Date
11 December 2017
Yue Yi says there are many reasons the stock market rally in Hong Kong will continue. Photo: HKEJ
Yue Yi says there are many reasons the stock market rally in Hong Kong will continue. Photo: HKEJ

New BOC HK chief hopes to boost share price

The newly appointed chief executive and vice chairman of BOC Hong Kong (Holdings) Ltd. (02388.HK) is hoping to boost the bank’s share price, the Hong Kong Economic Journal reported Wednesday.

Yue Yi was quoted as saying that given sound economic fundamentals and favorable policies from the mainland, the city’s stock market rally is likely to continue.

He has just succeeded He Guangbei in the top post at the Hong Kong arm of the state-backed Bank of China Ltd. (03988.HK).

Beijing’s “one belt, one road” strategy needs Hong Kong to radiate its impact and connect to the world, Yue said.

That could further drive up the city’s stocks, coupled with a high level of liquidity in the market, he said.

Shanghai-Hong Kong Stock Connect and the upcoming stock link with Shenzhen, mutual cross-border recognition of funds, as well as QDII2 — the individual version of the qualified domestic institutional investor scheme — will also benefit the market, Yue said.

The Hong Kong subsidiary is considering a way to work with its parent in sales and product development in regard to the mutual cross-border recognition of funds, Yue added.

To celebrate BOC Hong Kong’s 100th anniversary in 2017, the bank is planning to issue a series of commemorative banknotes that will reflect the city’s history, Yue said. 

Translation by Vey Wong

[Chinese version中文版]

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