It is networked. It is networked. According to the regulations of the Hong Kong Securities and Futures Commission (SFC), a new investor identification system has been introduced for northbound transactions under the interconnection plan between the mainland and Hong Kong stock markets, and a similar identification system will be implemented for southbound transactions soon to facilitate cross-border investment between Hong Kong and the mainland. In addition, the Measures for Cybersecurity Review issued by China on April 27th, 2020 and implemented on June 1 provides for cross-border data supervision and positive reform of the Hong Kong capital market itself.