Veteran lawmaker Regina Ip announced on Saturday that she would not be seeking re-election, concluding a 17-year tenure in the Legislative Council.

The 75-year-old chairwoman of the New People's Party, who has served four terms, stated she is happy to have completed her "historic mission" and believes it is time to pass the torch on to a younger generation.

She emphasised her party's commitment to nurturing new talent.

Despite stepping away from the legislature, Ip confirmed she will remain active in public service.

She plans to continue her work in the Executive Council, engage in people-to-people diplomacy and conduct policy research.

Additionally, she said she would focus on assisting mainland enterprises in their international expansion and promoting the development of Hong Kong's industries.

"I hope my supporters ... will not be disappointed. I will not leave you all. I will always be here to serve you, the country, Hong Kong and for the future," she said.

Ip's party colleagues Lai Tung-kwok and Eunice Yung have also stated they will not run in the December 7 election.

They were the latest among more than 20 incumbents who had chosen not to seek re-election, representing more than a quarter of the current 89-strong Legco.

The nomination period for the Legco election began on Friday, and the New People's Party announced a list of eight candidates to contest the seats.