beijing’s ability to achieve short-term market stability without compromising longer term goals in the world’s No 2 economy. That is especially important as policymakers also ramp up efforts to defend the currency currently hovering near one-year lows.
The higher client demand for foreign currency can mostly be pinned on dividend flows as many Hong Kong-listed firms introduce interim dividends, said Xing Zhaopeng, a senior strategist at Australia & New Zealand Banking Group. “The increase in both the frequency and the net amount of dividends will continue to weigh as firms convert to other currencies for payment.”
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By Bloomberg
China’s ambitious campaign to revive its flagging stock market has made the yuan an unintended casualty, with record dividend payouts leading to outflows.
Interim dividends paid by Hong Kong-listed Chinese firms are set to reach US$12.9 billion between January and March, a record level for the first quarter, according to Bloomberg-compiled data. That comes as fourth quarter levels have already topped US$16.2 billion, the most ever for the period and up 47 per cent compared with a year ago.
The dividend bonanza is adding pressure on the Chinese yuan already weighed by a resurgent dollar and the prospect of growing US-China tensions. The firms mostly pay dividends in Hong Kong dollars but earn most their revenue in yuan, which requires conversion.
The looming outflows will test Beijing’s ability to achieve short-term market stability without compromising longer term goals in the world’s No 2 economy. That is especially important as policymakers also ramp up efforts to defend the currency currently hovering near one-year lows.
The higher client demand for foreign currency can mostly be pinned on dividend flows as many Hong Kong-listed firms introduce interim dividends, said Xing Zhaopeng, a senior strategist at Australia & New Zealand Banking Group. “The increase in both the frequency and the net amount of dividends will continue to weigh as firms convert to other currencies for payment.”
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Did a wet climate give rise to China’s first empires over 2,000 years ago?
By Holly Chik
North China had a humid climate more than 2,000 years ago, contributing to an agricultural boom and the success and prosperity of China’s earliest empires, according to an international team of researchers.
They found that rainfall in the region 2,200 years ago, during the start of the Qin dynasty (221-207BC), was around 18 to 34 per cent higher than precipitation levels between 1951 and 2015. This trend continued through the Western Han dynasty (206BC – AD24).
The Qin was China’s first imperial dynasty, with its capital at Xianyang in what is now the northwestern province of Shaanxi.
Its successor, the Han dynasty (206BC-AD220) – split into two periods, the Western and Eastern Han – was so powerful that the word “Han” is used to denote China’s majority ethnic group. The Western Han’s capital was in Xian, then called Changan, also in Shaanxi.
The persistently wet conditions increased food production and contributed to socioeconomic prosperity in these historical periods, according to the researchers, who shared their findings in the peer-reviewed journal Proceedings of the National Academy of Sciences of the United States of America on Monday. .
“We conclude that the stable and consistently warm and humid climate conditions during the Qin–Western Han dynasties favoured large-scale agricultural food production and promoted regional economic and demographic prosperity,” they wrote.
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By Holly Chik
North China had a humid climate more than 2,000 years ago, contributing to an agricultural boom and the success and prosperity of China’s earliest empires, according to an international team of researchers.
They found that rainfall in the region 2,200 years ago, during the start of the Qin dynasty (221-207BC), was around 18 to 34 per cent higher than precipitation levels between 1951 and 2015. This trend continued through the Western Han dynasty (206BC – AD24).
The Qin was China’s first imperial dynasty, with its capital at Xianyang in what is now the northwestern province of Shaanxi.
Its successor, the Han dynasty (206BC-AD220) – split into two periods, the Western and Eastern Han – was so powerful that the word “Han” is used to denote China’s majority ethnic group. The Western Han’s capital was in Xian, then called Changan, also in Shaanxi.
The persistently wet conditions increased food production and contributed to socioeconomic prosperity in these historical periods, according to the researchers, who shared their findings in the peer-reviewed journal Proceedings of the National Academy of Sciences of the United States of America on Monday. .
“We conclude that the stable and consistently warm and humid climate conditions during the Qin–Western Han dynasties favoured large-scale agricultural food production and promoted regional economic and demographic prosperity,” they wrote.
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Bucking tradition, some Hong Kong churches host memorial services for pets
By Danny Mok
Hymns resonated and eulogies filled the air at a church in Hong Kong one afternoon, much like at any other Christian memorial service.
