Odaily reported, citing Aastocks, that Hong Kong Financial Secretary Paul Chan responded to market rumors that SpaceX has prohibited investors from Hong Kong and mainland China from participating in its new share subscription. Chan said such a move would damage U.S. interests.
Chan said the United States had previously restricted mainland Chinese companies from listing in the U.S., and those companies eventually turned to Hong Kong for listings. As a result, Hong Kong became an unexpected beneficiary. He stressed that Hong Kong should focus on doing its own work well, including improving its listing regime, increasing liquidity, and defending its market reputation.
Chan also noted that Shanghai and Shenzhen have a large number of high-quality technology companies with attractive valuations. Hong Kong is guiding sovereign funds and long-term capital to jointly invest in future industries, including hard technology, health technology, and life sciences projects.
On market infrastructure, Chan said Hong Kong is building an international central securities depository infrastructure. The system will place different securities, bonds, and stocks on the same platform and enable cross-collateralization, with the goal of rapidly improving liquidity and capital efficiency.