Former SFC chief, 12 others named to stock-boost team

Hang Seng Index futures continued to rise after the government announced a 13-member task force to boost the stock market's liquidity.

Carlson Tong Ka-shing, who chairs the task force, believes that cutting trading stamp duties will be one of the measures to be discussed.

The group will review key internal and external factors affecting market liquidity, including the listing regime, market structure and trading mechanism, the government said.

It will also make recommendations to strengthen the competitiveness and development of Hong Kong's stock market and promote it to issuers and investors.

Tong, a former chairman of the Securities and Futures Commission, is tipped to become the next chairman of the stock exchange.

Eight nonofficial members from the financial services sector will join the group, which will have a meeting soon.

They include Vincent Chui Yik-chiu, head of Asia wealth management at Morgan Stanley; Ding Chen, chief executive of CSOP Asset Management; and former Hong Kong and Shanghai Banking Corp chief executive Anita Fung Yuen-mei.

The task force will also have Citi's Hong Kong head of markets, Charles Lam Wing-chung; financial sector lawmaker Robert Lee Wai-wang; Hang Seng Indexes Co chief Anita Mo Yuen-man; Huatai Financial chief Levin Wang Lei; and the chief of the Hong Kong Investment Funds Association, Sally Wong Chi-ming. Wong said she hopes to share overseas investors' views.

Leaders from Financial Services and the Treasury Bureau, the SFC, Hong Kong Monetary Authority and Hong Kong Exchanges and Clearing will also be on the panel.

Hong Kong needs to stay close to market changes as well as seek to strengthen competitiveness, Financial Secretary Paul Chan Mo-po said yesterday.

Tong said the group will make recommendations to Chief Executive John Lee Ka-chiu.

Lee said on Sunday that the task force will study ways to enhance the stock market's liquidity - the same day that the mainland announced its own measures, including a stamp duty cut on stock trading, to boost turnover.

The local stock market extended its gains yesterday, benefiting from the stimulating measures introduced by Chinese authorities.

The Hang Seng Index climbed 2 percent to close at 18,484 points, with a turnover of HK$101.4 billion. The Hang Seng Index Futures were also trading higher last night.

caroline.zheng@singtaonewscorp.com