What made the funeral service unusual was that the deceased, Siu Dou, was a dog.
Church-goer Michael Leung* said that long before he welcomed the shiba inu into his life, he believed it was essential to hold memorial services for animals that had died, just as one would for any member of the community.
The loss of his 13-year companion, Siu Dou, or “little bean”, in August devastated Leung, who is in his 40s. He said the dog had offered him endless love, and he wanted to pay his final tribute to his furry friend with a proper funeral in September.
“This is my love and respect for him, and I hope he might know that dad and mum [his wife] had arranged a funeral for him when he returned to the side of Jesus,” said Leung, who holds a doctorate in theology.
Unlike the Buddhist and Taoist communities, conducting a memorial service for deceased pets is not a common practice among local Protestant and Catholic churches.
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By Danny Mok
Hymns resonated and eulogies filled the air at a church in Hong Kong one afternoon, much like at any other Christian memorial service.
What made the funeral service unusual was that the deceased, Siu Dou, was a dog.
Church-goer Michael Leung* said that long before he welcomed the shiba inu into his life, he believed it was essential to hold memorial services for animals that had died, just as one would for any member of the community.
The loss of his 13-year companion, Siu Dou, or “little bean”, in August devastated Leung, who is in his 40s. He said the dog had offered him endless love, and he wanted to pay his final tribute to his furry friend with a proper funeral in September.
“This is my love and respect for him, and I hope he might know that dad and mum [his wife] had arranged a funeral for him when he returned to the side of Jesus,” said Leung, who holds a doctorate in theology.
Unlike the Buddhist and Taoist communities, conducting a memorial service for deceased pets is not a common practice among local Protestant and Catholic churches.
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Bushfire in northern Hong Kong still raging after over 20 hours
By Vivian Au
A bushfire in northern Hong Kong has continued to burn for more than 20 hours as of Sunday morning.
The blaze broke out at 2.49pm the day before near Tai Tong in Yuen Long. Trails of flames stretched as far as 200 metres (656 feet) and burned overnight.
The Government Flying Service deployed a helicopter to help with firefighting efforts in the area.
Authorities earlier said they suspected the blaze had been caused by wild grass catching fire.
Jason Leung Min-kin, a Yuen Long district councillor, said on Sunday morning that the scene had produced lots of smoke. He added that no casualties had been reported so far.
“The weather is dry and the winds are strong. And residents are safe,” he wrote on social media.
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By Vivian Au
A bushfire in northern Hong Kong has continued to burn for more than 20 hours as of Sunday morning.
The blaze broke out at 2.49pm the day before near Tai Tong in Yuen Long. Trails of flames stretched as far as 200 metres (656 feet) and burned overnight.
The Government Flying Service deployed a helicopter to help with firefighting efforts in the area.
Authorities earlier said they suspected the blaze had been caused by wild grass catching fire.
Jason Leung Min-kin, a Yuen Long district councillor, said on Sunday morning that the scene had produced lots of smoke. He added that no casualties had been reported so far.
“The weather is dry and the winds are strong. And residents are safe,” he wrote on social media.
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National security law, minister sackings bookend big year in Hong Kong politics
By Jeffie Lam
Several major events made 2024 an exceptional year in Hong Kong politics, as the city continued to wrestle with the long shadow of the 2019 social unrest, introducing new security legislation and clamping down on activists.
By enacting its domestic Safeguarding National Security Ordinance, the city added to similar legislation imposed by Beijing in the wake of the unrest and fulfilled a constitutional obligation 27 years after its return to Chinese sovereignty.
But the laws continued to place Hong Kong in the crosshairs of attacks by the West amid escalating US-China tensions.
Beijing’s point man on Hong Kong affairs met the city’s business leaders in two high-level meetings this year, gauging tycoons’ views on how to boost the economy, while urging them not to be “bystanders” as the local government pressed for long-term development projects.
Chief Executive John Lee Ka-chiu ended the year by sacking two ministers – those in charge of tourism and transport – as he continued his race to deliver concrete results at the halfway mark of his tenure.
Here is what you need to know about Hong Kong’s major political developments this year.
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By Jeffie Lam
Several major events made 2024 an exceptional year in Hong Kong politics, as the city continued to wrestle with the long shadow of the 2019 social unrest, introducing new security legislation and clamping down on activists.
