Upway Global Invited to Attend HKGX Bingwu Year Chinese New Year Opening Ceremony, Showcases Record High Physical Gold Presentation

2026-02-20 17:33:56 | 93

Hong Kong Gold Exchange (“HKGX”) today held its grand Lunar New Year Opening Ceremony for the Bingwu Year (Year of the Horse). Upway Global was invited to attend the event and joined distinguished guests in witnessing the robust opening of Hong Kong’s precious metals market for the new year. Nearly 800 pieces of gold and silver bars were showcased on site, weighing close to one tonne and valued at approximately HKD 200 million. The unprecedented scale and dynamic atmosphere underscored the strong vitality and resilience of Hong Kong’s physical precious metals market.

The opening gong was struck at 9:00 a.m., marking the first trading session of the new year. The initial quote for 99 gold opened at HKD 46,518 per tael, up HKD 93 from the previous closing price, setting a strong “red opening” tone for the market. The first offshore Renminbi kilogram bar transaction was recorded at RMB 1,107.8 per gram.

Upway Global’s Physical Gold Presentation Supports Hong Kong’s Development as an International Gold Trading Centre

Upway Global’s large scale physical gold and silver presentation aligns closely with the Hong Kong SAR Government’s ongoing strategy to develop the city into an international gold trading centre. According to official information, the Government continues to enhance the city’s gold market infrastructure, including efforts to establish Hong Kong as a regional gold reserve and delivery hub, expand gold storage capacity, and encourage gold refiners to establish or upgrade refining facilities within the city.

At the same time, the Shanghai Gold Exchange has joined the newly established Hong Kong Gold Central Clearing System, significantly strengthening delivery reliability and laying an essential foundation for future connectivity between Mainland China and Hong Kong’s gold markets. Upway Global’s substantial physical display demonstrates its strong confidence in Hong Kong’s positioning as a regional hub for precious metals storage, delivery, and clearing, and reinforces the company’s important role within the international precious metals ecosystem.

Policy Tailwinds Strengthen Hong Kong’s Position as an International Gold Trading Centre

The ceremony was officiated by Joseph H. L. Chan, JP, Under Secretary for Financial Services and the Treasury, and Dr. Cheung Haywood, Chairman of HKGX. In his remarks, Mr. Chan noted that the Government is fully committed to developing Hong Kong into an international centre for gold trading—promoting gold storage, clearing and physical delivery in the city, and driving coordinated development across trading, derivatives, warehousing, insurance, commerce and logistics. He also highlighted progress in deepening Shanghai–Hong Kong cooperation in gold markets and confirmed that the Government owned Hong Kong Gold Central Clearing System is expected to commence trial operations within the year.

Mr. Chan added that Hong Kong’s financial services sector recorded broad based growth over the past year:
- No.1 globally in IPO fundraising,
- Average daily stock market turnover close to HKD 250 billion,
- SFC authorised funds recorded net inflows of approximately USD 45 billion in 2025,
- Total bank deposits rose 11.8% in 2025, and
- Insurance premiums reached HKD 637 billion in the first three quarters of 2025, up 32.5% year on year.
These indicators demonstrate the strong fundamentals and sustained momentum of Hong Kong’s financial markets.

On infrastructure, Hong Kong has signed a cooperation memorandum with the Shenzhen Municipal Financial Regulatory Bureau, supporting Hong Kong bullion dealers in using Shenzhen’s refining facilities for processing before returning to Hong Kong for trading and delivery. The Government is also expanding recognised warehousing capabilities, with 15 LME approved warehouses already in operation locally. The Gold Central Clearing System, as a critical market infrastructure, will further enhance market efficiency and security.

Dr. Cheung Haywood: Gold Bull Market Still in Mid Cycle, Price May Challenge USD 6,000 per Ounce This Year

HKGX Chairman Dr. Cheung Haywood commented that recent geopolitical tensions, including developments in the Middle East, continue to support upward momentum in gold prices. With strong fundamentals built over previous cycles, gold may challenge USD 6,000 per ounce in the second to third quarter of 2026, noting that “the current high levels are not the ceiling.”

Dr. Cheung also highlighted that the Shanghai Gold Exchange’s participation in the Hong Kong Gold Central Clearing System will significantly enhance delivery reliability and that Mainland–Hong Kong gold market connectivity is ‘within reach.’

He further disclosed that HKGX is collaborating with AGTech, a member of the Alibaba Group, to develop an international precious metals trading and settlement platform, expected to be completed within six months with plans to connect to the central clearing system. Separately, Hong Kong and Shenzhen have signed cooperation agreements to support cross border refinement. HKGX has received enquiries from dozens of institutions in recent months, with over ten expected to join as members within the year—attracting more international bullion firms and Mainland refineries to leverage Hong Kong as a platform for global expansion.

Upway Global: At the Forefront of Gold Trading and Market Excellence

As one of the elite members of the Hong Kong Gold Exchange (HKGX) with AA operation status (Membership No. 084) and a core member of the Bullion Group, Upway Global was awarded the prestigious "Authorised Good Delivery Bars Minter" certification—the highest standard in refining and delivery of physical gold bars, confirming its capability to produce gold bars that meet international purity and quality standards. This recognition signifies Upway Global’s commitment to upholding industry-leading professionalism and integrity while reinforcing Hong Kong’s position as Asia’s global gold trading hub.

Demonstrating robust market strength, Upway Global’s daily transaction volume recently surpassed USD 80 billion, setting a record and underscoring its role as a market leader. With over 2.1 million active traders and a cumulative order volume exceeding 700 million, Upway Global continues to foster a trading ecosystem characterised by transparency, security, and efficiency. The company’s average monthly trading volume in 2025 til now exceeded USD 681 billion, making it the top performer on the HKGX platform.