The government is considering giving green light to a number of high-quality companies involved in the Belt and Road Initiative to raise funds through yuan-dominated IPO in Hong Kong stock market, strengthening the market’s role as a key offshore yuan business hub, according to the former vice-minister official with the nation’s top economic regulator.

The government will select some top companies related to the initiative based upon a set of rules, but there is no timeline for when the move will take place, according to Zhang Xiaoqiang, vice-chairman of the China Center for International Economic Exchanges, who was consulted on the development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, which has not yet been publicly released.

“Through such attempts, the government hopes Hong Kong is able to play a greater role to facilitate the initiative on the investment front and further promote internationalization of yuan,” said Zhang.

Hong Kong’s lack of restrictions on capitals and currency convertibility makes it an ideal place to become a core center raising capital for Belt and Road initiative-related projects, he added.

In April 2011, Hong Kong tycoon Li Ka-shing’s Hui Xian REIT completed Hong Kong’s first renminbi-denominated IPO.