Hong Kong, mainland China’s US$1.8 trillion stock boom sparks rush of millennial investors
An influx of young investors has overwhelmed some online trading platforms, leading some to opt for physical branches to open accounts to cash in on potential gains
However, it has not been smooth sailing for many new investors, most of whom are in their late 20s and early 30s. Some wannabe traders have been unable to open accounts on online trading platforms of banks and brokers, as the systems have been overwhelmed by the sudden influx of users, according to brokers.
Those who did not want to miss out on the party halted their attempts online and went traditional, making a beeline for the bricks-and-mortar branches of brokers to open stock trading accounts. Some found that to be quicker with the help of the staff.
“It is interesting to see many young investors, in their 20s and 30s, visiting branches of some of the oldest brokers in Hong Kong in recent days to open new stock trading accounts,” said Tom Chan Pak-lam, permanent honorary president of the Institute of Securities Dealers, an industry body for stock brokers.
“Usually, these young investors tend to open accounts with online brokers, but now some of them have gone to the physical branches of some traditional brokerage firms as it is possible some of the online platforms may have been too crowded with customers who want to open new accounts to trade shares.”
Chan said as the market rally continues, it is likely more investors will open stock accounts to trade shares.