By enacting its domestic Safeguarding National Security Ordinance, the city added to similar legislation imposed by Beijing in the wake of the unrest and fulfilled a constitutional obligation 27 years after its return to Chinese sovereignty.
But the laws continued to place Hong Kong in the crosshairs of attacks by the West amid escalating US-China tensions.
Beijing’s point man on Hong Kong affairs met the city’s business leaders in two high-level meetings this year, gauging tycoons’ views on how to boost the economy, while urging them not to be “bystanders” as the local government pressed for long-term development projects.
Chief Executive John Lee Ka-chiu ended the year by sacking two ministers – those in charge of tourism and transport – as he continued his race to deliver concrete results at the halfway mark of his tenure.
Here is what you need to know about Hong Kong’s major political developments this year.
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Hong Kong green group warns revised IT hub plan could harm bird flight paths
By Vivian Au
A Hong Kong green group has expressed concerns that an innovation and technology (I&T) park being co-developed by the city and Shenzhen may disrupt bird flight paths after a revised plan allowed for buildings as high as 40 floors.
The Conservancy Association also said that related development works could pass through a wetland conservation area, further affecting a local ecological corridor.
It noted that detailed plans for the Eastern Connection Road of the Lok Ma Chau Loop and the Northern Link spur line, a branch of a rail network intended to expand coverage of the New Territories, had yet to be released.
Authorities recently shared an outline for plans to develop the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone as part of efforts to attract talent, generate wealth and transform strategic industries.
The park is located in Lok Ma Chau Loop along Hong Kong’s border with mainland China, with the project starting with the development of its western side first.
The gross floor area of the first-phase development will be doubled and comprise laboratories, advanced manufacturing, industry-academia research bases, talent accommodation and commercial facilities.
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By Vivian Au
A Hong Kong green group has expressed concerns that an innovation and technology (I&T) park being co-developed by the city and Shenzhen may disrupt bird flight paths after a revised plan allowed for buildings as high as 40 floors.
The Conservancy Association also said that related development works could pass through a wetland conservation area, further affecting a local ecological corridor.
It noted that detailed plans for the Eastern Connection Road of the Lok Ma Chau Loop and the Northern Link spur line, a branch of a rail network intended to expand coverage of the New Territories, had yet to be released.
Authorities recently shared an outline for plans to develop the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone as part of efforts to attract talent, generate wealth and transform strategic industries.
The park is located in Lok Ma Chau Loop along Hong Kong’s border with mainland China, with the project starting with the development of its western side first.
The gross floor area of the first-phase development will be doubled and comprise laboratories, advanced manufacturing, industry-academia research bases, talent accommodation and commercial facilities.
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China is visa-free for most of Europe, but not this EU trio. Why?
By Phoebe ZhangHayley Wong
Post-Covid China has become more open to foreign tourists than it has ever been in decades, with Europe so far the main target of Beijing’s expanding unilateral visa-free entrance scheme.
That is, except Sweden, Lithuania and the Czech Republic – the only European Union (EU) nations not on the list.
Chinese analysts say the omission reflects what Beijing sees as problematic bilateral relations over issues ranging from Taiwan to access to technology. Tensions over the Ukraine war have made matters worse, they add, as Europe’s support for the former Soviet state clashes with Beijing’s continued backing of Moscow.
Since November 2023, China has rolled out a string of unilateral visa-free schemes for countries worldwide. Passport holders from 38 countries are now able to enter China without a visa and stay for more than 30 days for business, tourism, family visit, or transit purposes.
On the list are 32 states across Europe, including 24 of the 27 EU member countries.
The scheme will run until the end of 2025, and the 38 countries are not required to extend the same treatment to Chinese nationals.
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By Phoebe ZhangHayley Wong
Post-Covid China has become more open to foreign tourists than it has ever been in decades, with Europe so far the main target of Beijing’s expanding unilateral visa-free entrance scheme.
That is, except Sweden, Lithuania and the Czech Republic – the only European Union (EU) nations not on the list.
Chinese analysts say the omission reflects what Beijing sees as problematic bilateral relations over issues ranging from Taiwan to access to technology. Tensions over the Ukraine war have made matters worse, they add, as Europe’s support for the former Soviet state clashes with Beijing’s continued backing of Moscow.
Since November 2023, China has rolled out a string of unilateral visa-free schemes for countries worldwide. Passport holders from 38 countries are now able to enter China without a visa and stay for more than 30 days for business, tourism, family visit, or transit purposes.
