Hong Kong Business News

Financial Secretary Paul Chan, currently leading a delegation on a visit to Riyadh, Saudi Arabia, yesterday attended the listing ceremony for the first Saudi exchange-traded fund (ETF) that tracks Hong Kong stocks on the Saudi stock exchange.

The fund is the result of collaboration between Albilad Bank of Saudi Arabia and Hong Kong’s CSOP Asset Management.

Mr Chan said that, as the largest of its kind in the Middle East, the ETF will create a win-win situation by attracting more investors to the Hong Kong market, while also fostering the development of the ETF market in Saudi Arabia.

He also highlighted that the fund is Saudi Arabia’s first ETF tracking Hong Kong stocks, after the first ETF invested in the Saudi market was listed in Hong Kong last November.

He added that he believes more products will emerge in the future to give investors from the Middle East convenient access to the Hong Kong and Mainland markets. Such products will enhance the two-way flow of capital between Hong Kong and Saudi Arabia, fostering greater connectivity and stimulating the development of the capital markets in both regions, he said.

The finance chief also attended a breakfast meeting hosted by Hong Kong Exchanges & Clearing to discuss capital market connectivity between Asia and the Middle East.

In a keynote speech, he highlighted that Saudi Arabia’s Vision 2030 has brought major reforms and opportunities, promoting capital investment from Asian markets.

He added that with its unique advantages under “one country, two systems”, Hong Kong has become the premier international financial centre connecting the Middle East and China, particularly in light of its credentials in fund-raising, asset and wealth management, and green and sustainable finance.

He explained that Hong Kong provides diverse offerings for investors and enterprises in the Middle East, and can provide financial support for regional economic development and green transformation.

At noon, Mr Chan called on Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the Kingdom of Saudi Arabia Chang Hua, to brief him on developments in Hong Kong. They also discussed China-Saudi co-operation and economic relations.

In the afternoon, Mr Chan co-hosted a roundtable with Saudi Capital Market Authority Chairman Mohammed bin Abdullah Elkuwaiz. Participants discussed developments in the financial markets of Asia and the Middle East and explored further opportunities for co-operation.

Later on, Mr Chan met Saudi Central Bank Governor Ayman Alsayari to discuss connectivity between the financial markets of Hong Kong, Saudi Arabia and the Middle East more broadly, as well as co-operation in digital finance.

In the evening, the Hong Kong Science & Technology Parks Corporation held an event at which 20 startups showcased research products spanning green technology, biotechnology, artificial intelligence, robotics, and more, with a view to connecting with investors and business partners.

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