香港资本市场领导力：数字时代通往全球资本枢纽的超级连接之路

Contents 1.Executive summary: Architecting the future — Hong Kong as the global capital nexus................. 3 2.1 Envisioning the ideal: A market transformed....................................................................................... 62.2 The financial ecosystem...................................................................................................................... 72.3 Crossroads or launchpad? Hong Kong in the new era of global capital............................................ 72.4 Global capital markets are at an inflexion point................................................................................ 112.5 The intensifying race for international capital flows........................................................................... 13 3.Distinguishing a world-class capital market in the new FinTech era?............................................. 16 3.1 Why does history matter for Hong Kong, now? Building on historic strengths................................. 163.2 The pillars of excellence: defining the effectiveness of modern capital............................................ 173.3 Strategic levers for Hong Kong’s capital market advancement........................................................ 19 4.Solidifying the foundations of post-trade excellence for global capital flows................................ 23 4.1 Hong Kong’s architecture of access................................................................................................. 234.2 Digital transformation: leaping into the future of market operations.................................................. 26 5.1 Equity markets and innovative listings: accelerating growth engines............................................... 285.2 Scaling depth and liquidity in fixed income markets......................................................................... 295.3 Beyond the norm: Unlocking alternative assets and private capital................................................. 31 6.1 Redefining connectivity for innovation-led growth............................................................................. 346.2 Recalibrating global linkage as competitive moats........................................................................... 366.3 Supercharging institutional capital flows........................................................................................... 396.4 Digitalisation as enabler.................................................................................................................... 40 7.1 Next steps: Optimising the weighted voting rights regime................................................................ 437.2 Deepening and expanding connectivity — a multi-regional strategy............................................... 477.3 An integrated platform for global institutional capital and to deepenmarket liquidity across issuer segments.......................................................................................... 537.4 Powering the next market cycle with alternative assets.................................................................... 59 1.Executive summary: Architecting the future — HongKong as the global capital nexus Imagine a financial ecosystem where capital knows no borders, a marketplace where the dynamism of globalinvestment seamlessly meets the vast, patient wealth of China and the world. In this vision, capital flows at thespeed of light and round the clock, empowered by technology, and operates within a framework of predictablesafety and unparalleled efficiency. This is not merely a conduit for capital, but the world’s most sophisticatedfinancial nexus — a platform where every qualifying firm can instantly access deep liquidity, and investors candeploy capital frictionlessly across a diversified universe of assets. This is the future we envision for Hong Kong. The Ambition vs. The Present Today, Hong Kong stands as Asia’s premier financial gateway, with assets under management of HK$35.1trillion as at the end of 2024 and a decade-long record as a leading global IPO hub. Our foundational strengthsare robust: pioneering Connect schemes, world-class infrastructure like the CMU, and a trusted legal frameworkthat anchors global confidence. However, the world is not standing still. Global competition is intensifying, digital assets are rewriting the rules,and a new generation of pre-profit, innovation-driven firms demand more agile markets. The risk is clear:diversify or diminish. While we have laid a robust groundwork, our vision demands we evolve from being aleading international financial centre (IFC) and China’s financial bridge into something far greater — theindispensable global capital nexus in Asia, where both Chinese and international participants thrive. This transformation hinges on strategic diversification across four core pillars — the4Is: •Issuers:Broadening our base beyond traditional listings to attract global champion