Shares of Shenwan Hongyuan Group Co. Ltd. (SWHY) rallied as much as 9.34% on Friday after the Hong Kong securities regulator included the company in its expanded cross-border wealth management connect scheme.
The Hong Kong Securities and Futures Commission (SFC) announced 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. This move is expected to open up new business opportunities and revenue streams for the participating firms as they tap into the growing wealth management market in the Greater Bay Area.
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