Huatai Securities Co. Ltd. (HTSC) shares surged 6.29% on Friday after the Hong Kong Securities and Futures Commission (SFC) unveiled an expansion of its cross-border wealth connect scheme to include brokerages.
The SFC named 14 securities firms, including Huatai Securities, that will participate in the scheme to offer cross-boundary investment services for investors in the Greater Bay Area comprising Guangdong, Hong Kong, and Macau. This move opens up new revenue opportunities and growth prospects for Huatai Securities by enabling the company to expand its client base and tap into the region's growing wealth and demand for financial services.
The cross-border connect scheme is seen as a positive development for Huatai and other major Chinese brokerages. By allowing them to provide investment services across the Greater Bay Area, the companies can capitalize on the integration of the financial markets in the region and capture a larger share of the wealth management business.
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