The Hong Kong Special Administrative Region government, financial regulators and Hong Kong Stock Exchange are accelerating their efforts to enhance Hong Kong’s financial markets so that the city’s financial sector can contribute more to the country’s construction of a financial powerhouse.

Financial Secretary Paul Chan Mo-po made the remark at the Chinese New Year reception organized by the financial services sector on Thursday. Securities and Futures Commission Chairman Kelvin Wong Tin-yau, Hong Kong Exchanges and Clearing Chairman Carlson Tong Ka-shing, and HKEX Chief Executive Officer Bonnie Chan Yi-ting also attended.

“We will better leverage Hong Kong’s unique advantages in connecting the country with the outside world, and comprehensively broaden and deepen financial market connectivity,” Paul Chan said. The SAR has broad room for development in businesses such as asset and wealth management, family office as well as gold and commodity trading, he added.

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The finance chief said that more leading mainland companies are optimistic about the prospects of the Hong Kong market and are accelerating their plans to list in Hong Kong.

“The Hong Kong Stock Exchange has received dozens of new listing applications in January. We believe that the liquidity of Hong Kong stocks will be further enhanced as international investors continue to be active in the Hong Kong market and flood the market with ample funds,” Paul Chan said.

“In the just-passed Year of the Dragon, the Hang Seng Index rose nearly 4,500 points, a gain of about 30 percent. The Year of the Snake also has had a good start, rising by some 1,600 points in about two weeks, with an average daily turnover of more than HK$220 billion ($28.25 billion).

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He said he is cautiously optimistic about the stock market in the Year of the Snake.

Legislative Council member Robert Lee Wai-wang said at the reception, “We hope the administration can respond to those initiatives proposed by the industry that have not been met in the past, such as optimizing the delisting mechanism, establishing an over-the-counter trading board, enhancing the attractiveness of the Growth Enterprise Market, reviewing stock lots, relaxing retail investor participation, and examining measures of enhancing market efficiency.”

The lawmaker for the financial services constituency added that the sector hopes that the 2025-26 Budget, to be unveiled on Feb 26, will include a series of policy measures to support the development of the financial industry that allow companies of different sizes and capital backgrounds to flourish in the market.

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Amid major global political and economic changes, governments, regulatory agencies, industries and all market stakeholders need to unite, keep pace with the times and implement market reforms in a pragmatic and effective manner, Lee added.