John Lee unveils plans to continuously strengthen stock market

HONG KONG -- John Lee, chief executive of China's Hong Kong Special Administrative Region (HKSAR), said the HKSAR will leverage the Technology Enterprises Channel to assist Chinese Mainland technology enterprises in raising funds in Hong Kong, strengthening financial support for China's development as a science and technology powerhouse.

Delivering his fourth policy address on Wednesday, Lee emphasized the HKSAR government's commitment to encouraging more overseas enterprises to seek secondary listing in Hong Kong and supporting China Concept Stock companies to return from overseas markets, with Hong Kong as their preferred destination. Additionally, he pledged to press ahead with the inclusion of an RMB trading counter under Stock Connect's Southbound trading for Hong Kong stocks.

The Hong Kong stock market has maintained its strong momentum, said Lee, adding that at the end of August, the cumulative amount of funds raised through IPOs exceeded HK$130 billion ($16.71 billion), nearly six times higher than that of the same period last year, ranking Hong Kong first globally in IPO fundraising.