HKEX(HK:00388) Zheng Quan Ri Bao Wang·2026-02-25 11:27Core Viewpoint - The Hong Kong government has introduced the 2026-2027 Fiscal Budget, focusing on enhancing the financial market's competitiveness and resilience through various reforms and initiatives aimed at promoting the use of the Renminbi and improving market infrastructure [1][2]. Group 1: Financial Market Reforms - The budget emphasizes reducing Renminbi foreign exchange transaction costs and encouraging the issuance of Renminbi bonds in Hong Kong [1]. - Plans to accelerate the implementation of government bond futures and include Real Estate Investment Trusts (REITs) in the "mutual market access" framework are highlighted [1]. - Continuous reforms in the securities market are proposed, including revising "dual-class share" requirements and facilitating secondary listings for overseas issuers [1]. Group 2: Asset and Wealth Management - The budget outlines legislative measures to optimize the tax regime for family offices and funds, facilitating the privatization of REITs [1]. - A proposal to exempt stamp duty for the transfer of non-residential properties for REITs preparing for listing is included [1]. Group 3: Market Infrastructure and Connectivity - The establishment of a one-stop multi-asset trading post-securities infrastructure covering both mainland and Hong Kong stocks and bonds is under consideration [1]. - The budget aims to enhance market resilience and efficiency through deepening market connectivity and creating a diverse asset ecosystem [2]. Group 4: Industry Reactions - The Hong Kong Stock Exchange welcomes the budget measures, stating they will strengthen Hong Kong's position as a leading international financial center [2]. - The CEO of the Hong Kong Stock Exchange emphasizes the commitment to product innovation and collaboration with regulatory bodies to enhance market attractiveness [2].