Hong Kong and mainland China have set out a fresh push to knit their capital markets closer together. On 3 August 2026, the Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) jointly announced a package of new measures to deepen practical cooperation between the two markets. The announcement was timed to coincide with the listing of renminbi-denominated China government bond futures in Hong Kong the same day, where CSRC chairman Wu Qing gave the keynote.
Seven measures across the market
The joint package spans seven areas and has widened the existing pipes between the two markets:
- Cross-boundary listing and fundraising.
Continued support for eligible mainland enterprises raising money through Hong Kong listings, eligible Hong Kong-listed companies seeking listings in the mainland, and eligible Hong Kong firms issuing bonds in the mainland. - Index cooperation.
Support for index providers in both places to launch more indices built on Chinese assets, to lift the international profile of those assets. - Renminbi-denominated futures.
Deeper cooperation between the two futures markets to bring a wider range of renminbi-denominated and settled futures products to Hong Kong. The government bond futures listed on the day are the flagship example. - ETFs.
Support for more exchange-traded funds based on the two markets, together with a fast-track registration mechanism for conventional equity ETF products. - Internationalisation of financial institutions.
Support for well-run securities and fund firms to expand overseas in an orderly way, using Hong Kong as a base to build international business. - Green finance.
A pilot for listed companies in both markets to disclose climate-related transition plans, as part of joint work on sustainable finance. - Professional qualifications.
Exploring a streamlined route for securities and futures professionals at Hong Kong banks to apply for the relevant mainland qualifications.
Closer supervision and wider access
Alongside the seven measures, the two regulators set out three areas of tighter coordination, and compliance teams should not overlook them. They agreed to strengthen regulatory cooperation on issuance and listing, advancing cross-boundary two-way direct financing for eligible firms; deepen cooperation on supervising intermediaries, including better risk monitoring and information sharing between the two authorities; and work more closely on global financial governance and regional regulatory cooperation.
Built on the Connect Era
This cooperation extends more than a decade of connectivity between the two markets, from Stock Connect, which linked the Shanghai and later Shenzhen exchanges with Hong Kong from 2014, to Bond Connect in 2017 and Swap Connect in 2023.
Each added a controlled channel for capital to move across the boundary under a common rulebook. The new government bond futures fit the same pattern. Hong Kong Exchanges and Clearing launched five-year China government bond futures on 3 August, a cash-settled, renminbi contract that HKEX describes as the first offshore China government bond futures, giving international investors a way to hedge interest-rate risk on the mainland bonds they already hold. As the city continues to build out its regulated market infrastructure, it functions as the offshore gateway where global investors can access, and now manage the risk of, mainland assets without moving onshore.
In his keynote, chairman Wu Qing framed the package as the two markets aligning with national strategy under China’s forthcoming 15th Five-Year Plan, and pointed to Hong Kong’s scale as a fundraising and offshore-renminbi hub. Those framings and the supporting figures come from the CSRC side of the announcement rather than the SFC’s English release, and are best read as the mainland regulator’s characterisation.
What it means for cross-boundary teams
The tradable and distributable universe is widening, with more renminbi futures, more China-asset indices and ETFs, and a faster ETF registration track, so product and onboarding teams should expect to approve and distribute new instruments.
New listing and bond-issuance channels in both directions mean issuers and their advisers should track how the CSRC’s filing procedures and Hong Kong’s listing rules evolve to support them. The qualification pathway, still at the exploratory stage, matters for staffing and cross-border licensing.
The climate-transition disclosure pilot puts dual-market issuers on notice to prepare for sustainability reporting expectations. And enhanced intermediary supervision and cross-boundary risk monitoring mean firms operating on both sides should expect more coordinated oversight and more information flowing between the two regulators.
