Kuaishou applied for yuan counter to support Hon Kong dollar-yuan dual counter model
Kuaishou applied for yuan counter to support Hon Kong dollar-yuan dual counter model

Kuaishou applied for yuan counter to support Hon Kong dollar-yuan dual counter model

Chinese short video platform Kuaishou Technology said it has submitted an application for an yuan counter to support the new Hong Kong dollar-yuan dual counter model.

The company believes the model will provide more investment flexibility and stock liquidity for its shareholders and potential investors, and it’s also pleased to support the internationalization of the Chinese currency, it said in a filing.

Under the model, which is expected to be launched in the first half of this year, investors will be able to interchange securities listed in both HKD and yuan counters. And a new dual counter market-making program will be introduced to support the liquidity of yuan counters and minimize price discrepancies between the two, the Hong Kong Exchanges and Clearing has said.