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HKEX opens New York office to expand international reach

HKEX opens New York office to expand international reach

New York office will promote HKEX’s liquid primary and secondary cash markets and its strong connectivity with mainland China’s markets to US investors and market participants.
Hong Kong Exchanges and Clearing Limited (HKEX), the city’s stock market operator, has opened a New York office aimed at growing its global client base and further expanding the group’s international footprint.

The New York office will have an on-the-ground team dedicated to HKEX’s customers in North America. It will promote HKEX’s liquid primary and secondary cash markets, its strong connectivity with mainland China’s markets, and its diverse suite of derivatives, according to a statement on Tuesday.

“At HKEX, we are fully focused on supporting the growth ambitions of our customers around the globe,” said Nicolas Aguzin, HKEX’s chief executive officer, in the statement.

“We look forward to deepening our relationships with investors, companies and risk managers across the region, connecting capital with opportunities and East with West,” he said.

HKEX, the world’s fourth-largest financial exchange by value, has been expanding its international reach by setting up offices in Shanghai, Beijing and Singapore. The group is also looking to open a European office.

HKEX, which also owns the London Metal Exchange, reported a 30 per cent slump in third-quarter earnings in October on the back of shrinking income from trading, IPOs and investments, extending a series of weaker results. The drop reflected dwindling transactions across HKEX’s securities products after a slump in Chinese stocks amid clampdowns on the technology and property sectors.

International investors account for around 41 per cent of Hong Kong’s cash equities market trading turnover, with US investors accounting for 10 per cent of total turnover. HKEX also offers international investors reliable access to mainland China’s A-share market, with over 70 per cent of all international investments in China’s A-share equities market held via HKEX’s Stock Connect programme.

There are 1,395 China-domiciled companies listed in Hong Kong as of November this year, accounting for 54 per cent of all listings and 77 per cent of the exchange’s capitalisation. HKEX has also been developing its Connect infrastructure, which will soon enable international companies with a primary listing in Hong Kong to have direct access to mainland Chinese investors, according to the group.

The New York office, operating as HKEX (US) LLC, will be led by Roger McAvoy, HKEX’s managing director and head of business development for North America. It will build out a team over the coming months for HKEX to connect with North American investors and market participants.

“I am confident the office will play a vital role as we continue to build the vibrancy and attractiveness of our markets and our unique China Connect programmes,” added Aguzin.

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