News summary
Hong Kong and Saudi Arabia cooperate to develop and track Hong Kong stock indexdeuceswildforrealmoneyThe ETF, which aims to strengthen capital flows, plans to list in Riyadh.
Newsletter text
[Hong Kong and Saudi Arabia cooperate to develop and track the Hong Kong Stock IndexdeuceswildforrealmoneyOn May 9, Wong Wai-lun, Deputy Financial Secretary of Hong Kong, announced at the Capital Markets Forum jointly organized by the Hong Kong Exchanges and Saudi Exchange Group that Hong Kong and Saudi Arabia are cooperating to develop an exchange-listed fund (ETF), which is planned to be launched in Riyadh to track the Hong Kong stock index. The move reflects the efforts of both sides to strengthen capital flows. Wong Weilun mentioned that this cooperation project is part of Hong Kong's cooperation with a number of financial institutions and aims to strengthen two-way capital flows. This news may have an impact on secondary market investors, further enhance Hong Kong's position in the international capital market, and also help Saudi Arabia attract more foreign investment into the domestic market. Specific cooperation details and listing time have yet to be further announced by both parties.
