Political Appointments & Pay: Hong Kong ministers and other politically appointed officials will get a 1.3% pay rise from July 1, matching the annual mechanism tied to the C-category CPI after civil servants secured a 2% bump. Finance & Regulation: The SFC is stepping up IPO oversight, with a new enforcement focus on book building and allocation practices after detecting patterns of allegedly inequitable demand orders funded by connected parties. Wealth Management: The SFC reports Hong Kong AUM hit a record HK$42.2 trillion in 2025 (+20% YoY), driven by a surge in net inflows, reinforcing the city’s role as a global wealth hub. Land & Housing Market Signals: The Land Registry says June saw 9,434 sale and purchase agreements for building units (+10.5% vs May), with total consideration rising to HK$82.8 billion. National Security Court Cases: Two men plead guilty to secession conspiracy for joining a Taiwan-based pro-independence group, with autism cited in mitigation. Cross-Strait Human Rights: Lam Wing-kee, a Causeway Bay Books figure seized by Chinese authorities in 2015, dies in Taiwan. Defence & Education: Hong Kong students toured PLA Navy warships during a five-day port call marking the July 1 handover anniversary. Offshore Renminbi Push: HKMA urges banks to deepen yuan use in corporate financing, trade settlement and treasury services to strengthen Hong Kong’s offshore RMB position. Northern Metropolis Tender: Henderson and Sino Land submit bids for the first Northern Metropolis pilot project site, with a consortium including JD.com among the tenderers. Global Markets: Asian stocks rose after the Dow set a fresh record, though chip weakness lingered.