Lawmaker seeks mutual recognition status for HK brokers
Chinese authorities are being urged to give Hong Kong brokers mutual recognition status that would allow them to conduct business in the Qianhai special economic zone, the Hong Kong Economic Journal reported Tuesday.
Lawmaker Christopher Cheung said mainland brokers can receive funds from Hong Kong to invest in A shares but their domestic counterparts are still not able to operate in Qianhai.
Under the Closer Economic Partnership Arrangement, Hong Kong brokerages are allowed to hold a maximum 51 percent stake in a joint venture in the mainland.
However, details have yet to be announced regarding how joint-venture companies are going to be run and what products they can sell and whether they are allowed to engage in financing, underwriting and private placement, Cheung said.
Simply being able to recruit mainland clients would be a big incentive for Hong Kong brokers, he said.
Qianhai has attracted more than 20,000 companies since its inception in 2010. About 60 percent are in financial services.
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