On June 19, 2023, the Hong Kong Stock Exchange officially launched the 'HKD-CNY dual counter model', investors can use HKD and CNY to trade securities issued by the same issuer, and conduct cross-counter trading between HKD counter and CNY counters. Market makers have been introduced to address liquidity issues. Data shows that from June 19, 2023 to June 18, 2024, the first 24 dual counter securities operated smoothly, with HKD counter trading volume accumulated at HKD 7.67 trillion and CNY counter trading volume accumulated at CNY 22.731 billion. Orient Securities' research report believes that under the dual counter mechanism, Hong Kong stocks priced and traded in CNY, actually gain additional CNY liquidity (albeit limited in the initial stage), which helps to offset the impact of USD liquidity fluctuations on Hong Kong stocks.
“双柜台模式”推出一周年，港股流动性有望持续提升
The 'dual counter model' has been launched for one year, and the liquidity of Hong Kong stocks is expected to continue to improve.
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