The Accounting and Financial Reporting Council (AFRC) has stated that it “welcomes” the 5 measures announced by the China Securities Regulatory Commission (CSRC) on capital market cooperation with Hong Kong.
These measures include increased support for qualified leading mainland companies to raise funds through listings in Hong Kong. This will further deepen the integration and cooperation between the two capital markets and bring more opportunities to the Hong Kong capital market, benefiting the development of the accounting profession.
As one of the leading international financial centres, the financial reporting and audit quality in Hong Kong is internationally recognised. Experienced accounting professionals can provide high-quality audits to listed companies, which can effectively protect the interests of investors and create a virtuous cycle for enterprises to continue listing in Hong Kong.
The AFRC has noted that it will “continue to play a regulatory role in safeguarding the quality of financial reporting, thereby ensuring the quality of audits of listed companies and promoting the sustainable development of the accounting profession”. They have further said that they expect this reinforce Hong Kong’s position as the preferred choice of enterprises for listing and financing.
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