Shares of China International Capital Corporation (CICC) surged over 5% on Friday, driven by the Hong Kong Securities and Futures Commission's announcement to expand the cross-border wealth connect scheme to include securities brokers.
The commission named CICC's Hong Kong unit among 14 securities firms that will participate in the scheme, allowing them to offer cross-boundary investment services for investors in the Greater Bay Area comprising Guangdong, Hong Kong, and Macau. This move is expected to open up significant business opportunities for CICC, tapping into the growing wealth management demand in the region.
Market analysts welcomed the development, citing the competitive advantage it provides CICC in the lucrative cross-border financial services market. With access to the wealth connect scheme, the firm is well-positioned to attract more clients and drive future growth, bolstering its revenue streams and strengthening its position in the Greater Bay Area.
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