A delegation representing Hong Kong's financial services sector, led by Legislative Council member Mr. Li Wei-hung, conducted a four-day visit to Shanghai and Hangzhou from August 23 to 27. The mission, titled the "Hong Kong Financial Services Sector Shanghai-Hangzhou Financial Development Study Tour," centered on the nation's 15th Five-Year Plan, with a focus on accelerating the construction of a robust financial system, executing the five key strategic initiatives, and improving financial services for the real economy.
Dr. Tang Sing-mo, chairman of the Hong Kong Stock Analysts Association and a delegation member, shared with financial media that the industry is deeply aware of the solid groundwork and vast opportunities for closer collaboration between the two regions. The delegation engaged with key financial infrastructure operators, including the Shanghai Stock Exchange, Shanghai Clearing House, and Shanghai Futures Exchange, and also conducted meetings with multiple municipal government departments in Shanghai. Discussions revolved around how the two cities can leverage their distinct strengths to jointly advance the development of international financial centers.
Dr. Tang highlighted that the deepening of Shanghai-Hong Kong financial cooperation is evident in the sustained upgrades to the mutual market access mechanisms and the significant surge in trading volumes. He noted that Deputy Director of the Shanghai Municipal Financial Regulatory Bureau, Ms. Cao Yanwen, pointed out that cooperation between the two financial markets has been intensifying, with the scope of connectivity continually expanding. From January to July this year, cumulative turnover on the Shanghai-Hong Kong Stock Connect reached RMB 21.5 trillion, with the value of holdings reaching RMB 1.4 trillion by the end of July. The two cities have already signed an action plan for the coordinated development of international financial centers, which outlines 38 specific measures and has already delivered substantial results.
According to data from Hong Kong Exchanges and Clearing, the average daily turnover of southbound Stock Connect during the first half of 2026 reached HKD 123.1 billion, already surpassing the HKD 121.1 billion record set for the entirety of 2025. The connectivity mechanism has expanded from equities to encompass bonds, ETFs, derivatives, and other asset classes, solidifying its role as the core channel for global capital allocation in Chinese assets. During the visit to the Shanghai Stock Exchange, both parties exchanged views on deepening the Stock Connect scheme, product innovation, and market growth potential, while exploring the integration of systems under the "one country, two systems" framework and enhancing investor services and regulatory collaboration.
Dr. Tang also emphasized another key takeaway from the trip: a profound appreciation of Hong Kong's unique positioning and indispensable role within the national 15th Five-Year Plan. The plan explicitly supports Hong Kong's development as an international innovation and technology hub, positioning the Northern Metropolis as a new engine for future growth. The Chief Executive of Hong Kong has clearly stated that the city's first five-year plan will concentrate on expanding offshore RMB business, highlighting RMB internationalization as a strategic priority in the 15th Five-Year Plan. The government intends to further broaden the mutual market access mechanisms with the mainland, encompassing Stock Connect, Bond Connect, and Cross-boundary Wealth Management Connect.
At the Shanghai Clearing House, the delegation engaged in in-depth discussions with management on central clearing, Bond Connect, and the development of the offshore RMB market, aiming to continuously refine cross-border RMB circulation and clearing mechanisms and further cement Hong Kong's role as an offshore RMB hub. During a visit to the Shanghai Futures Exchange, the delegation also delved into the development of the commodities market.
In Hangzhou, the delegation visited the "Hangzhou Six Dragons" tech enterprises, including Unitree Robotics and BrainCo, to gain insights into their latest R&D achievements in areas such as research commercialization, brain-computer interfaces, and artificial intelligence. It was noted that BrainCo has already established a presence at Hong Kong's Cyberport and signed a memorandum of understanding with Hong Kong Polytechnic University, showcasing the complementary synergy between Hangzhou's scientific research capabilities and Hong Kong's strengths in international research, finance, and professional services. The delegation also toured the Zhejiang University-Hangzhou Global Scientific and Technological Innovation Center and the Westlake University Future Industries Research Center, where they exchanged ideas on advancing the commercialization of cutting-edge research, deepening industry-academia-research collaboration, and guiding tech enterprises to leverage Hong Kong's platform for overseas expansion.
Dr. Tang asserted that Zhejiang Province boasts a robust private economy, digital economy, and advanced manufacturing base, while Hong Kong offers a comprehensive suite of professional services, including international financing, asset and wealth management, and legal compliance. He emphasized that the visit drove home a critical realization for Hong Kong's financial professionals: they must persistently enhance connectivity and practical cooperation between the two regions, skillfully employ Hong Kong's global financial and professional services platform to support mainland enterprises in their high-quality global expansion, and jointly foster the coordinated development of Shanghai, Hangzhou, and Hong Kong.
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