City plays vital role in global economy, says HKEX head

Cici Cao and Reuters

Hong Kong Exchanges and Clearing chairman Carlson Tong Ka-shing said the city, as a bridge between the mainland and the offshore market, plays an important role amid the current economic development and significantly impacts the global economy.

At the Center for Financial and Monetary Systems 2025 Symposium, Tong said Hong Kong's average daily trading volume has set multiple records in the past 12 months.

The symposium was jointly held by the World Economic Forum and HKEX yesterday.

Tong said the city ranked fourth globally last year in terms of initial public offering fundraising and expects the ranking to improve this year. He revealed strong international interest in investment opportunities in China, as the mainland has long been focused on innovation, citing the recent emergence of artificial intelligence star DeepSeek.

Financial Secretary Paul Chan Mo-po said Hong Kong seeks a win-win situation through connectivity with emerging economies. He noted that the city's Connect hub with the mainland could be expanded to emerging economies such as the Middle East and the Association of Southeast Asian Nations, suggesting collaborations between stock exchanges. This would create a win-win situation - helping relevant companies raise capital while providing emerging economies with a gateway to the mainland market, he said.

At HSBC's Global Investment Summit on the same day, Hong Kong Monetary Authority chief executive Eddie Yue Wai-man expects Chinese capital flows going through Hong Kong to provide the biggest opportunity for the financial hub in the next few years.

Yue said Hong Kong is planning to further relax rules on a wealth Connect program with China's Greater Bay area and is exploring whether it can extend its coverage to more mainland cities. HKMA is weighing enlarging quota eligibility, broadening the product scope and streamlining the sales process, according to Yue.

The number of Chinese investor accounts under the scheme shot up from 25,000 to 95,000 in four months following the relaxation of rules in February last year, said Yue.

HSBC chief executive Georges Elhedery said e-commerce platforms will be the key engine of global trade in the future.

cici.cao@singtaonewscorp.com