Hong Kong Securities Registry Association: The industry is ready for the paperless securities market.

Hong Kong will implement the Paperless Securities Market (USM) on November 16th, and the Hong Kong Securities Registration Company's General Association has welcomed this decision. The Association's President, Xiong Rui Lu, stated that the industry has reached a broad consensus on USM, and everyone is ready. Over the next few months, the Association will work closely with the industry and stakeholders to ensure a smooth and orderly transition to paperless securities. The Association pointed out that USM will promote digitization, automation, and simplification of procedures. Going paperless will allow investors to hold stocks in their own name and transfer stocks electronically, reducing transaction times, strengthening corporate governance, significantly improving market efficiency, and further enhancing Hong Kong's financial infrastructure to consolidate its position as a financial hub.