Shares of Huatai Securities Co. Ltd. (HTSC) soared 5.84% on Friday, outperforming the broader market, after the Hong Kong Securities and Futures Commission (SFC) announced the expansion of its cross-border wealth connect scheme to include brokerages.
The SFC unveiled 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. Huatai Securities, a leading Chinese brokerage firm, was among the companies named by the regulator.
The cross-border connect scheme is seen as a positive development for Huatai Securities, as it opens up new revenue opportunities and growth prospects. By enabling the company to provide investment services across the Greater Bay Area, Huatai Securities can expand its client base and capitalize on the region's growing wealth and demand for financial services.
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