Hong Kong Stocks continue to rise as authorities start to take measures to support the economy including lowering taxes on property sales and planning supportive measures for foreign and domestic investors.
Chinese officials have also assured the Wall Street executives of more capital market reforms and the release of the central bank's benchmark lending rates.
The Hang Seng Index rose by 0.21%, or 41.34 points, to close Wednesday's session at 19,705.01. The Hang Seng China Enterprises Index rose by 0.12%, or 8.65 points, to close at 7,090.86.
Chinese government officials vowed to open up the country's markets more to foreigners "to share in the success of China's economic development," People's Bank of China Deputy Governor and State Administration of Foreign Exchange chief Zhu Hexin was quoted by Reuters as saying.
China Securities Regulatory Commission Chairman Wu Qing said the government will also make it easy for investors in the country by carrying out supportive measures.
China kept its benchmark lending rates unchanged in November, according to a Wednesday filing with the National Interbank Funding Center. The one-year loan prime rate remained at 3.1%, while the more than five-year loan prime rate remained at 3.6%.
In order to support the property market in China, Beijing will lower taxes on larger house transactions, effective Dec. 1, by eliminating the distinction between ordinary and non-ordinary housing, according to state-run media.
Meanwhile, according to a Sunday news release by Invest Hong Kong, Hong Kong is seen to top Switzerland as the world's biggest cross-border wealth management center by 2027. The city is Asia's largest cross-border wealth management center, behind Switzerland, according to the Hong Kong government body responsible for foreign direct investments.
In corporate news, Hangzhou Jiuyuan Gene Engineering (HKG:2566) launched its initial public offering in Hong Kong on Wednesday offering up to 45,398,800 shares expected to be priced between HK$11.48 and HK$12.56 per share. The genetic engineering company expects to determine the IPO price on Nov. 26, disclose allocation results on Nov. 27, and begin trading on the stock exchange on Nov. 28.
Sprocomm Intelligence (HKG:1401) shares plunged nearly 88% on Wednesday's close as it responded to the Securities and Futures Commission's inquiry into the company's shareholding. The company claimed that at least 25% of its issued shares were in the public's hands as of Nov. 7, and as of the filing date, the company was able to comply with the 25% public float rule.
Aux International (HKG:2080) expects a profit of around HK$14 million for the six months ended Sept. 30, up from HK$8.5 million a year prior. The shares of the company closed over 22% higher on Wednesday.
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