Hong Kong Exchanges and Clearing Limited (HKEX) is reportedly planning to open a new office New York to grow its international footprint.

The new office, which have only about five employees, will market the HKEX’ offerings in the US, Bloomberg reported citing unnamed people familiar with the plans.

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The exchange plans to open the new office next year after securing required regulatory approvals, according to the sources.

The New York office would mark the US location for HKEX which has footprint in Shanghai, Beijing, Singapore and London.

The sources said that the HKEX officials are confident that the ‘modest’ US office opening would not attract any political opposition.

A spokesperson HKEX for the declined to comment on the news.

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The news comes amid increasing doubts over Hong Kong’s reputation as a financial hub as result of China’s growing political grip on the city as well as the strict quarantine measures.

Under new chief executive Nicholas Aguzin, HKEX is also accelerating its Chinese presence. It recently rolled out futures on Chinese shares traded in Shanghai.

Formerly a JPMorgan banker, Aguzin took over as chief executive of the bourse earlier this year.

In 2019, HKEX made a $36.6bn bid for London Stock Exchange (LSE) as part of a strategy to expand its international footprint.

The takeover proposal was rejected by LSE, citing HKEX’s structure that allows a non-majority shareholder to appoint the chairman and half of the board.

The bourse earlier announced plans to set up marketing and client coverage hubs in North America and Europe to drive customer engagement, enhance client coverage and promote Hong Kong markets.