Ivan Chow

Hong Kong Exchange (HKEX) commemorates 10th anniversary of 2-way capital flows mutual access program Stock Connect between Mainland China & the world via Hong Kong, hosting the first HKEX Connect Summit(18/11/24).  The Shanghai-Hong Kong Stock Connect was launched on 17th November 2014 and Shenzhen-Hong Kong Stock Connect launched on 5 December 2016.  Northbound average daily turnover had reached $156 billion (RMB 136.3 billion), and Southbound reached $56 billion (HKD 43.9 billion) in the 1st 10 months of 2024.  In 2024 September, Mainland China investors held $424 billion (HKD 3.3 trillion) securities portfolios in Hong Kong.   The Bond Connect was launched in 2017, ETF Connect was launched in 2022, and Swap Connect was launched in 2023.  Read - https://lnkd.in/dMrCCjY9 follow Caproasia | Driving the future of Asia The Hong Kong Exchange (HKEX) commemorated the 10th anniversary of 2-way capital flows mutual access program Stock Connect between Mainland China & the world via Hong Kong, hosting the first HKEX Connect Summit(18/11/24).  The Shanghai-Hong Kong Stock Connect was launched on 17th November 2014 and Shenzhen-Hong Kong Stock Connect launched on 5 December 2016.  Northbound average daily turnover had reached $156 billion (RMB 136.3 billion), and Southbound reached $56 billion (HKD 43.9 billion) in the 1st 10 months of 2024.  In 2024 September, Mainland China investors held $424 billion (HKD 3.3 trillion) securities portfolios in Hong Kong.   The Bond Connect was launched in 2017, ETF Connect was launched in 2022, and Swap Connect was launched in 2023. HKEX Chairman, Carlson Tong: “Today we celebrate a milestone that marks a decade of collaboration between HKEX, Mainland exchanges, regulators, clearing houses, and market participants from around the globe. Over the past 10 years, our partnership has not only helped strengthen our market infrastructure, but also created new opportunities and facilitated a remarkable surge in two-way capital flows. I am honoured to have played an active role in the launch of the Connect programme back in 2014, and I look forward to the continued collaboration and innovation with our partners in the next 10 years and beyond.” HKEX CEO, Bonnie Y Chan: “Over the past decade, the Connect programme has pioneered greater accessibility and provided unprecedented opportunities for international investors interested in the world’s second-largest economy, and for Mainland China investors seeking to diversify their portfolios through Hong Kong, fostering greater liquidity and diversity in our markets. It has evolved beyond equities to include bonds, ETFs and interest rate swaps ... ... Hong Kong Exchanges and Clearing Limited (HKEX)

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FSDC Welcomes CSRC Measures Enhancing Hong Kong's Financial Market Hong Kong, April 25, 2024 – The Financial Services Development Council (FSDC) welcomes the recent five measures announced by the China Securities Regulatory Commission (CSRC) on April 19, 2024. These measures, aimed at expanding the mutual access between the capital markets of the Mainland and Hong Kong, reinforce Hong Kong's position as a leading international financial centre. The FSDC is particularly encouraged that four out of the five CSRC measures closely align with the policy recommendations outlined in the FSDC's research papers, namely, "Accelerating Offshore RMB Market Development: Enriching Hong Kong's Offerings as an International Financial Centre," published in March 2024, and "Revitalization of Hong Kong's Real Estate Investment Trusts Market - Promoting Liquidity," published in May 2021. Mr Laurence Li SC, Chairman of the FSDC, stated, "We are deeply appreciative of the CSRC's ongoing support and are encouraged to see our policy research work bearing fruit. The adoption of these measures signifies a remarkable step forward in strengthening the connectivity and competitiveness of both the Mainland and Hong Kong's capital markets. We anticipate that improvements in broadening liquidity, expanding product offerings, and fortifying risk management tools will drive substantial progress." #trust #realestate #FSDC #CSRC #Internationalfinancialcentre

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H&P Financial Services Weekly - Hong Kong’s Hang Seng is the Number One Super market of the week, up > 30%, driven by lower rates and new liquidity. We look at intraday volatility in Q3, which was up on Q2, with that major August spike, which should have helped the leveraged trading platforms PLUS, IGG and CMCX. Rising markets will have added some c. 3% to UK wealth management assets last quarter. Brooks Macdonald estimates are still woefully out of date, in our opinion. Premier Miton reveals more of their MPS plans. Man Group presents an entry point, with AHL underperforming for a while. Tavistock flies on a major disposal which will nonetheless benefit acquirer Saltus. Frenkel Topping would not be at this valuation if it had any liquidity. https://lnkd.in/eDVaAAV5

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The Monetary Authority of Singapore (MAS) has recently issued revised Guidelines on Fair Dealing. These guidelines expand their scope to encompass all financial institutions (FIs) and in relation to all products and services they offer to customers. The Guidelines contain requirements that apply both at the institutional-level (e.g., Board and Senior Management's responsibilities and remuneration structure) and the whole financial product/service life cycle, from manufacturing to distribution, sales, advisory and after-sales. To ensure compliance, FIs should review and update their internal policies and procedures to reflect the updated guidelines. Stephanie Magnus, Eunice Tan and Ying Yi Liew from our Financial Services Regulatory team has prepared a concise alert summarizing the five key fair dealing outcomes: https://lnkd.in/grZ9du8i.

