First, cancel the double taxation on dividends...

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1. Expand the scope of eligible stock ETFs under the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect. Under the guidance of the securities regulators of both sides, the Shanghai, Shenzhen, and Hong Kong exchanges have reached a consensus to moderately relax the average asset management size requirements for eligible stock ETFs, lower the Hong Kong stock weighting requirements for southbound Hong Kong Stock Connect ETF products, and make corresponding adjustments to northbound Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect ETF products to support the development of Hong Kong as an international asset management center.

2. Include REITs in the Stock Connect. Following the general framework of the stock and ETF mutual access arrangements between the two markets, eligible REITs from the mainland and Hong Kong will be included in the Stock Connect to further diversify the range of tradable products.

3. Support the inclusion of RMB-denominated stock trading counters in the Hong Kong Stock Connect. Since the launch of the HKD-RMB dual-counter mechanism in Hong Kong, mainland and Hong Kong exchanges and clearing companies have actively studied the inclusion of RMB-denominated stock counters in the Hong Kong Stock Connect. A preliminary consensus has been reached on the relevant business plan. Both sides will continue to refine the plan, revise rules, carry out technical upgrades, and conduct investor education to facilitate an early launch and support the internationalization of the RMB.

4. Optimize the mutual recognition of funds. Plans are underway to moderately relax the restrictions on the sales ratio of mutual recognition funds in the host market, allowing Hong Kong mutual recognition funds to delegate investment management functions to overseas asset management institutions within the same group as the manager. This will further optimize the mutual recognition arrangement and better meet the diversified investment needs of investors in both markets.

5. Support leading mainland companies in listing in Hong Kong. In the year since the implementation of the overseas listing filing system, 72 companies have completed filings for Hong Kong IPOs, demonstrating smooth financing channels for Hong Kong listings and strong support for mainland companies to leverage both markets and resources for compliant development. The China Securities Regulatory Commission will enhance communication and coordination with relevant departments to support eligible leading mainland companies in listing and raising capital in Hong Kong.