Shares of Shenwan Hongyuan Group Co. Ltd. (SWHY) soared as much as 12.20% on Friday, following the Hong Kong Securities and Futures Commission's (SFC) decision to include the company in its expanded cross-border wealth management connect scheme.

The SFC announced on Friday that it has named 14 securities firms, including SWHY's Hong Kong unit, to participate in the scheme and offer cross-boundary investment services for investors in the Greater Bay Area comprising Guangdong, Hong Kong, and Macau. Under the expanded program, SWHY and other selected brokers will collaborate with partner brokerages in mainland China to provide investment products and services across the border.

Analysts view this move as a significant positive for SWHY, as it opens up new business opportunities and revenue streams for the company as it taps into the growing wealth management market in the Greater Bay Area. The inclusion in the cross-border scheme is expected to bolster SWHY's financial performance in the coming years, driving the stock's rally on Friday.