The Hong Kong Monetary Authority promulgates the details of the implementation of the Cross-border Wealth Management Connect pilot program in the Guangdong-Hong Kong-Macao Greater Bay Area on September 10, 2021. Photo: VCG
The historic Wealth Management Connect (WMC) pilot program in the Guangdong-Hong Kong-Macao (GBA) Great Bay region posted strong results in its first day of operations on Tuesday, with strong demand for products from cross-border wealth management, marking another crucial stage in the development of ever closer financial cooperation within the GBA.
The WMC was first announced in September to allow individual investors in the mainland and special administrative regions (SARs) of Hong Kong and Macao to make cross-border investments in a wider range of wealth management products.
The program, which includes the Southbound program and the Northbound program, made its debut on Tuesday, with 41 transactions totaling approximately 2.5 million yuan ($ 391,132) completed under the Northbound program within an hour of the start of trading. operations, according to media reports.
Under the Southbound program, 115 investment accounts completed eight transactions totaling 398,000 yuan in one hour. Transactions were observed in nine mainland cities and the Hong Kong and Macao SARs in less than an hour.
Analysts pointed out that the WMC would further expand the two-way opening of financial markets, while strengthening financial cooperation in the GBA.
The launch shows that the continent has promoted and diversified the channels for opening up its financial market, Xi Junyang, a professor at Shanghai University of Finance and Economics, said on Tuesday.
In preparation for the launch on Tuesday, financial authorities in the mainland and the SARs of Hong Kong and Macao announced a list of pilot banks on Monday, with investors showing keen interest.
âThe smooth implementation of the pilot program also provides a more convenient channel for local investors as well as international investors,â Xi said.
Two cooperation zones in Qianhai and Hengqin in Shenzhen, south China’s Guangdong Province, are involved in the whole process and offer relevant services remotely, according to media reports.
The cooperative zones, demonstration zones and free trade zones in the GBA will establish and promote the corresponding services and businesses, which will play a crucial role for other zones and similar areas across the country, added Mr. Xi.