Hong Kong Securities and Futures Commission: The growth momentum of the stock connect scheme has been impressive since its launch, and we have begun to explore the possibility of a southbound stock connect.

Leung Chung Yin, Executive Director of the Market Surveillance Department of the Hong Kong Securities and Futures Commission, stated that the growth momentum of the Stock Connect scheme has been impressive since its launch, with trading volume reaching around 10% of the total turnover in the mainland interest rate swap market. As of September, the total trading volume has exceeded RMB 8.5 trillion, with a daily average trading volume of RMB 147 billion. Going forward, we are closely cooperating with mainland authorities and Hong Kong Exchanges and Clearing Limited to further develop Hong Kong into an offshore risk management hub. We have begun exploring the Southbound Stock Connect scheme to allow mainland investors to utilize the Hong Kong swap market to expand their risk management toolbox.