Stock Track | CICC Shares Surge on Cross-Border Wealth Connect Expansion

Stock Track11-04

Shares of China International Capital Corporation (CICC) soared 5.09% on Friday after the Hong Kong Securities and Futures Commission (SFC) announced an expansion of the cross-border wealth connect scheme to include securities brokers.

The SFC named 14 securities firms, including CICC's Hong Kong unit, that will participate in the scheme and offer cross-boundary investment services for investors in the Greater Bay Area comprising Guangdong, Hong Kong, and Macau.

The move allows CICC and other approved brokers to tap into the growing wealth management demand in the region, potentially boosting their business opportunities and revenue streams. Market analysts view the expansion as a positive development for CICC, as it strengthens the company's position in the lucrative cross-border financial services market.

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