Hong Kong stock exchange to open office in Riyadh

Hong Kong Exchanges and Clearing Limited (HKEX) announced plans on Wednesday to open an office in Riyadh next year, signaling a strategic push into the Middle Eastern market.

The announcement was made at the 8th Future Investment Initiative (FII) conference, where HKEX Chairman Carlson Tong emphasized the significance of the Middle East as an emerging economic powerhouse.

Tong emphasized that HKEX’s presence in Riyadh will not only strengthen economic ties between the Middle East and Hong Kong but also enhance the exchange’s role in connecting the region with global markets, especially China, the world’s second-largest economy.

"We understand today, listening to some of the speakers, that the 2030 division involves sustainability, innovation, and also opening up to reaching out to investors in the outside world. So I think Hong Kong is in that position to do it that way – (as an) international financial center. We can connect the Middle East with China, which is the second-largest economy in the world. So we believe that Hong Kong has a role to play, and we can work with the Middle East and in Riyadh and share our knowledge. And we are also into innovation technology. In fact, at the Hong Kong stock exchange, we have listed 331 new economy companies in the last few years, and we raised 120 billion U.S. dollars," he said.

As China continues to open its capital markets to the world, Tong highlighted HKEX’s unique role in bridging global and Chinese markets, supported by the Connect Scheme, which marks its tenth anniversary this year.

"I think as the stock exchange we want to maintain that status and do everything we can to demonstrate Hong Kong is an international financial center. We are the only such exchange in the world that has that position within our country, which is the second largest economic power in the world. So Hong Kong is very lucky, very blessed. And incidentally, the Connect Scheme, which I just mentioned northbound and southbound, this is the 10th year anniversary, " Tong said.

The three-day conference concluded on Thursday under the theme 'Infinite Horizons: Investing Today, Shaping Tomorrow.

Dubbed "Davos in the Desert," the FII conference is the Middle East's largest international investment and innovation forum, drawing numerous political and business leaders each year.

Hong Kong stock exchange to open office in Riyadh

The 17 strategies to counter so-called "threats" from the Chinese mainland facing Taiwan unveiled recently by Lai Ching-te were aiming to dismiss the Kuomintang (KMT) Party's representatives in the legislature, and thus fulfilling his own political agenda, said experts.

At a press conference last Thursday, Lai portrayed the mainland as a "hostile external force" and outlined 17 strategies to counter so-called threats facing the island.

What Lai did is to solve his current dilemma that the Democratic Progressive Party (DPP) has been the minority both in popular support and legislative seats, experts noted.

"He wants to remove all the Kuomintang (KMT) Party's regional representatives, and then the DPP representatives can be elected, so as to reverse the situation that the DPP is a minority in the legislature. So how to rationalize that? He chooses to resist reunification. His consistent policies and acts, including what he did this time, have always been carried out to meet the DPP's own selfish interests, and to serve his political interests," said Yan Anlin, president of the Shanghai Taiwan Research Association. According to the latest opinion polls on the island, 58 percent of the public oppose the removal of KMT representatives, which is 25 percentage points more than those in favor.

Lai Ching-te's acts aim to fulfill selfish interests: expert