Shang Hai Zheng Quan Bao·2025-06-16 18:27Core Viewpoint - The "Hong Kong Dollar-Renminbi Dual Counter Model" has been successfully implemented since June 19, 2023, with a total transaction volume of 49.051 billion RMB for 24 selected stocks, indicating a growing interest in RMB-denominated trading in the Hong Kong market [1][2][4]. Group 1: Market Performance - The top five stocks in the dual counter model by transaction volume are China Mobile-R, Ping An-R, Tencent Holdings-R, Hong Kong Exchanges-R, and Alibaba-WR, with total transaction volumes of 6.117 billion RMB, 5.775 billion RMB, 5.687 billion RMB, 5.356 billion RMB, and 4.872 billion RMB respectively over the past two years [1][3]. - The transaction volume for Tencent Holdings-R has seen significant growth, with multiple trading days exceeding 50 million RMB this year, and Hong Kong Exchanges-R achieving a daily transaction volume of over 200 million RMB on certain days [5][6]. Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission is actively promoting the inclusion of RMB counters in the Stock Connect program, which is expected to launch by the end of the year, enhancing the accessibility of RMB assets for investors [2][6]. - The dual counter model is anticipated to facilitate the use of RMB in Hong Kong stock trading, potentially expanding to more stocks and products in the future, thereby supporting the internationalization of the RMB [4]. Group 3: Investor Behavior - The dual counter model allows investors holding offshore RMB to directly invest in Hong Kong stocks, helping to mitigate exchange rate risk and increasing market demand for RMB-denominated assets [3][5]. - Despite the growth in transaction volumes, the average turnover rate for RMB-denominated stocks remains low, primarily due to the large market capitalization of the stocks involved and the preference of institutional investors for holding rather than frequent trading [6].