Shares of CITIC Securities Co. Ltd. (HKG:6030) soared 6.12% on Friday, closing at HK$25.80, following the Hong Kong Securities and Futures Commission's (SFC) announcement to expand its cross-border wealth connect scheme to include brokerages.
The SFC named 14 securities companies, including CITIC Securities' 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.
As one of China's largest brokerages, CITIC Securities is expected to benefit from this regulatory move, which will allow it to attract more mainland Chinese investors and boost its cross-border business. The expansion of the cross-border connect scheme is seen as a positive development for CITIC Securities, as it opens up new opportunities for the company to tap into the growing demand for cross-border investment services in the region.
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