CSRC's move shows Beijing's support for HK: Paul Chan
Financial secretary Paul Chan on Sunday said new measures announced by the China Securities Regulatory Commission (CSRC) to cooperate with Hong Kong's capital market demonstrate the central government's support for the SAR. Writing on his blog, Chan said the commission will support leading mainland companies in listing in Hong Kong, by stepping up communication and coordination among government departments. The official said he learnt during a trip to Hangzhou and Suzhou last week that many companies have applied to list in Hong Kong, or are considering doing so. He said the companies like Hong Kong for its institutional advantages, including intellectual property protection and internationalisation, as well as the synergy with other Greater Bay Area cities. "They hope to use Hong Kong as their preferred springboard and platform to enter the international market, including establishing treasury centres and even international headquarters in Hong Kong," Chan said. The finance chief said having more companies with great potential listed on Hong Kong's bourse will attract more international capital and solidify the SAR's status as an international financial hub. Chan said that some technology firms from Hangzhou are also setting up research centres in the SAR as the two cities are about to establish a platform for technological collaboration.