Hong Kong's financial market ready to take big leap in Year of Rabbit

HONG KONG -- The Hong Kong Exchanges and Clearing Limited (HKEX) held on Thursday a live opening ceremony, the first time since 2020, to mark the first trading day of the Year of the Rabbit.

Hong Kong's stocks and gold went up on Thursday, with the benchmark Hang Seng Index rose 341.72 points to open at 22,386.37 points, while gold fetched 18,088 Hong Kong dollars (about $2,319) a tael, up 198 Hong Kong dollars from its close last Friday.

The Chinese Gold and Silver Exchange Society, Hong Kong's gold operator, also held a live opening ceremony Thursday morning. Chan Kwok-ki, chief secretary for administration of the Hong Kong Special Administrative Region (HKSAR) government, said at the ceremony that Hong Kong's status as an international financial center is rock solid and has a bright prospect.

As people, logistics and capital flows between the mainland and Hong Kong become more active, he believed the gold and silver industry will make great achievements, Chan said, adding that with the country's support, the HKSAR government will strive to strengthen the momentum of the financial sector.

Paul Chan, financial secretary of the HKSAR government, said at the HKEX's opening ceremony that despite volatility in the global markets in the past year, Hong Kong's financial markets had shown great resilience operating in an orderly and stable manner. He believed that Hong Kong's stock market will leap onto a new level in the Year of the Rabbit.

Nicolas Aguzin, chief executive officer of the HKEX, said that Hong Kong's IPO market recovered in the second half of last year, and 10 new shares have been listed since the beginning of this year. There are now about 100 new shares waiting to be issued.

Aguzin said that the HKEX will continue to help Chinese capital go global, bring Chinese opportunities to international investors, and find ways to enhance the attractiveness, vitality and diversity of the Hong Kong market.

Hong Kong's Hang Seng Index rose 522.13 points, or 2.37 percent to close at 22,566.78 points on Thursday. (1 US dollar equals 7.83 HK dollars)