For Hong Kong immigration and doing business in Hong Kong: The Securities and Futures Commission (SFC) of Hong Kong revealed in its annual report released yesterday that it has discussed optimizing the Shanghai-Hong Kong Stock Connect program with the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange, and Hong Kong Exchanges and Clearing Limited. Furthermore, it has strengthened cooperation with the CSRC on regulation and enforcement to lay the foundation for the smooth implementation of the Shanghai-Hong Kong Stock Connect, emphasizing that this move will help extend the stock market connectivity mechanism to the Shenzhen Stock Exchange.
In addition, the Hong Kong SFC has reached an agreement with the CSRC on key regulatory matters regarding the mutual recognition of funds between the two regions and is currently working with mainland regulatory authorities and the fund industry on preparations.
Ashley Alder, Chief Executive Officer of the Hong Kong SFC, stated yesterday that the integration of the mainland and Hong Kong capital markets is accelerating. The Hong Kong SFC and the CSRC will maintain closer cooperation in market surveillance and enforcement, and through measures such as the connectivity mechanism and mutual recognition of funds, they aim to establish Hong Kong as a major global asset management center and a primary location for fund registration. To continuously consolidate Hong Kong's position as a leading global asset management center, the Hong Kong SFC will continue to strengthen the regulation of the asset management industry, provide investor protection, and align with international regulatory developments. Specific measures include: formulating comprehensive regulatory policies for public and private fund managers, exploring improvements to the regulatory environment, and expanding more diversified fund distribution channels.
Carlson Tong, Chairman of the Hong Kong SFC, stated that the launch of the Shanghai-Hong Kong Stock Connect reflects the accelerating pace of financial reform in the mainland and serves as a milestone in Hong Kong's development as an international financial center, significantly impacting Hong Kong's future development and positioning. He emphasized that Hong Kong plays a unique role in the process of connecting mainland China with international capital markets, which helps Hong Kong maintain its status as an international financial center.
