Chen Maobo: Asian exchanges should shift from competition to cooperation to increase attractiveness to international capital.

On April 22, Hong Kong Financial Secretary Paul Chan Mo-po stated in his speech at the Asia-Pacific Regional and Oceanian Federation of Stock Exchanges annual meeting that stock exchanges in Asia should shift from competition to cooperation, becoming a coordinated and integrated market rather than a fragmented one to enhance attractiveness to international capital. The key is to build bridges that connect international funds with growth opportunities in Asia. Chan pointed out that the combined market value of the Federation's 17 member stock exchanges accounts for about one-third of global stock exchange market value and covers more than half of the listed companies worldwide. However, many international investors still consider Asia a secondary market due to the complexities and unfamiliarity of entering various markets individually. He believes that this presents both opportunities and challenges that regional exchanges need to address together. When international asset management companies can allocate capital to South Korean semiconductors, Indian financial technology, and Southeast Asian green infrastructure through a single, familiar infrastructure, the entire region will benefit. He mentioned that Hong Kong has always been an important gateway for international capital to enter the mainland market, gradually evolving into a platform where Asian market assets can be discovered by global investors. Based on the experience of mutual connectivity, maintaining consistency between two markets in standards, clearing, and trading agreements will bring about a multiplier effect. He further indicated that global institutional investors are actively seeking diversification and long-term growth, looking for Asia's next generation of companies such as green energy innovators, digital banks, and advanced manufacturers. Hong Kong's role is to ensure that capital flows efficiently to the most promising places in Asia when it arrives, with the hope that Hong Kong can become a platform where Asian innovation meets global capital and integrates global capital with Asian growth. He suggested the Federation develop the annual meeting into a working group dedicated to creating opportunities, promoting connectivity, and achieving multilateral connectivity to reduce global participation costs.