Hong Kong stocks close lower Monday

Hong Kong's stock market ended lower on Monday with the benchmark Hang Seng Index down 1.52 percent to close at 25,889.48 points.

The Hang Seng China Enterprises Index lost 1.45 percent to end at 9,222.54 points, and the Hang Seng Tech Index plummeted 1.82 percent to 6,145.51 points.

The securities industry should provide investors with a wider range of products more conducive to long-term investments, said Wu Qing, chairman of the China Securities Regulatory Commission (CSRC) at the 8th Member Congress of the China Securities Association on Saturday.

Noting that stocks and funds account for only about 15 percent of Chinese residents' assets, the chairman emphasized that the country can harness the huge potential demand for asset management and wealth management.

"We must proactively cater to the diverse wealth management needs of investors with different risk appetites, investment scales, and investment horizons, providing more abundant and targeted products and services which are more conducive to long-term and value investments. We must work together with investors for mutual benefit and win-win outcomes, jointly participating in and sharing the fruits of economic and capital market development," said Wu.

As investor confidence and market resilience have significantly strengthened, the total market capitalization of A-shares -- stocks traded on Chinese mainland markets -- exceeded 100 trillion yuan (about 14 trillion U.S. dollars) for the first time in August.

Amid the growth, Wu stressed that stability remains the bottom line for the industry, calling on institutions to strengthen compliance and risk control while focusing on risks in areas such as margin trading, securities lending, and over-the-counter business to prevent illegal interference by shareholders and safeguard the rights and interests of small and medium-sized investors.

According to CSRC policy guidelines, the commission will appropriately optimize supervision of high-quality institutions to support their improvement in capital efficiency, while for a few problematic securities firms, it will strictly supervise and punish them according to law, resolutely clear out non-compliant shareholders, and maintain market order and stability.