Foreign Institutions Accelerate Their Influx

　　Another key reason for the improved accessibility of foreign investment in China's financial markets is the capital market's commitment to high-level opening-up, continuously enhancing cross-border connectivity mechanisms, expanding investment channels, optimizing the investment environment, and building a market framework that encourages foreign capital to "come and stay."

　　For instance, regulators have progressively eased entry requirements for Qualified Foreign Institutional Investors (QFII) and expanded their investment scope. Additionally, the China Securities Regulatory Commission (CSRC) has optimized the filing system for overseas listings, improved coordination between domestic and overseas listings, and systematically expanded cross-border capital market connectivity, facilitating the inclusion of A-shares in major global indices such as MSCI, FTSE Russell, and S&P Dow Jones. Moreover, various government departments have supported more foreign financial institutions in operating in China. Overall, the convenience and stability of foreign participation in A-share investments have steadily improved, fostering a favorable ecosystem for foreign involvement in China's capital markets.

　　Take foreign-funded securities firms operating in China as an example. Currently, China's capital market hosts five wholly foreign-owned securities firms, including J.P. Morgan Securities (China), Goldman Sachs (China) Securities, Standard Chartered Securities, BNP Paribas Securities, and UBS Securities, as well as several foreign-controlled securities firms such as DBS Securities, Daiwa Securities, and Nomura Orient International Securities. The CSRC has also disclosed that applications for establishment approvals have been accepted for other foreign securities firms, including Citadel Securities, Citigroup Securities, and Mizuho Securities. In terms of numbers, foreign-controlled securities firms have become a significant "new force" in the market.

　　Domestic securities firms are also expanding overseas. Recently, First Capital Securities announced plans to list in Hong Kong, potentially becoming the 14th "A+H" listed securities firm. As fundraising activity in Hong Kong's market continues to rise and securities firms accelerate their internationalization strategies, more firms are strengthening their Hong Kong operations, including listing in Hong Kong or establishing/increasing capital for Hong Kong subsidiaries.

　　A CITIC Securities research report indicates that Chinese securities firms' international business is entering a new phase of diversified and accelerated development. Advancing internationalization is an inevitable choice amid the broader trend of Chinese companies expanding overseas. Therefore, it is essential for financial firms to focus on key overseas industries in ASEAN regions, accelerate international business layouts in investment banking, wealth management, and asset management, and enhance client services.