HSBC Chairman Wang Dongsheng suggested launching a new stock connect program in the Greater Bay Area to deepen market connectivity.

At this year's National Two Sessions, Wang Dongsheng, member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Chairman of HSBC in Hong Kong and Shanghai, focused on further promoting deep interconnection of the Guangdong-Hong Kong-Macao Greater Bay Area, financial support for agricultural development, and made relevant suggestions on leveraging the advantages of Hong Kong to serve the overall national development. As for investment targets, during the pilot phase, A+H listed companies can be included in the "New Stock Connect" program, allowing mainland investors to purchase shares of A-share listed companies newly issued on the Hong Kong Stock Exchange, as well as permitting local and overseas investors in Hong Kong to purchase shares of Hong Kong-listed companies newly issued on the Shenzhen Stock Exchange. In terms of qualified investors, the Shenzhen-Hong Kong Connect mechanism will be adopted, and Hong Kong local and overseas investors participating in domestic IPOs must meet the qualification requirements of the Hong Kong Stock Exchange, while mainland investors participating in Hong Kong IPOs must meet the suitability management requirements of the Shenzhen Stock Exchange Hong Kong Stock Connect. Regarding fund arrangements and share ownership, investor funds will be managed in a closed-loop manner. In terms of applicable currencies, investors and listed entities on the Shenzhen Stock Exchange can use Chinese Yuan, while investors and listed entities on the Hong Kong Stock Exchange can use Hong Kong Dollars or offshore Chinese Yuan.