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With the aim of increasing the awareness of the Hong Kong #ETF market among Mainland institutional investors, coinciding with the 2nd anniversary of ETF Connect and the expansion of eligible ETFs under the Stock Connect, WIND organised a webinar named "点金香江"栏目之"推开ETF多元灵活配置的大门"系列 on 30 Jul with HKEX as a supporting organization.   Gary Chiu, our Chief Market Intelligence Officer, was invited to share his insights on the future of ETFs in the Hong Kong market and how HSIL plans to provide more diversified index offerings for investors. He said, “The Hang Seng Stock Connect Hong Kong Top Shareholding 50 Index (‘#HSHKS50”) tracks the performance of the top 50 Hong Kong Stocks held by Mainland investors via Stock Connect. The index has risen over 12% this year, outperforming the broad market represented by the Hang Seng Composite Index (‘#HSCI’). The index's industry weightings reflects changes in the preferences of mainland investors. The top three industries in the index are #financials, #informationtechnology, and #energy, with the energy being the most favored sector by Mainland investors via Stock Connect, followed by the #telecommunications and financials.”   We extend our gratitude to Wind Information and Hong Kong Exchanges and Clearing Limited (HKEX) for inviting us to this informative webinar. #HangSengIndexes #HSI #stockconnect #ETFconnect 

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abrdn Asian Income Fund Limited is an investment company that offers the prospect of both capital and income growth and could be considered a core offering for investors seeking diversification through #Asian equity exposure. Hear from Edison's Milosz Papst and Yoojeong Oh, CFA, one of the fund's managers, as they explore the potential opportunity in Asia. For more on emerging markets, read our latest report: https://lnkd.in/eaPgvTrc #EM #emergingmarkets #asia abrdn Investment Trusts

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🎖 Benchmark MPF Awards 2023 🎖 Congratulations to the winners of the Benchmark Fund of the Year Awards as we celebrate Benchmark Hong Kong's 20th anniversary!  This is also the year we co-organize the award with the most disruptive Sustainability and Qualitative analytic platform, BlueOnion, as a co-organizer with WealthAsia Media.  The Awards represented a meticulous, methodical process.     Benchmark defines the competition by three distinct groups of stakeholders: Investment Management, Trustee, and Sponsors, all performing specific functions to serve the members of their schemes.    BCT Group ("BCT") is named Trustee of the Year at the Benchmark MPF Awards 2023. Benchmark recognizes BCT’s exceptional governance through its commitment to robust risk management and proactive engagement with members. Their innovative mobile app enhances user experience, and their focus on strong investment performance reflects a dedication to member interests.   BCT Group - BCT Financial Ltd & Bank Consortium Trust Co Ltd #trusteeoftheyear2023   HSBC won the highest score for Investment Manager and is named Investment Manager of the Year at the Benchmark MPF Awards 2023, with the highest winning ratios in qualitative and quantitative categories. HSBC was recognized for its strong commitment to good governance practices as a trustee. They engage with underperforming companies to drive improvement and integrate ESG considerations. HSBC MPF offers excellent member education through public workshops and forums, and consistently delivers strong investment performance at low cost.  HSBC #HSBCpensions #investmentmanageroftheyear2023   Sun Life Hong Kong ("Sun Life") is named Sponsor of the Year at the Benchmark MPF Awards 2023. Sun Life demonstrated significant advancements in technology, enhancing member and employer engagement through diverse information and interaction options. Their consistent recognition in industry awards highlights their commitment to excellence and customer satisfaction.  Sun Life #sponsoroftheyear2023 #benchmarkMPFaward2023

