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Green Futures (Hong Kong) Limited ("Green Futures (HK)"), one of the subsidiaries of Green Group Co Ltd, a leading China-based financial group, today (May 29) announced that it has been granted permission by the Hong Kong Securities and Futures Commission to commence operations in Hong Kong.
Green Futures is one of the first Mainland futures trading companies to establish business in Hong Kong, taking advantages of the recently expanded Closer Economic Partnership Arrangement III (CEPA III). The provisions of the CEPA free trade pact between Hong Kong and Mainland China now allow for securities and futures companies from Mainland China to run businesses in Hong Kong, subject to certain criteria.
Dr Wang Shuan-hong, Chairman and President of the Green Group, said, "We feel proud and encouraged that Green Futures (HK) was among the first out of 180 futures companies in our country to be permitted to operate in Hong Kong. Our establishment in Hong Kong not only demonstrates the recognition of our strength from the Central and Hong Kong governments, but also builds up a strong platform to speed up our alignment with international markets and enhance our ability to serve more customers from around the world and accelerate our expansion into international markets."
"With a booming economy in China and the launch of various futures products, we expect to see rapid development of the futures market in the country. We believe our well established brand, extensive industry experience and visionary and professional team will help us considerably in this endeavour, bringing the Group to new heights," added Dr Wang.
The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, welcomed the establishment of Green Futures in Hong Kong. "Hong Kong is playing a key role in accelerating the alignment of Mainland China's futures industry with international market standards. Our city offers a highly mature financial market in which quality Mainland companies, such as Green Futures, can develop closer ties with their Hong Kong and overseas counterparts and clients."
"We're delighted that Green Futures has taken advantage of the CEPA trade deal to move into the Hong Kong market and feel sure that our status as an international financial centre will benefit from the diversification that Mainland firms like Green Future bring to our city. While Green Futures has been a forerunner, we look forward to many more Mainland companies taking advantage of Hong Kong to enhance their international business development," added Mr Rowse.
Green Group Co Ltd was established by Dr Wang Shuan-hong, Chairman and President, in 1993. With financial services as its core business, the Group also engages in real estate and media and advertising services. Green Group currently manages assets worth over RMB 800 million and has more than 300 employees. Green Futures Co Ltd, the Group's subsidiary, is one of the first futures companies emerging in China and currently operates more than ten branches in China, including in Beijing, Shanghai, Shenzhen and Yin Chuan. Green Futures is the only company in China that has gained both the futures brokerage and futures consultancy licences and secured a place in the three commodities and futures exchanges in China. It also boasts the highest registered capital for a Mainland futures company. In terms of trading volume, it currently ranks as the eighth largest in China and, since 1999, has ranked among the top four companies for six consecutive years.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Tuesday, May 29, 2007
Issued at HKT 16:00
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