Gelonghui October 25?00510.HK Financial Services Group (00510.HK) and time Fortune Investments (01049.HK) jointly announced that the Board of Directors of time Fortune Investment hereby informs the shareholders and potential investors of the time Fortune Investment Group of their intention to invest strategically and develop artificial intelligence ("AI") solutions ("AI solutions") for their financial technology business, as well as the latest developments in the recent business development of the time Fu Investment Group.
AI solution for Financial Technology Business
AIIt has gone deep into various industries and developed vigorously, and the financial industry is no exception. Financial markets have always been complex and changeable, and now with the help of AI technology, financial markets can become easier to understand and predict. Today, advanced calculus and machine learning techniques such as deep learning and reinforcement learning have been widely used to help analyze large amounts of financial data, predict market behaviour, make investment decisions and improve risk-adjusted returns. As a company always based on the forefront of innovation, Shifu Investment Group has been a pioneer in calculus trading business since 2009, and is now more determined to innovate traditional financial services, expand its business scope and develop AI solutions for financial technology business.
The complexity of financial markets and the programming and financial knowledge required to calculate transactions pose challenges for both novice and professional traders. As calculus and trading strategies are not easy to master, retail traders have to face a steep learning curve. In view of the increasingly complex trading environment and the increasing potential of AI and natural language processing, Shifu Investment Group is committed to developing an AI-driven trading platform to provide novice and professional traders with a friendly dialogue interface and necessary comprehensive assistance to help them formulate calculus trading strategies in a timely, comprehensive and convenient manner and simplify the calculus trading process. The integrated platform solution can not only speed up transaction decision-making but also ensure accuracy insight and efficiency of data support and bring significant competitive advantage to users.
The board of directors of time rich investment believes that the deployment of AI technology is in line with the vision of the time rich investment group to continue to be at the forefront of technological development. As an important step, Shi Fu Investment Group can use this strategic initiative to reposition and look for potential business opportunities in the financial market changes, enhance the source of income of time Fu Investment Group, and ultimately achieve the goal of maximum return for shareholders. In accordance with the listing rules, the company will make a separate announcement in due course to provide shareholders and potential investors with an update on the development of AI solutions.
Focus on developing wealth management business through strategic adjustment
The global economy has slowed significantly under the influence of continuing geopolitical tensions and conflicts. At the same time, the Federal Reserve accelerated interest rate hikes, discouraging investor confidence. The continued rise in interest rates in the United States has further destabilized the global capital markets and the continued strength of the US dollar. coupled with the weakness of the renminbi, mainland investors have also been reluctant to buy Hong Kong stocks, dealing a further blow to already depressed market sentiment and the frozen IPO market in Hong Kong. In view of the above factors, international investors are interested inInIncreasing investment in the Hong Kong and mainland China markets is conservative. Investors have also switched from stocks to deposit-linked products, plunging the market into a bear market atmosphere and low valuations as a whole.
On the other hand, the fierce price war in the brokerage industry, the growing dominance of big banks and the bleak economic outlook have all exacerbated the plight of the brokerage industry in Hong Kong. Over the past five years, more than 120 Hong Kong brokerage firms have ceased business. Draw lessons fromInIn view of the above, time Fortune Investment Group is actively reviewing plans to integrate its brokerage business to provide value-added services to wealth management clients, and we believe this is the general trend in the future.
In the post-epidemic era, the mainland economy has been recovering steadily, and the Greater Bay area is expected to become an important factor in promoting the future economic growth of the mainland. From 2017 to 2022, the total population of the Greater Bay area increased from about 70 million to more than 86 million, and the GDP increased from about 10 trillion yuan to about 13.5 trillion yuan, with strong growth potential.
In 2019, the Central Government put forward the outline of the Development Plan for the Greater Bay area to support Hong Kong in consolidating and upgrading its position as an international financial centre and a global offshore RMB business center. Hong Kong has a sound and prudent financial regulatory system which plays an important role in ensuring stability and growth in the Greater Bay area. In order to further integrate with the financial markets of mainland China, Hong Kong has launched a number of interconnection schemes, such as the Stock Exchange and the Bond Link, to strengthen ties with the mainland financial markets. As part of the country's 14th five-year Plan, the relevant measures have been reaffirmed by the Central Government and are expected to support Hong Kong in upgrading its status as an international financial centre and becoming a central hub for offshore RMB business in the world. at the same time, it can also support deepening and expanding the interconnection of the financial markets between the mainland and Hong Kong.
Greater Bay area "Cross-Border LiCaiTong" Project ("Cross-Border LiCaiTong")InLaunched in September 2021, it is a key measure under the capital market connectivity mechanism between the mainland and Hong Kong and Macao to enable residents in the Greater Bay area to invest in wealth management products sold by banks. The Hong Kong Monetary Authority recently announced that eligible securities companies will also be included in the arrangement to sell investment products to and provide relevant services to individual investors of Nan Xiang Tong and North Xiang Tong.
The breakthrough of cross-border LiCaiTong lies inInProvide a formal and convenient channel for retail investors to directly open and operate cross-border investment accounts for the first time, with greater autonomy to choose investment products. This will not only consolidate Hong Kong's position in the global financial market, but also significantly promote the growth and development potential of Hong Kong's wealth management industry, create new opportunities and expand the market, and provide investors with more product choices for global asset allocation.
As the mainland of China reopens its border, we will continue to invest resources.InWith the support of the country's 14th five-year Plan, the layout of the Greater Bay area has laid a solid foundation for the future growth of Hong Kong's financial services market. In the face of the huge business opportunities in the Greater Bay area, we believe that Shi Fu Investment Group can provide more possibilities for customers and development prospects.
The board of directors of time rich investment believes that the continued development of wealth management business is in the best interests of the time rich investment group and its shareholders as a whole.