On the list are 32 states across Europe, including 24 of the 27 EU member countries.
The scheme will run until the end of 2025, and the 38 countries are not required to extend the same treatment to Chinese nationals.
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North Korea declares ‘strongest’ US strategy in key party meeting
By Reuters
North Korean leader Kim Jong-un held a policy-setting key meeting of the country’s ruling party last week ahead of the new year, state media KCNA reported on Sunday.
The “strongest” response strategy towards the United States was declared during the party meeting for the country’s safety and national interests, the report said, without providing any details.
The trilateral alliance between South Korea, the US and Japan has expanded to a “nuclear military bloc” and South Korea has become an “anti-communism outpost” for the US, the KCNA report added.
“The reality clearly suggests which direction we should go and what we should do and how,” the report said.
The meeting, which was held from December 23-27, according to the report, also reviewed the handling of floods earlier this year, including the plan that brought those affected to Pyongyang, the capital.
The reclusive state also vowed to promote relations with “friendly” countries during the meeting.
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By Reuters
North Korean leader Kim Jong-un held a policy-setting key meeting of the country’s ruling party last week ahead of the new year, state media KCNA reported on Sunday.
The “strongest” response strategy towards the United States was declared during the party meeting for the country’s safety and national interests, the report said, without providing any details.
The trilateral alliance between South Korea, the US and Japan has expanded to a “nuclear military bloc” and South Korea has become an “anti-communism outpost” for the US, the KCNA report added.
“The reality clearly suggests which direction we should go and what we should do and how,” the report said.
The meeting, which was held from December 23-27, according to the report, also reviewed the handling of floods earlier this year, including the plan that brought those affected to Pyongyang, the capital.
The reclusive state also vowed to promote relations with “friendly” countries during the meeting.
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Gold could hit US$3,000 in 2025 amid continuing bull run
By Enoch Yiu
Gold has had a very good year. Not only did the price of the yellow metal keep refreshing record highs, but it also posted the biggest annual increase in 14 years.
Analysts expect the bull run to continue next year and hit US$3,000 per ounce on the back of buying by central banks, geopolitical tensions and falling interest rates.
Spot gold traded at US$2,611 on Christmas Eve, 27 per cent higher than at the end of 2023. That is the biggest annual jump in the price of the precious metal since 2010, when it shot up by almost 30 per cent.
Gold also hit an all-time high of US$2,790.07 per ounce in October, rising 35 per cent from the end of last year.
“Gold’s rally in 2024 was driven by many factors, ranging from the buying spree of many central banks, including the People’s Bank of China, as they want to invest their reserves in gold and diversify from holding US dollar assets,” said Anderson Cheung, head of global commodities at Best Profit Capital, a Hong Kong-based financial firm that is part of Guangzhou-based conglomerate Kingold Financial Services.
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By Enoch Yiu
Gold has had a very good year. Not only did the price of the yellow metal keep refreshing record highs, but it also posted the biggest annual increase in 14 years.
Analysts expect the bull run to continue next year and hit US$3,000 per ounce on the back of buying by central banks, geopolitical tensions and falling interest rates.
Spot gold traded at US$2,611 on Christmas Eve, 27 per cent higher than at the end of 2023. That is the biggest annual jump in the price of the precious metal since 2010, when it shot up by almost 30 per cent.
Gold also hit an all-time high of US$2,790.07 per ounce in October, rising 35 per cent from the end of last year.
“Gold’s rally in 2024 was driven by many factors, ranging from the buying spree of many central banks, including the People’s Bank of China, as they want to invest their reserves in gold and diversify from holding US dollar assets,” said Anderson Cheung, head of global commodities at Best Profit Capital, a Hong Kong-based financial firm that is part of Guangzhou-based conglomerate Kingold Financial Services.
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Hong Kong, Macau can grow China’s appeal in age of US containment
By Regina Ip
Hong Kong has plodded through another challenging year with some hits and misses. On the downside, economic growth is forecast to slow to 2.5 per cent. Financial Secretary Paul Chan Mo-po also expects the fiscal deficit to exceed HK$100 billion (US$12.8 billion). His admission drove home the fact that the government has, for all the clawbacks from the Housing Authority’s reserve and bond issuance, been effectively running a deficit since 2019.
