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Chen Maobo: Multi-fund managers in Hong Kong are deployed in great numbers.

Release Time:2024-02-21

Photo: With the promotion of a series of positive factors, Hong Kong's financial industry will usher in more development opportunities this year.

The 2024 year of the loong Chinese New Year party in Hong Kong's financial services sector was held at the Hong Kong Stock Exchange yesterday, attended by many political and business people, wishing Hong Kong a "golden stock" and a "dragon" in year of the loong. The Financial Secretary, Chen Maobo, said at the ceremony that some fund managers are considering redeploying their investments in the Hong Kong market and are negotiating with the Mainland to launch treasury bonds futures. Shi Meilun, chairman of HKEx, predicted that the Hong Kong market will have better development opportunities this year. Li Weihong, a member of the financial services sector of the Legislative Council, pointed out that the financial services sector needs to explore new markets and continue to reform in order to overcome difficulties and reach new heights. 

Guests attending the Spring Festival group worship included Yin Zonghua, Deputy Director of the Liaison Office of the Central Government in Hong Kong; Andrew Leung, President of the Legislative Council; Xu Zhengyu, Director of the Finance Bureau; Liang Fengyi, Chief Executive Officer of the Hong Kong Securities Regulatory Commission; Ou Guansheng, Chief Executive Officer of the Hong Kong Stock Exchange; and many legislators and people from the financial services sector.

"The dragon is a symbol of good luck, full of energy and good at flexibility. Chen Maobo said that referring to the past performance of year of the loong market, the Hang Seng Index rose by 15% in 2012, and even more than 33% in 1988. I believe the market has expectations for year of the loong today.

Chen Maobo believes that the market already has relatively favorable conditions, for example, the peripheral interest rate has peaked. Even though the market may not agree on the time and speed of interest rate reduction, the general direction is clear and definite. Some fund managers are already thinking about how to make corresponding arrangements and invest in the local market.

In addition, the stable and positive economy in the Mainland is also a positive factor. "Although geopolitics continues to bring challenges, the new situation and new challenges remind and inspire us to understand and grasp new opportunities in the midst of change. Chen Maobo said that in the future, it is necessary to develop new products, attract new funds and open up new markets.

Promote the listing of Hong Kong stock ETFs in the Middle East

This year marks the 10th anniversary of the implementation of Shanghai-Hong Kong Stock Connect. Chen Maobo pointed out that the continuous incremental expansion and implementation of interconnection have brought more mainland and international investors to Hong Kong and brought greater capital flows to the market.

Chen Maobo revealed that he is currently discussing with the mainland regulatory authorities to further deepen the interconnection between the two markets, including launching treasury bonds futures, joining RMB trading counters in Southbound Connect, and bringing more international enterprises into the target scope of Southbound Connect.

In terms of international funds, Chen Maobo said that the Hong Kong Stock Exchange had incorporated the Saudi Arabian and Indonesian stock exchanges into the recognized exchanges last year, so as to facilitate the listed companies of the other side to make a second listing in Hong Kong. At present, we are also making every effort to promote the listing of exchange traded funds (ETFs) tracking the Hong Kong market in the Middle East market, so as to attract more overseas funds to Hong Kong.

On the other hand, the chairman of HKEx, Shi Meilun, pointed out that although the recent external environment has put pressure on the Hong Kong market, the market has shown a very strong side thanks to the concerted efforts of Qi Xin in the industry. With the promotion of a series of positive factors, Hong Kong's financial industry will usher in more development opportunities this year.

Shi Meilun: Continue to promote new products to attract foreign investment.

Smellen also said that in the future, more capital will be attracted to participate in the local market, and the HKEx will continue to introduce new products to enhance the market mechanism and consolidate Hong Kong's attractiveness and competitiveness as an international financial center.

Li Weihong, a member of the Legislative Council's financial services sector, pointed out that the financial services sector, facing challenges, needs to start from three aspects: exploring new markets, continuing reforms and promoting diversified development, so as to overcome difficulties and reach new heights.

Li Weihong pointed out that as a member of Guangdong-Hong Kong-Macao Greater Bay Area, the total economic scale of the whole region is close to the tenth largest economy in the world, and it has huge financial development potential. As a "super value-added person" connecting the country with the world, Hong Kong is believed to attract different overseas funds such as the Belt and Road Initiative, the Middle East and ASEAN to revitalize the market.

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