HONG KONG: Hong Kong will cement its existing advantages and start pursuing new development opportunities in asset management, risk management and offshore renminbi business as promulgated in the country’s 14th Five-Year Plan (2021-25), chief executive Carrie Lam Cheng Yuet-ngor (pic) said at the recent 15th Asian Financial Forum (AFF).

       “We are diversifying our fund structures by introducing open-end investment companies and limited partnership fund regimes.

       “Nearly 400 limited partnership funds have been set up in Hong Kong over the past year or so,” Lam said in her video address to the AFF’s opening ceremony.

       Last year, daily turnover on the Hong Kong stock market averaged over US$21bil (RM88.09bil), up almost 29% over 2020.

       Its IPOs raised US$42bil (RM176.18bil) last year, making the city the world’s fourth-biggest fundraising hub.

       The city’s fund management business grew 21% to around US$4.5 trillion (RM18.87 trillion). — China Daily/ANN