China Securities Regulatory Commission: Support leading enterprises in the mainland industry to list in Hong Kong!

On April 19, the China Securities Regulatory Commission (CSRC) said that it would deepen cooperation with Hong Kong and take five measures to further expand and optimize the Stock Connect mechanism, help Hong Kong consolidate and enhance its status as an international financial center, and jointly promote the coordinated development of the capital markets of the two places.

Specifically, it includes: First, the scope of eligible products of stock ETFs under the Stock Connect will be relaxed. Under the guidance of the SFCs of the two places, the Shanghai and Shenzhen Stock Exchanges have reached a consensus to appropriately relax the average AUM requirements for eligible equity ETFs, reduce the Hong Kong equity weighting requirements and Hong Kong Stock Connect stock weighting requirements for Southbound Hong Kong Stock Connect ETF products, and make reciprocal adjustments to Northbound Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect ETF products, so as to support the development of Hong Kong as an international asset management center.

The second is to include REITs in the Stock Connect. It is proposed to make overall reference to the mutual access system arrangements between the two places, and include eligible REITs in the Mainland and Hong Kong into the Stock Connect, so as to further enrich the trading varieties of Stock Connect.

The third is to support the inclusion of RMB stock trading counters in the Hong Kong Stock Connect. Since the launch of the HKD-RMB Dual Counter Mechanism in Hong Kong, the Mainland, HKEX and HKSCC have been actively studying the inclusion of the RMB counter in Hong Kong Stock Connect, and a preliminary consensus has been reached on the relevant business plan. In the next step, the two sides will continue to promote the improvement of business plans, rule revisions, technological transformation, investor education and other preparatory work, and strive for an early launch to facilitate the internationalization of the RMB.

Fourth, optimize the mutual recognition of funds arrangement. It is proposed to promote the appropriate relaxation of the restrictions on the proportion of mutual recognition of funds sold to foreign countries, and allow the investment management functions of Hong Kong recognised funds to be delegated to overseas asset management institutions with the same group as the managers, so as to further optimize the mutual recognition of funds arrangement and better meet the diversified investment needs of investors in the two places.

Fifth, we will support leading enterprises in mainland industries to list in Hong Kong. In the year since the promulgation and implementation of the rules of the overseas listing filing management system, 72 enterprises have completed the filing of initial public offerings (IPOs) in Hong Kong, and the financing channels for listing in Hong Kong have been unimpeded, which strongly supports the standardized development of mainland enterprises by making use of the two markets and two resources. The China Securities Regulatory Commission (CSRC) will further strengthen communication and coordination with relevant departments to support eligible leading enterprises in the Mainland industry to list and raise funds in Hong Kong.

The central government fully supports Hong Kong in maintaining its unique status and advantages in the long run, and General Secretary Xi Jinping has made it clear on different occasions that Hong Kong should consolidate and enhance its status as an international financial center. On April 12, the State Council issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" (hereinafter referred to as the "Opinions"), which made arrangements such as adhering to the high-level institutional opening and security of the capital market and expanding and optimizing the cross-border interconnection mechanism of the capital market.

The CSRC stated that it will resolutely implement the spirit of General Secretary Xi Jinping's important instructions, and in order to cooperate with the implementation and release of the above five measures in the "Several Opinions", the next step will be to work with the Hong Kong Securities Regulatory Commission and other relevant parties to guide the exchanges and clearing companies of the two places to jointly promote the smooth implementation of the above policy measures as soon as possible.

Editor-in-charge: Wan Jianyi

Proofreading: Peng Qihua

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