On June 13th, Hong Kong Exchanges and Clearing Limited (00388) announced that it has signed a cooperation agreement with a subsidiary of Shenzhen Stock Exchange to establish a comprehensive fund platform for the Hong Kong Exchange.
Zhixin Finance learned that on June 13th, Hong Kong Exchanges and Clearing Limited (00388) announced that it has signed a cooperation agreement with a subsidiary of Shenzhen Stock Exchange to establish a comprehensive fund platform for the Hong Kong Exchange. Under this technical cooperation, SZSE subsidiary Shenzhen Securities Communication Co., Ltd. will establish a financial data exchange platform in Hong Kong. The platform will serve as the foundation of the communication network hub for the Hong Kong Comprehensive Fund Platform and will provide users with efficient communication services to support key processes such as subscription, redemption, and notification in the Comprehensive Fund Platform.
Susanna Wong, Co-head of Markets, HKEX, said: "We are pleased to have partnered with SZSE and its subsidiary to support the development of the comprehensive fund platform. This collaboration will not only facilitate the continuous growth of Hong Kong's fund ecosystem, but will also strengthen Hong Kong's position as a global wealth management center. It lays a solid foundation for the future interconnection between Hong Kong and the Mainland."
The Comprehensive Fund Platform under development by HKEX is a platform that covers the entire fund distribution network and fund ecosystem in Hong Kong. It aims to reduce industry access barriers and enable market participants to more easily distribute fund products to their customers. The Comprehensive Fund Platform is expected to help expand Hong Kong's fund distribution network, improve market efficiency, and reduce transaction costs.
HKEX stated that it has been working closely with regulatory bodies and industry participants, taking into account the opinions and suggestions of stakeholders when developing the Comprehensive Fund Platform. HKEX will release more details on the development progress of the platform in due course.
Shenzhen Securities Communication Co., Ltd. is a subsidiary of SZSE, mainly responsible for the trading and settlement communication facilities of the Shenzhen stock market, supporting the construction of core application systems of SZSE, and providing financial technology services such as information technology, financial data exchange platform, and cloud platform to financial institutions.