--- title: "PBOC Signals a Pivot on Tech Finance: How Three Hong Kong Financial Firms Are Positioning" type: "News" locale: "en" url: "https://longbridge.com/en/news/294333293.md" description: "Recent directives from the PBOC signal a robust push toward tech finance. Against this backdrop, China Merchants Securities, BOCOM International, and China CITIC Bank are aggressively adjusting strategies, balancing regulatory tailwinds with defensive postures amid external market volatility." datetime: "2026-07-30T09:13:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294333293.md) - [en](https://longbridge.com/en/news/294333293.md) - [zh-HK](https://longbridge.com/zh-HK/news/294333293.md) generator: "portal-rs" --- # PBOC Signals a Pivot on Tech Finance: How Three Hong Kong Financial Firms Are Positioning The People's Bank of China (PBOC) and several other regulatory bodies have recently issued comprehensive directives on the development and utilization of data within the tech finance sector. This coordinated move sent their strongest signal yet that policymakers are increasingly open to building robust digital credit profiles for technology enterprises, effectively dismantling traditional financing barriers. As regulators leave the door open for deeper institutional participation, Hong Kong-listed financial technology and diversified financial service equities have experienced a pronounced recent rally. However, beneath the surface of these policy tailwinds, institutional strategies are diverging sharply as firms attempt to balance domestic regulatory enthusiasm with mounting external macroeconomic risks. China Merchants Securities (6099.HK) stands squarely at the center of this structural shift. Propelled by the broader tech finance policy narrative, the stock has recently outperformed the broader market. On the domestic operational front, the firm appears set to deliver exceptionally strong interim results. According to a recent profit alert, preliminary guidance for the first half of 2026 projects a net profit ranging between RMB 10B and RMB 11B—representing a massive year-over-year surge of 93% to 112%. Yet, when examining its cross-border operations, officials at the firm have abruptly signaled a more defensive posture. In late July 2026, the brokerage terminated its market-making services for a slew of QDII products, including those tracking the Nikkei 225, the Nasdaq 100, and a China-South Korea semiconductor ETF. The latter was dropped a mere month after the firm assumed the role. While management dismissed the retreat as a "purely commercial judgment" devoid of broader market directional views, market participants translated this move clearly: large institutional players are aggressively managing their exposure to the liquidity risks inherent in volatile overseas equity markets. A similarly cautious tone is echoing through the asset allocation strategies of BOCOM International (3329.HK). Navigating an increasingly opaque market environment, the firm disclosed in late July 2026 that it had acquired two tranches of notes issued by China Orient in the over-the-counter market for approximately HKD 62.67M, earmarking them as long-term investments. Concurrently, a subsidiary of the firm purchased notes with a principal amount of USD 10M. If this trend of accumulating fixed-income assets continues, officials could be signaling a structural shift toward capital preservation among Chinese brokerages operating in Hong Kong. This defensive tilt is mirrored in the firm's research division, which reflects the broader market's internal divergence. While analysts maintained optimistic ratings on EV battery manufacturers—citing high visibility in shipment growth—they concurrently slashed the target price of consumer restaurant brands by over 31%, highlighting deep skepticism regarding the trajectory of the consumer recovery. Within the commercial banking sphere, China CITIC Bank (0998.HK) is methodically translating the government's digital finance mandates into tangible operational milestones. In late July 2026, the bank's Shenzhen branch successfully facilitated foreign exchange transactions for its first Class I enterprise client via a newly deployed digital bank-enterprise platform, markedly improving the efficiency of cross-border corporate services. Simultaneously, the institution is reinforcing its capital and leadership foundations. Following a mid-July issuance of perpetual bonds that raised USD 400M and RMB 1.33B for CITIC Bank International, regulators formally approved Shen Qiang as vice president. With former vice president He Jinsong transitioning to lead CITIC Financial AMC, this seamless executive reshuffle secures a stable "one president, six vice presidents" structure, laying the groundwork for unencumbered strategic execution. These disparate institutional maneuvers—retreating from international market-making, hoarding long-term fixed-income notes, and digitizing corporate forex operations—paint a complex portrait of an industry in transition. Translation: While Beijing forcefully champions the expansion of tech finance, financial institutions remain acutely sensitive to the downside risks emanating from global macroeconomic volatility. Investors and market watchers will now look to the upcoming 2026 interim reporting season to gauge how these firms plan to navigate the tightening crosscurrents of domestic policy support and international market turbulence. *This article does not constitute investment advice.* ### Related Stocks - [06099.HK](https://longbridge.com/en/quote/06099.HK.md) - [03329.HK](https://longbridge.com/en/quote/03329.HK.md) ## Related News & Research - [J.P. Morgan Keeps Their Buy Rating on China Merchants Securities Co., Ltd. Class H (195H)](https://longbridge.com/en/news/296286749.md) - [Oil prices steady as investors assess US-Iran war outlook](https://longbridge.com/en/news/296417823.md) - [W.Africa Crude - Market quiet, awaiting loading programs](https://longbridge.com/en/news/296384200.md) - [Smart Globe FY26 H1 profit attributable to owners rises 66.4% to HK$ 14.02 million; revenue climbs 86.1% to HK$ 190.73 million](https://longbridge.com/en/news/296631631.md) - [Envision Greenwise completes HK$549.53 million top-up share placement at HK$4.66 each](https://longbridge.com/en/news/296503427.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**