(Yicai) June 19 -- Major stock exchanges in the Chinese mainland and Hong Kong should adhere to their complementary advantages and pursue differentiated development, while also simultaneously working together to build a robust multi-tiered capital market system, according to the head of the Hong Kong Stock Exchange.

Hong Kong can serve as a global window, complementing the solid foundations of the mainland’s stock markets, HKEX Chief Executive Officer Bonnie Chan pointed out at the Lujiazui Forum held in Shanghai yesterday.

The increasing number of dual listings by companies seeking to broaden their financing channels and enlarge their investor base, demonstrates the constructive interaction between the mainland and Hong Kong markets, she said.

Battery giant Contemporary Amperex Technology, for instance, completed its secondary listing in Hong Kong last month, raising HKD35.7 billion (USD4.5 billion). It was the largest share offering globally so far this year and the biggest in the Hong Kong in nearly four years.

Chan made her remarks on the same day as Shanghai and Hong Kong signed a deal at the Lujiazui Forum aimed at fostering the coordinated development of the two financial centers, enhancing their respective strengths, and increasing China’s influence in the global financial system.

The joint action plan sets out 38 measures across six key areas. It calls for deepening financial market infrastructure links, including the bond and swap connects, and new collaboration in cross‑border clearing, gold‑product trading, and transborder uses for the digital yuan.

The plan also envisages co-development of financial products and services, combining Shanghai’s onshore financial strengths with Hong Kong’s offshore, stepping up green finance cooperation, broadening the use of artificial intelligence and blockchain in asset management, insurance, and settlements, and aligning policies to back tech and other innovative firms.

More than 160 companies are lined up to float on the HKEX, with more than 40 filing last month alone. This thriving scene can partly be attributed to the reforms implemented by the exchange over the past few years, Chan noted.

Thanks largely to listings by mainland technology and consumer firms, share sales in Hong Kong topped HKD76 billion in the first five months of 2025, seven times more than a year ago, placing the bourse first among global exchanges, according to financial data platform Wind Information.

Since 2018, the HKEX has made a series of changes, including allowing listings by biotech companies that are not yet profitable and new economy companies with a dual-class share structure. It has also expanded the connect mechanisms with mainland exchanges.

To meet global capital allocation needs, the Chinese market must have a more comprehensive product ecosystem, Chan said. For example, the HKEX is preparing to launch Chinese yuan treasury bond futures to provide international investors with risk management tools, Chan also revealed at the forum.

Editors: Dou Shicong, Tom Litting