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Hong Kong, China set up JV for bond connect

Hong Kong Exchanges & Clearing Ltd., China Foreign Exchange Trade System, and China Foreign Exchange Trade System Information Technology (Shanghai) Co. Ltd. formed a joint venture company following the announcement of a bond connect scheme between Hong Kong and China.

The company, named Bond Connect Co. Ltd., will support and assist in the admission and registration for foreign and Hong Kong investors to trade Chinese bonds, according to a June 7 release.

The new entity, which will operate in Hong Kong, will also work closely with the global access platforms through which investors will trade Chinese interbank bond market instruments.

Hong Kong Exchanges holds a 40% stake in the joint venture, while China Foreign Exchange Trade System owns an 18% stake. China Foreign Exchange Trade System Information Technology (Shanghai) holds the largest stake in the new entity at 42%.

The initial equity capital for Bond Connect Co. is proposed to be up to HK$50 million, of which HK$20 million will be from Hong Kong Exchanges.