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Financial Institutions In Hong Kong

Financial Institutions In Hong Kong. The Prospectus Of The Hong Kong Stock Market. Development of Hong Kong Stock Exchanges. The association of stockbrokers in 1891 which was the First formally recognized stock market in Hong Kong

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Financial Institutions In Hong Kong

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  1. Financial Institutions In Hong Kong The Prospectus Of The Hong Kong Stock Market

  2. Development of Hong Kong Stock Exchanges • The association of stockbrokers in 1891 which was the First formally recognized stock market in Hong Kong • The organization became the Hong Kong Stock Exchange in 1914 • The Second exchange, the Hong Kong Stockbrokers’ Association was incorporated in 1921 and merged with the Hong Kong Stock Exchange after World War II in 1947 • The merged organization was called the Hong Kong Stock Exchange Tiffany

  3. After World War, formation of Three other exchange: • Far East Exchange (established in 1969) • Kam Ngan Exchange (established in 1971) • Kowloon Exchange (established in 1972) • In 1980, the Four exchanges were merged into a Single entity known as the Stock Exchange of Hong Kong Ltd • The Four single exchanges ceased trading individually on 27 March 1986 and the new exchange commenced trading via a computer-facilitated system on 2 April 1986 Tiffany

  4. In 1999, the Hong Kong Financial Secretary announced significant market reforms for the securities and futures markets • To facilitate the process of reform, the Stock Exchange of Hong Kong Ltd and Hong Kong Futures Exchange Ltd demutualized and, in conjunction with the Hong Kong Securities Clearing Companymerged on 6 March 2000 to form a New holding company, Hong Kong Exchanges and Clearing Ltd • HKEx is now a listed campany on the SEHK Tiffany

  5. Stock classification • Blue chips • Red chips • H shares • Others • Red chips, H shares China-aff Stocks At 2005 206 Jason

  6. Main Board • In 2004, the market capitalization was HK $6,629,176.75 million. • Number of Shares:892 Jason

  7. GEM Board • In 2004, the market capitalization was HK $66,716.07 million. • Number of Shares:204 Jason

  8. Market capitalization • HSBC HOLDINGS (Main Board) HK $1,485,758.51 million Tom online (GEM Board) HK $ 8,200.9 million Jason

  9. Market capitalization • HSBC HOLDINGS =181 Tom online • HSBC HOLDINGS =22 Gem Board Gem Board is relatively small Jason

  10. The market capitalization of Hong Kong Stock market • Comparison with the past data • Comparison with other countries Kenneth

  11. Comparison with the past data FROM1970 –2004 Kenneth

  12. Comparison with the past data • The past data of the main board • The highest day :28/8/1998 trading value --- HK$79,002.61M • The lowest day :9/6/1970trading value --- HK$6.15M Kenneth

  13. Comparison with the past data • The past data of the main board • The highest whole year trading value :2004HK$3,948,350.84M • The second highest whole year trading value :1997HK$3,788,959.79M Kenneth

  14. Comparison with the past data • The securities market of Hong Kong was growing from 1970 to 2004 • Average daily trading value :HK$20.6M HK$15,856.83 Kenneth

  15. Comparison with the past data • Some main event through 1970 – 2004 • Example : 1997 Asia financial crisis- a suddenly drop of trading value ------ from HK$3,788,959.79M (1997) (1998) HK$1,701,112.01M Kenneth

  16. Comparison with the past data • An increasing influence of listings of Mainland enterprises in Hong Kong • The first Mainland enterprises listing in HK :青島啤酒 (0168) --- 7/1993 • The China factor, including China Aff Shares and the H shares, becoming very important to the HK market Kenneth

  17. Comparison with the past data • To the end of 2004 • The number of Mainland enterprises listing in HK :30428% of the HK stock market • The total market capitalization :over HK$2,020,500M30% of the HK stock market • The whole year trading value :over HK$1,665,100M42% of the HK stock market • Occupy 8 of the Top 10 HK IPO • In the history of HK stock market, all of the Top 10 IPO was Mainland enterprises Source : www.tdctrade.com/econforum/boc/chinese/boc050201c.htm Kenneth

  18. Comparison with other countries • As at end June 2005 • Hong Kong’s Stock Market ranking in Asia is the second • Ninth in the Worldwide ranking • the market capitalization is US$895 billion Kenneth

  19. Kenneth

  20. Forecast • More and More China-aff Stocks • Motive power for the HK Stock market Kenneth

  21. The influence of the China Aff stocks • high economic growth rate of the China • the Mainland enterprises & China Aff shares directly benefited Trend: • increasing number of Mainland enterprises applying for listing in HK • Increasing value of market capitalization zoe

