Hong Kong Exempting Executives From Major Firms From Mandatory Quarantine

Hong Kong is now lifting its mandatory 14-day quarantine rule for business travelers from major firms listed in the city. The city-state released a list of 480 Hong Kong-listed companies this week that are eligible to apply for the exemption.

The city's newly appointed secretary of financial services and the treasury, Christopher Hui Ching-yu, mentioned in an interview that each company on the list can nominate up to two executives or directors to travel to and from Hong Kong for important contract signings, meetings, or other company affairs.

 The visiting executives will be exempted from undergoing the city's 14-day quarantine period, which will still be mandatory for all other travelers. The nominated executives or directors will only be allowed to travel from Hong Kong to mainland China and vice versa once each month. Multiple travels are strictly not allowed and companies have been advised to adjust their schedules accordingly.

Hui stated in the interview that the city does want to open its doors but it has to do it carefully and step-by-step. The plan is to first allow a limited number of essential travelers into the city and then expanding that number further in the coming months. He added that his office has had to carefully balance the need for public safety and the needs of the economy.

The move follows a similar order imposed by mainland China, which exempted auditors and directors who are visiting important business events such as initial public offering hearings and regulatory meetings from the mandatory quarantine.

For now, executives who are traveling to mainland China from Hong Kong may still be subject to mandatory quarantine until further notice. Upon their return to the city, they will no longer be subject to quarantine.

Most of the companies on the list are those listed on the Hong Kong Stock Exchange, particularly those who are included in major indexes such as the Hang Seng Index and the MidCap Index. This will include major mainland Chinese firms such as Tencent Holdings and Alibaba Group. The companies on the list represent about 95 percent of the total market capitalization of the city's exchange.

The expansion of the quarantine exemption rule is part of China's latest efforts to revive the economy by allowing the resumption of vital business activity in its financial capital. At the same time, the country is still limiting the amount of movement and still imposing mandatory quarantines and checks for other non-essential travelers. The mandatory quarantine for travelers to and from Hong Kong and mainland China is set to expire on July 7.