Photo taken on May 28th, 2020 shows Victoria Harbor in Hong Kong, China. Photo: Xinhua
The formal launch of the Wealth Management Connect program in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has entered its final phase, Julia Leung Fung-yee, executive director of the Hong Kong Securities and Futures Commission, said in Hong Kong on Monday.
She said cross-border wealth management products are being sold through online platforms and mobile apps, the Securities Times reported.
The reciprocal wealth management program jointly announced by the People’s Bank of China (PBC), the Hong Kong Monetary Authority and the Monetary Authority of Macau in June 2020 marks a major breakthrough in Hong Kong’s offshore yuan business development and a significant step in closer financial cooperation in the GBA to promote.
In May, PBC’s Guangzhou, southern Guangdong Province office released a draft rule for the pilot program that set a combined quota of 150 billion yuan ($ 23.43 billion) for money to move south and north.
Individuals can invest up to 1 million yuan in investment products.
With the release of the document, local and foreign banks in the region are fully preparing for the new business. Standard Chartered Bank told Global Times that it has put together a dedicated team for the program, with staff in Hong Kong and mainland China communicating closely. They are working together to launch some financial products for clients asap.
The head of the Guangdong branch of the Agricultural Bank of China said the bank is actively promoting research and development (R&D) of relevant scenarios, strengthening cooperation with other banks in the GBA region, and improving internal mechanisms.
According to an article published on the website of the Guangdong Financial Supervisory Authority, it is said to be among the first banks to enter this business.
Complementary features between the cities of the GBA will encourage closer cooperation and further integration between the mainland and Hong Kong, particularly in the financial sector. Xinhua News Agency reported that 112 mainland-based companies were listed on the Hong Kong Stock Exchange last year, raising more than HKD 390 billion ($ 50.27 billion).
Most recently, the Chinese bubble tea chain Nayuki, known in Chinese as Naixue’s Tea, passed the hearing on the Hong Kong Stock Exchange listing on Sunday, Jiemian News reported on Monday.
In about 20 to 25 days, it will be the first new tea-based beverage brand to list in Hong Kong.
Nayuki has opened 556 direct sales stores in more than 70 cities in mainland China and Osaka, Japan, according to the company’s prospectus.