Xu Zhengyu: Expect to gradually expand the trading volume of dual counter transactions on the basis of increasing RMB stock counters.

Mr. Elvis Kwan, Director of Financial Services and the Treasury Bureau of Hong Kong, stated that there are currently 24 listed companies using the "HKD-RMB dual counter model" to provide trading of securities in Hong Kong dollars and Renminbi. The total trading volume of Hong Kong dollar counters for these securities accounts for about 40% of the average daily turnover in the securities market. In addition, 12 exchange participants have been designated as market makers to conduct market making and liquidity supply activities. The dual counter model and dual counter market maker mechanism have been operating smoothly since their introduction. The trading volume of Renminbi-denominated securities, while not significantly different from the overall market share in the early stages, was not unexpected. Mr. Kwan stated that they will continue to promote the dual counter model through promotional activities, aiming to gradually expand the trading volume of the dual counter model on the basis of increasing the number of Renminbi stock counters, thereby enhancing the overall competitiveness of the Hong Kong securities market. He pointed out that with the continuous growth of Renminbi cross-border payment amount and its share in global payments, it is believed that the number of overseas investors holding Renminbi will gradually increase. The dual counter model will provide a convenient channel for investors to allocate assets in Renminbi, enhance the function of Renminbi as an international investment currency, and increase the ways for Renminbi investment overseas, continuously enriching the offshore Renminbi business and asset classes in Hong Kong, and helping to steadily promote the internationalization process of Renminbi. He stated that the Hong Kong government, together with regulatory authorities and the Hong Kong Stock Exchange (00388), will continue to make efforts in various aspects to promote offshore Renminbi businesses and enrich the product ecosystem. This includes supporting Mainland companies listed in Hong Kong to establish Renminbi counters, encouraging Mainland institutions to issue offshore Renminbi bonds, promoting more institutions to issue Renminbi-denominated exchange-traded funds and other products, in order to further enrich the Renminbi investment products in Hong Kong.