The expansion of the ETF Connect program took effect today (July 22nd). Ms. Diana Wong, the Chief Executive of the Hong Kong Investment Funds Association, welcomed this decision and put forward a series of suggestions, including further expanding the range of eligible products. The Association stated that the current range of Southbound eligible ETFs is too limited, and Hong Kong should serve as the primary bridge for mainland investors to access international markets by providing a diverse selection of ETFs investing in different markets (both mature and emerging) and asset classes (bonds, stocks, commodities, etc.). As the market matures, consideration could also be given to allowing thematic ETFs. The Association also recommended that eligible ETFs should be available on different currency counters, such as RMB, USD, and HKD, and that ETFs should be included in the "Cross-Border Wealth Management Connect" scheme. The Association believes that ETFs and other eligible products under the Wealth Management Connect scheme are complementary, and that the ETF Connect program allows for primary market trading, providing flexibility for trading in both primary and secondary markets, thus attracting more capital. Allowing primary market subscriptions or redemptions can provide institutional investors with a familiar trading mode. Regarding bulk trades of ETFs, the Hong Kong Investment Funds Association suggested that under the ETF Connect program, investors can engage in bulk trades of eligible ETFs in their respective markets according to local rules for bulk cross trades, with such transactions reported to a designated system such as an exchange or designated OTC trading counter.