Shares of China International Capital Corporation (CICC) surged by 8.15% on Monday, driven by a significant development in Hong Kong's financial services sector. The Hong Kong Securities and Futures Commission announced the expansion of the cross-border wealth connect scheme, naming CICC's Hong Kong unit among the 14 securities firms granted access to offer cross-boundary investment services.

The wealth connect scheme is expected to open up significant business opportunities for CICC, allowing the firm to tap into the growing wealth management demand in the Greater Bay Area, comprising Guangdong, Hong Kong, and Macau. With access to this lucrative market, CICC is well-positioned to attract more clients and drive future growth, bolstering its revenue streams and strengthening its position in the region.

Market analysts welcomed the news, citing the competitive advantage it provides CICC in the cross-border financial services market. The firm's inclusion in the scheme is seen as a significant milestone, enabling it to capitalize on the burgeoning wealth management industry and solidify its presence in the Greater Bay Area.