This raises the alarm that Hong Kong could be facing a structural deficit, with heightened risks of a credit rating downgrade and attacks on the Hong Kong dollar. All eyes are on Chan’s next budget to see if he would take decisive action to return Hong Kong to fiscal health.
The good news is the government has met many of the work targets it has set to “grab” talent and attract strategic enterprises. Chief Executive John Lee Ka-chiu recently revealed that the number of offices in Hong Kong with parent companies elsewhere had increased by 10 per cent this year. Meanwhile, 66 strategic enterprises have set up shop in Hong Kong or are expanding their presence here, half of which are industry leaders. Hong Kong now boasts over 2,700 family offices.
Thanks to the admission of over 100,000 professionals under its talent schemes, Hong Kong’s population is back above 7.5 million, where it was before the relaxation of the immigration schemes of several Western countries led to a substantial brain drain.
Hong Kong’s ranking in various international surveys has improved. Hong Kong beat Singapore to regain the third position in the latest edition of the Global Financial Centres Index. Its competitiveness and talent rankings have also risen. These improvements show the government’s efforts in reinvigorating the economy have not gone unrecognised.
The Hang Seng Index also recovered. It bounced back in September and has been hovering at the 20,000-21,000 level with heavier trading, generating much-needed revenue for the government from stamp duties on stock transactions.
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By Regina Ip
Hong Kong has plodded through another challenging year with some hits and misses. On the downside, economic growth is forecast to slow to 2.5 per cent. Financial Secretary Paul Chan Mo-po also expects the fiscal deficit to exceed HK$100 billion (US$12.8 billion). His admission drove home the fact that the government has, for all the clawbacks from the Housing Authority’s reserve and bond issuance, been effectively running a deficit since 2019.
This raises the alarm that Hong Kong could be facing a structural deficit, with heightened risks of a credit rating downgrade and attacks on the Hong Kong dollar. All eyes are on Chan’s next budget to see if he would take decisive action to return Hong Kong to fiscal health.
The good news is the government has met many of the work targets it has set to “grab” talent and attract strategic enterprises. Chief Executive John Lee Ka-chiu recently revealed that the number of offices in Hong Kong with parent companies elsewhere had increased by 10 per cent this year. Meanwhile, 66 strategic enterprises have set up shop in Hong Kong or are expanding their presence here, half of which are industry leaders. Hong Kong now boasts over 2,700 family offices.
Thanks to the admission of over 100,000 professionals under its talent schemes, Hong Kong’s population is back above 7.5 million, where it was before the relaxation of the immigration schemes of several Western countries led to a substantial brain drain.
Hong Kong’s ranking in various international surveys has improved. Hong Kong beat Singapore to regain the third position in the latest edition of the Global Financial Centres Index. Its competitiveness and talent rankings have also risen. These improvements show the government’s efforts in reinvigorating the economy have not gone unrecognised.
The Hang Seng Index also recovered. It bounced back in September and has been hovering at the 20,000-21,000 level with heavier trading, generating much-needed revenue for the government from stamp duties on stock transactions.
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28 dead in South Korean plane crash
By ReutersAssociated Press
An aircraft drove off the runway and crashed at Muan International Airport in South Korea, with 23 casualties confirmed, the Yonhap news agency reported on Sunday.
The Jeju Air plane, which was carrying 175 passengers and six flight attendants, was flying back from Thailand and the accident took place while it was landing, the report said. The airport is in southern South Korea.
Photos shared by local media showed smoke coming out of the plane.
One person was found alive as the rescue mission was continuing, according to Yonhap.
A plane caught fire Sunday at a southern South Korean airport after its landing gear
Yonhap news agency reported the Jeju Air flight plane veered off the runway and collided with a fence. It said the plane was returning from Bangkok.
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By ReutersAssociated Press
An aircraft drove off the runway and crashed at Muan International Airport in South Korea, with 23 casualties confirmed, the Yonhap news agency reported on Sunday.
The Jeju Air plane, which was carrying 175 passengers and six flight attendants, was flying back from Thailand and the accident took place while it was landing, the report said. The airport is in southern South Korea.
Photos shared by local media showed smoke coming out of the plane.
One person was found alive as the rescue mission was continuing, according to Yonhap.
A plane caught fire Sunday at a southern South Korean airport after its landing gear
Yonhap news agency reported the Jeju Air flight plane veered off the runway and collided with a fence. It said the plane was returning from Bangkok.
