Hong Kong's Chief Executive John Lee has announced authorities are contemplating further steps to boost the securities market within the Asian financial hub.

During the HSBC Global Investment Summit in Hong Kong, Lee said a series of measures had been adopted, such as enhancing the listing regulations for specialised technology firms, in order to boost competitiveness.

"We are pleased that we're considering additional measures from improving the transaction mechanism to boosting investment services and stepping up market promotion," Lee stated. 

Last year the Hong Kong economy grew by 3.2% and capital flight led the Hong Kong stock market into the worst-performing major index in 2023. India has now surpassed Hong Kong in regard to the value of listed shares, Reuters reports.

Hong Kong's Hang Seng Index declined almost 14% last year, its fourth consecutive year of decline.

The value of initial public offerings (IPOs) in the city fell 28.5% in Q1 this year compared to the same time last year to $507 million, according to LSEG data.

Facing challenges such as high-interest rates, a complex geopolitical landscape, and growing budget deficits, Hong Kong unveiled a combination of measures in February aimed at attracting capital, businesses, and visitors back to the city.

According to Lee, these steps will help Hong Kong to bounce back.

"While some have voiced their disappointment over what could well be short-term market volatility, others have expressed strong confidence in Hong Kong and the abundant opportunities out there," Lee stated.

"As the measures take hold, and the macro environment improves, so too will be the sustainable development of the stock market - of that I have no doubt," he said, adding that the government was committed to boosting market competitiveness.