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BOC International Holdings Limited, shortly BOCI, is the wholly owned subsidiary of Bank of China, which offers investment banking and securities brokerage services. It was established in 1998 and headquartered in Hong Kong. It has subsidiaries in New York, London, Singapore, Beijing, Shanghai, Guangzhou and Chongqing. [1] [2] [3]
In 1999, it formed a joint venture with BOC International named BOCI-Prudential Asset Management to provide services for Mandatory Provident Fund scheme in Hong Kong. [1] [2] [8] [9] In 2005, it formed a joint venture with CITIC Group named CITIC-Prudential Fund Management Company which is based in Shanghai. [1] [2]
BOC started operations in Hong Kong in 1917. [citation needed] It became Hong Kong's third note-issuing bank in 1994, and in Macau in 1995. [42] In 2001, BOC regrouped its Hong Kong operations into Bank of China (Hong Kong); then BOCHK listed on the Hong Kong Stock Exchange in October 2002. Two-thirds of its share capital are in free float
This means that BOCHK acts as a settlement agent for RMB banknotes and funds in Hong Kong and an intermediary between banks in Hong Kong and the People's Bank of China, the central bank of the People's Republic of China. In return, BOCHK takes a 0.125% cut of all RMB deposits in Hong Kong that are repatriated back to mainland China.
Founded in China in 1995, CICC provides investment banking, securities and investment management services to corporations, institutions and individuals worldwide. Headquartered in Beijing, CICC has over 200 branches in Mainland China and offices in Hong Kong, Singapore, New York City, London, San Francisco, Frankfurt and Tokyo.
The Qualified Foreign Institutional Investor (Chinese: 合格境外机构投资者; pinyin: hégé jìngwài jīgòu tóuzīzhě) program, one of the first efforts to internationalize the RMB, represents China's effort to allow, on a selective basis, global institutional investors to invest in its RMB denominated capital market. [1]
The Securities and Futures Commission (SFC) of Hong Kong is the independent statutory body charged with regulating the securities and futures markets in Hong Kong. The SFC is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote Hong Kong as an international financial centre and a key financial market in Asia.
Hong Kong FinTech Week is an international fintech event, organized by Investhk; It is held in Hong Kong (and Shenzhen). [ 7 ] Hong Kong FinTech Week brings together fintech communities from the East and the West that seek to expand their businesses to Hong Kong, mainland China and the Asia-Pacific region.