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Thousands of flights delayed, 1 dead as severe weather hits the US
By Reuters
Severe weather disrupted holiday travel on Saturday across the US with deadly tornadoes in the southeast and heavy snow and wind on the west coast, delaying or cancelling thousands of flights across the country.
More than 7,000 flights in the US were delayed on Saturday, according to the tracking site FlightAware, and more than 200 were cancelled.
According to FlightAware, about a third of the flights were delayed at Hartsfield-Jackson International Airport in Atlanta, and nearly half of the flights originating from Dallas/Fort Worth International Airport and George Bush Intercontinental Airport in Houston were delayed.
At least 10 tornadoes touched down in the southeastern states of Texas, Louisiana and Mississippi on Saturday, leaving one person dead near Houston, the National Weather Service and local law enforcement said.
“Those numbers will probably go up,” said forecaster Aaron Gleason, with the National Weather Service’s Storm Prediction Center.
The one death and four injuries were reported Saturday in Brazoria County, Texas, about 45 miles south of Houston, according to the Brazoria County Sheriff’s Office.
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By Reuters
Severe weather disrupted holiday travel on Saturday across the US with deadly tornadoes in the southeast and heavy snow and wind on the west coast, delaying or cancelling thousands of flights across the country.
More than 7,000 flights in the US were delayed on Saturday, according to the tracking site FlightAware, and more than 200 were cancelled.
According to FlightAware, about a third of the flights were delayed at Hartsfield-Jackson International Airport in Atlanta, and nearly half of the flights originating from Dallas/Fort Worth International Airport and George Bush Intercontinental Airport in Houston were delayed.
At least 10 tornadoes touched down in the southeastern states of Texas, Louisiana and Mississippi on Saturday, leaving one person dead near Houston, the National Weather Service and local law enforcement said.
“Those numbers will probably go up,” said forecaster Aaron Gleason, with the National Weather Service’s Storm Prediction Center.
The one death and four injuries were reported Saturday in Brazoria County, Texas, about 45 miles south of Houston, according to the Brazoria County Sheriff’s Office.
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Hong Kong hospitals to face stricter controls over ‘space oil’ drug
By Clifford Lo
Hong Kong hospitals will face stricter controls next year over their handling of an anaesthetic used for urgent procedures that is also a key ingredient in the increasingly popular street drug known as “space oil”, as part of government efforts to better regulate access to the chemical.
Sources told the Post that under authorities’ plans to expedite the legislative process to add etomidate to the Dangerous Drugs Ordinance by the first quarter of 2025, procedures on how the drug was handled by medical professionals would be affected.
Etomidate, the main component of space oil, is currently regulated as a Part 1 poison and can only be prescribed by a doctor.
The drug is a short-acting anaesthetic administered intravenously, mainly used to induce sedation for brief medical interventions, such as endotracheal intubation during emergency resuscitation, according to the Security Bureau.
A bureau spokesman said the change would lead to stricter controls not only in terms of the drug’s storage but also documentation requirements and how it was handled.
“The Hospital Authority has already promulgated the operational workarounds on storage and documentation to different key stakeholders within [the authority] … for implementation, so that etomidate will be applied as and when necessary during emergency situations,” he said.
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By Clifford Lo
Hong Kong hospitals will face stricter controls next year over their handling of an anaesthetic used for urgent procedures that is also a key ingredient in the increasingly popular street drug known as “space oil”, as part of government efforts to better regulate access to the chemical.
Sources told the Post that under authorities’ plans to expedite the legislative process to add etomidate to the Dangerous Drugs Ordinance by the first quarter of 2025, procedures on how the drug was handled by medical professionals would be affected.
Etomidate, the main component of space oil, is currently regulated as a Part 1 poison and can only be prescribed by a doctor.
The drug is a short-acting anaesthetic administered intravenously, mainly used to induce sedation for brief medical interventions, such as endotracheal intubation during emergency resuscitation, according to the Security Bureau.
A bureau spokesman said the change would lead to stricter controls not only in terms of the drug’s storage but also documentation requirements and how it was handled.
“The Hospital Authority has already promulgated the operational workarounds on storage and documentation to different key stakeholders within [the authority] … for implementation, so that etomidate will be applied as and when necessary during emergency situations,” he said.
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