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Paul Chan Pledges to Speed Up Inclusion of RMB Stock Trading Counters into Southbound Stock Connect
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Hong Kong's Financial Secretary Paul Chan stated that geopolitical tensions and unilateralism have indeed thrown the world into significant uncertainty, but this has also prompted international investors to seek more diversified asset allocations. Meanwhile, China's continuous innovation and breakthroughs in the technology sector are rapidly unlocking the hidden value of tech companies, which is creating fresh opportunities for development for Hong Kong's capital market. With the strong support of the Chinese government and relevant national ministries, more leading Chinese enterprises, especially tech companies, are foraying into overseas markets, and Hong Kong is the best platform for them to raise international capital and expand their global business, Chan stressed. Last week's IPOs of CATL (03750.HK) and HENGRUI PHARMA (01276.HK) in Hong Kong served as prime examples. In addition, Chan estimated that the ongoing unilateralism and policy uncertainty in the US would drive the international community to seek more diversified trading and reserve currencies, and so the importance of the RMB would continue to rise globally. As the offshore RMB business hub, Hong Kong will capture this opportunity to enrich investment products and risk management tools, while accelerating various initiatives, including the early inclusion of RMB-quoted stock trading counters into Southbound Stock Connect. AAStocks Financial News |
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