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As investors can trade these 24 shares across both Hong Kong dollar and renminbi counters, Xiaomi Corp — one of the 24 Hong Kong-listed shares that offers trading in renminbi — as well as Bank of China (Hong Kong), say the model helps to reduce exchange costs and risks, as well as increase liquidity of the renminbi counter and narrow the spread between the two counters.

Zhongtai International said that in the medium term, the introduction of the dual counter model will increase the number of offshore investable targets denominated in renminbi, which can enrich utilization of the Chinese currency. Over the long run, the dual counter model may induce Belt and Road markets and ASEAN nations to be more willing to hold the currency, thereby promoting yuan internationalization.

Edward Au, southern region managing partner at Deloitte China, expects market liquidity to be further improved after the dual counter model is included in the Southbound Stock Connect, and he thinks the first new stocks in Hong Kong adopting the dual counter model will be listed before the end of the year, depending on the exchange rate trend of renminbi.

Hong Kong Exchanges and Clearing Chief Executive Officer Nicolas Aguzin said the bourse will continue to negotiate with Hong Kong and mainland regulators to incorporate the dual counter model into the southbound trading of Hong Kong Stock Connect, thus improving capital flows of southbound connect, and attracting international issuers to trade using the arrangement.

Reporter: Oswald Chan