  22. The market capitalization Statistics on China enterprises (H shares)(2000-2005) zoe

  23. The market capitalization Statistics on red chips stocks (2000-2005) zoe

  24. Why was this happen? • 成報 (16-11-2005) zoe

  25. Why was this happen? • 國家外匯管理局 • 今年1月及4月發布了「11號」及「29號」通知 • 規條繁雜的通知書 • 令內地的紅籌股上市大減 • 今年10月21日發布的「75號」通知 • 使外資公司紅籌上市申請條件及程序明朗化 zoe

  26. Equities Funds Raised • over 43% of the Equities Funds Raised at Main board and the Gem boardare occupied by the China-Aff Stocks. zoe

  27. Funds raised by IPO • Main Board • Gem Board Henry

  28. Funds raised by IPO in Main Board • Year 2005 (up to 28th October 2005) Henry

  29. Funds raised by IPO in Main Board Henry

  30. Funds raised by IPO in Main Board Henry

  31. Total funds raised is $136,543,877,070 Funds raised by IPO in Main Board Henry

  32. Funds raised by IPO in Main Board Total Funds Raised by H shares is $131,253,961,730 • 6 2727 上海電氣集團股份有限公司－Ｈ股 28/04/05 $ 5,053,950,400 • 12 1088 中國神華能源股份有限公司－Ｈ股 15/06/05 $25,489,368,750 • 14 3328 交通銀行股份有限公司－Ｈ股 23/06/05 $16,834,925,000 • 17 1919 中國遠洋控股股份有限公司－Ｈ股 30/06/05 $ 9,537,000,000 • 22 2777 廣州富力地產股份有限公司－Ｈ股 14/07/05 $ 2,284,357,680 • 36 3399 廣東南粵物流股份有限公司－Ｈ股 26/10/05 $ 476,100,000 • 37 939 中國建設銀行股份有限公司－Ｈ股 27/10/05 $71,578,259,900 Henry

  33. Funds raised by IPO in Gem Board • Year 2005 (up to 13rd October 2005) • Total funds raised is $550,291,100 Henry

  34. Funds raised by IPO in Gem Board Total Funds Raised by H shares is $132,691,100 • 3 8251 上海楝華石油化工股份有限公司 13/07/05 $54,590,000 • 4 8329 深圳市海王英特龍生物技術股份有限公司 12/09/05 $78,101,100 Henry

  35. Funds raised by IPO • Total funds raided by IPO in the Main board and Gem board are $137,094,168,170 • Total funds raised by China enterprises (H shares) is $121,574,261,330 which occupied 88.6% of the total funds Henry

  36. Funds raised by IPO • Ranking of China-Aff stocks raised funds by IPO Henry

  37. Trading Value 10 most active stocks in dollars in 2004: • China-Aff stocks occupied 6 of them (3,4,6,8,9,10) Henry

  38. Trading Value The statistics for the trading value in 2004: • Trading value of Red chips stocks and H shares occupied 45% of the whole Henry

  39. China-Aff share’s position • Total funds raised by China enterprises (H shares) is $121,574,261,330 which occupied 88.6% of the total funds • China-Aff stocks occupied 5 in 10 of the most active stocks • Trading value of Red chips stocks and H shares occupied 45% of the whole stock market • China-Aff stocks show their important position in the stock market of Hong Kong Henry

  40. What is the role ofHong Kong Stock Exchange ? Anthony

  41. Opportunity • Direct • Indirect Anthony

  42. Direct • Standard system and supervision • Recognition of Hong Kong Stock Exchange • Congenital advantages of Hong Kong Anthony

  43. 1.)Standard system and supervision (direct) • International-based • follows: • the instruction of international accounting system • rule of business administration • more confidence Anthony

  44. 2.)Recognition of Hong Kong Stock Exchange (direct) • globally function • price • powerful financing and re-financing Anthony

  45. 3.)Congenital advantages of Hong Kong (direct) • close relationship • close distance • close culture China Anthony

  46. Indirect • Consideration of financial safety in China • Non-stop economic growth in China Anthony

  47. 1.)Consideration of financial safety in China (Indirect) • not well-developed financial system • depends mainly on the banking system(人民銀行) • 99% financing from banks in the 1st term • high risk and pressure on banking system Hong Kong’s total market value relative to GDP-----400% • China <30%; USA and England<100% • risk sharing by international investors Anthony

  48. 2.)Non-stop economic growth in China • 9% growth rate in recent 3 years • demand of financing • need time to wait for the improvement and restructuring of financial system of China • impossible to wait Anthony

  49. The End

  50. Q&A

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