FINANCE

China Weighs Expanding Wealth Management Connect Beyond Greater Bay Area

Published: Sep. 12, 2025 4:22 a.m. GMT+8

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The wealth management connect program, launched in September 2021, allows residents in Hong Kong, Macao and nine Chinese mainland cities in Guangdong to invest in each other’s financial products.

China is preparing the next phase of its cross-border wealth management connect program amid mounting calls to expand it beyond the Greater Bay Area, as demand grows among investors in Shanghai, Beijing, and other cities.

The wealth management connect program, launched in September 2021, allows residents in Hong Kong, Macao and nine Chinese mainland cities in Guangdong to invest in each other’s financial products under a closed-loop system. In February 2024, the program underwent a “2.0” upgrade that raised quotas, widened eligible products and admitted brokerages alongside banks.

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China’s cross-border wealth management connect program expanded in February 2024, raising quotas, widening products, and allowing brokerages; a nationwide “3.0” upgrade may arrive by late 2025.
By July 2025, individual investors doubled to 164,600 and cross-border fund transfers surged to 120.9 billion yuan, but business growth lagged expectations.
Product diversity increased; southbound fund flows shifted from 99% deposits (2021) to 59% deposits, 36% funds, and 5% bonds by June 2025.

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Who’s Who

China International Capital Corp. Ltd.: "China International Capital Corp. Ltd. (CICC) is actively involved in China's cross-border wealth management connect program. Diao Zhihai, head of international wealth management at CICC, highlighted the strong interest from clients outside the Greater Bay Area in joining the program. CICC has also been lobbying regulators to ease compliance limits in Hong Kong and, as of December 2024, began operating under the program, completing inaugural trades."

GF Securities Co. Ltd.: GF Securities Co. Ltd. is one of the brokerages that began operating under the wealth management connect program following its "2.0" upgrade. In December 2024, GF Securities Co. Ltd., along with other firms like CICC and Galaxy Securities Co. Ltd., completed initial trades under this expanded program.

Galaxy Securities Co. Ltd.: Galaxy Securities Co. Ltd. is a brokerage firm that began operating under the cross-border wealth management connect program in December 2024. The company completed inaugural trades as part of the program's "2.0" upgrade, which allowed brokerages to participate alongside banks.

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What Happened When

September 2021：: The wealth management connect program was launched, allowing residents in Hong Kong, Macao, and nine Guangdong cities to invest in each other's financial products.

February 2024：: The program was upgraded to '2.0', raising quotas, widening eligible products, and admitting brokerages alongside banks.

December 2024：: Brokerages began operating under the program, with inaugural trades completed by firms such as GF Securities, CICC, and Galaxy Securities.

March 2025：: Hong Kong Monetary Authority Chief Executive Eddie Yue stated that regulators were considering further changes to the program.

June 2025：: The HKMA allowed banks to hold three-way online meetings with mainland clients and partner banks to present eligible southbound products after one-time authorization.

By June 2025：: Deposits accounted for 59% of southbound funds, funds for 36%, and bonds for 5%, according to HKMA data.

By July 2025：: The number of individual investors in the program had more than doubled to 164,600, with cross-border fund transfers reaching 120.9 billion yuan.

As of July 2025：: 34 mainland banks and 14 securities firms were approved to handle fund transfers under the program.

As of Wednesday (September 10, 2025)：: Southbound investors had used 16.7 billion yuan of their quota, about 11% of the total, while northbound investors used 246 million yuan, or 0.16%.

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