Who was Rafael Hui and why does he matter to investors?

He was Hong Kong’s former Chief Secretary, noted for coordinating parts of the 1998 market rescue that later led to the Tracker Fund. He was also convicted by the ICAC in 2014. Investors study his policy legacy to understand how crisis tools and transparent exits shape market stability.

What is the key lesson from the 1998 market rescue?

Fast action works best with clear legal authority, public communication, and a defined exit plan. The approach tied to the Tracker Fund showed how structured unwinds can protect price discovery and retail access while limiting moral hazard and long-term market distortion.

How does the Tracker Fund legacy affect retail investors today?

It demonstrates that simple, transparent ETF structures can widen access and support orderly trading. The legacy encourages products with clear mandates, predictable supply mechanics, and frequent disclosures, which help small investors manage risk and understand how policy tools may influence liquidity.

How should investors react to renewed debate after Hui’s death?

Review policy exposure in portfolios, including sensitivity to intervention tools, settlement rules, and index changes. Build scenarios, not single forecasts. Favor diversified holdings and transparent ETFs. Track official disclosures for changes that could impact liquidity, valuation signals, or sector weightings in Hong Kong.

Law and Government

February 03: Rafael Hui’s Death Puts Hong Kong’s 1998 Market Rescue in Focus

ByHuzaifa Zahoor February 3, 2026February 3, 2026

Rafael Hui has died at 77, prompting a fresh look at Hong Kong governance and the 1998 market rescue that shaped today’s market structure. As former Chief Secretary, Rafael Hui helped coordinate the crisis response that later produced the Tracker Fund. His 2014 ICAC conviction tied to Sun Hung Kai Properties complicates that record, yet the policy lessons remain vital. We review what worked, what failed, and what investors should watch as the city balances stability, transparency, and market integrity.