Hong Kong's financial chief shows cautious optimism about stock market

HONG KONG -- Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, on Thursday expressed cautious optimism about the Hong Kong stock market this year and hoped for even better performance.

Hong Kong's Hang Seng Index has risen by nearly 1,600 points in about two weeks since the beginning of the Year of the Snake, which began on Jan. 29, according to the traditional Chinese lunisolar calendar, with an average daily turnover exceeding HK$220 billion (about $28.24 billion).

Chan said that the Hong Kong Exchanges and Clearing Limited (HKEX) received dozens of new listing applications in January, and he believed that more good companies will enter the stock market this year.

Additionally, international investors in the Hong Kong market remained active and well-funded, which will further enhance the liquidity of Hong Kong stocks, he added.

Chan emphasized that the HKSAR government, regulatory authorities, and the HKEX are accelerating efforts to enhance Hong Kong's financial market.

Hong Kong's unique advantage of reinforcing connectivity with both the mainland and the rest of the world will be better leveraged, which creates broad room for development in asset and wealth management business, family office business, and trading of gold and commodities, Chan said.