Hong Kong Stocks Soar after China’s Market Regulator Pledges Support for City’s IPOs, Connect Scheme

south china morning post04-22

The China Securities Regulatory Commission will facilitate Hong Kong listings by leading Chinese firms and expand the stock connect cross-border investment schemeThe market regulator said ‘it is ...

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The Tech Index rose 2.21 per cent.Among the most heavily traded were gaming giant Tencent, which rose 4.67 per cent to HK$318 and Alibaba, which added 3 per cent to HK$68.7.Li Auto shares slipped 5% to HK$100.9 after announcing new pricing for the 2024 Li L7, LiL8, LiL9, and Li Mega. The latest price for the Li Mega is RMB 529,800, down RMB 30,000 from the previous price.The China Securities Regulatory Commission announced on Friday it will facilitate Hong Kong listings by leading Chinese companies and said it will expand the Stock Connect cross-border investment scheme to enhance the city’s status as an international financial centre.“The central government fully supports Hong Kong’s long-term maintenance of its unique status and advantages,” the CSRC said in an announcement after markets shut on Friday, reiterating President Xi Jinping’s message that “it is necessary to consolidate and enhance Hong Kong’s status as an international financial centre”.The People’s Bank of China (PBOC) kept the 1-year and 5-year loan prime rates (LPR) unchanged at 3.45 per cent and 3.95 per cent on Monday. Analysts had expected this decision after the stronger-than-expected first-quarter economic data and given the priority on currency stabilisation.Asian markets were broadly higher. Japan’s Nikkei 225 Index rose 0.55 per cent, Korea’s Kospi advanced 0.95 per cent while Australia’s S&P/ASX 200 climbed 1 per cent.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":10,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1146401556"}