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MPF Ratings today released the November MPF Performance Survey by noting that MPF’s November performance was directly affected by the US Presidential election result. While US equities rallied, concerns over possible US tariffs and other punitive policy decisions cast a shadow over other markets, in particular Hong Kong and China equities. Despite this uncertainty, MPF members will be pleased to learn that for the 8th month this year, the MPF system has recorded a positive, albeit modest gain, rising 0.14% to take year-to-date gains to 9.72% and putting the system on track to record a double digit return for the 9th time since inception and the first since 2020. Find our more here: https://lnkd.in/gkJ4_nsw #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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Today, the Financial Services and the Treasury Bureau (FSTB) and the HKMA jointly released the consultation conclusions regarding the legislative proposal to implement the regulatory regime for stablecoin issuers in Hong Kong. This follows the two-month public consultation period launched last December, during which we received over 100 submissions from market participants, industry associations, business and professional organisations and other stakeholders. 🙌🏻 From the feedback received, a vast majority agreed that with the increased prevalence of digital assets, a regulatory regime should be introduced for fiat-referenced stablecoin issuers to facilitate proper management of the potential monetary and financial stability risks, as well as to provide transparent and suitable guardrails for stablecoin issuance activities. Chief Executive of the HKMA, Eddie Yue, said, “We are grateful for the respondents’ valuable comments and are encouraged by the general support for the proposed regulatory regime. We believe that a well-regulated environment is conducive to the sustainable and responsible development of the stablecoin ecosystem in Hong Kong.” As for next steps, the FSTB and the HKMA are finalising the relevant bill in light of the outcome of the consultation, with a view to introducing it into the Legislative Council as soon as possible. We thank those who have participated in this round of consultation. The HKMA will continue to maintain dialogues with the industry to facilitate the responsible and sustainable development of the digital asset ecosystem in Hong Kong. Read more about the announcement: https://lnkd.in/gDWtZUeN Delve into the consultation conclusions: https://lnkd.in/gpAGjQCm #Stablecoin #DigitalAssets #Regulation #Innovation #FinancialInnovation

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Hong Kong Monetary Authority (HKMA) issues warning of fraudulent websites (2024 July) – China CITIC, DBS Bank, Julius Baer & Royal Bank of Canada.  Read - https://lnkd.in/gHH6Jimd follow Caproasia | Driving the future of Asia The Hong Kong Monetary Authority (HKMA) has issued warning of fraudulent websites (2024 July) – China CITIC, DBS Bank, Julius Baer & Royal Bank of Canada.  HKMA: “The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or One-Time Password, by phone, email or SMS (including via embedded hyperlinks).  Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.  A hyperlink to the press release is available on the HKMA website.” China CITIC Bank International Limited, China CITIC Bank, DBS Bank, Julius Baer, RBC

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US Economic Outlook

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[Issuance Rating] Lianhe Global has assigned ‘BBB’ global scale Long-term Issuance Credit Rating to the senior unsecured CNY Bonds (“the Bonds”) to be issued by Pingtan Comprehensive Pilot Zone City Development Group Co., Ltd. (“Pingtan CDG”; ‘BBB’/Stable). 【债务评级】联合国际授予由平潭综合实验区城市发展集团有限公司（“平潭城发”，‘BBB’/稳定）拟发行高级无抵押人民币债券（“该债券”）‘BBB’的国际长期发行债务评级。 Pingtan CDG intends to use the net proceeds from this offering for project construction and replenishment of working capital. 平潭城发预计将该债券募集资金用于项目建设及补充流动资金。 Full press release: https://lnkd.in/ggyw6P-G 完整新闻稿：https://lnkd.in/geMhFAYh #fujian #pingtan #pingtanCDG #福建 #平潭 #平潭城發 #平潭城发 #assignment #investmentgrade #LGFV #LGFVs #城投 #bondrating #issuancerating #CNY #RMB #renminbi #offshorebonds #offshorebond #usdbond #usdbonds #chinabonds #lianheratingsglobal #china #creditratings #bonds #fixedincome #debtcapitalmarkets #dcm

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The performance of MPF funds has been impacted by global market volatility. According to data analysis by MPF Ratings, the "2024 Gold Rated Scheme" - AIA MPF has taken the top spot among all MPF providers in terms of 5-year and 10-year average fund investment returns. With good performance over short, medium and long-term horizons, the average fund returns outperform the industry averages: ．Year-To-Date: Average Return of AIA MPF's Constituent Funds is higher than Industry’s Average Return ．1 Year: Average Return of AIA MPF's Constituent Funds is higher than Industry’s Average Return ．5 Year: Average Return of AIA MPF's Constituent Funds is higher than Industry’s Average Return ．10 Year: Average Return of AIA MPF's Constituent Funds is higher than Industry’s Average Return Stay tuned for more insights into MPF fund performance! Note: Data presented is based on MPF Ratings statistics as at 31 August 2024, comparing simple average returns of available constituent funds within each MPF scheme #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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Provision of Southbound Scheme Services under Cross-boundary Wealth Management Connect Pilot Scheme by Authorized Institutions Incorporated Outside Hong Kong

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