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Notice on the Public Consultation of the “Guangdong-Hong Kong-Macao Greater Bay Area Cross-Boundary Wealth Management Connect Pilot Scheme implementation details (Consultation Paper)”

On 6th May 2021, The People's Bank of China Guangzhou Branch released the “Guangdong-Hong Kong-Macao Greater Bay Area Cross-Boundary Wealth Management Connect Pilot Scheme implementation details (Consultation Paper)” and sought for public opinion.

Quota
The proposed aggregate quota for the Cross-Boundary Wealth Management Connect Pilot Scheme is RMB 150 billion for both northbound and southbound investment.
Investment quota for each investors in Mainland cities in GBA is RMB 1 million.

Northbound investment (from Hong Kong and Macao investors)
Eligible northbound investor can invest in 
(i) Class 1 – Class 3 non-guaranteed principal investment products issued by Mainland wealth managers
(ii) Mutual funds with risk rating of R1-R3

Eligibility of investors will be announced by the regulators in Hong Kong and Macau.

Southbound investment (from GBA investors)
The scope of qualified products will be announced by the regulators in Hong Kong and Macau.

The Consultation Paper requires an eligible investor shall have full capacity for civil conduct and fulfill requirement (A) and either one of (B1) or (B2):

(A) Residents registered in the nine GBA cities, or with record of social security contribution or individual income tax payment in the nine GBA cities for 5 consecutive years.
(B1) With 2 years or more experience in investment and household financial assets of RMB 1 million or more over the past 3 months, or
(B2) With 2 years or more experience in investment and with net household financial assets of RMB 2 million or more over the past 3 months.
 

Related links
Notice on the Public Consultation of the “Guangdong-Hong Kong-Macao Greater Bay Area Cross-Boundary Wealth Management Connect Pilot
Scheme implementation details (Consultation Paper)” (Chinese version only)


First “Cross-Boundary Wealth Management Connect” product could be launched soon
(Summary of the Consultation Paper, Chinese version only)

06.05.2021
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