In order to attract more overseas companies to go public in Hong Kong, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the China International Financial Annual Forum that measures will be taken to expand the capital market cooperation between China and Hong Kong., Including incorporating foreign companies listed in Hong Kong into the "Shanghai -Shenzhen -Hong Kong Stock Connect".
In recent years, Hong Kong has been committed to building a international financial center. However, more than half of the local listed companies are mainland China companies. Nearly 80 % of the total market value of the stock market has been occupied by mainland companies, and it has become a financial center of "mainlandization."
Scholars of interviewees pointed out that in the past three years, Hong Kong has greatly reduced the connection between the epidemic and overseas, so that there are not many foreign companies going to Hong Kong to go public.As the epidemic in Europe and the United States gradually eased, the Hong Kong Stock Exchange should organize a group to promote overseas and take the initiative to strive for foreign companies to go public in Hong Kong.
Based on the turnover, the Hong Kong stock market has been at the forefront of the world for many years, attracting many mainland China and overseas companies to go public in Hong Kong.However, this year's Hong Kong epidemic situation is serious and the global market is weak. The Hong Kong new stock market has become quiet in the first half of the year, and the global fund -raising ranking has fallen to the ninth place.
The research report released by the International Accounting Firm Deloitte China on Wednesday (September 7) shows that in the first three quarters of this year, a total of 47 new shares were listed in Hong Kong and raised 54.7 billion Hong Kong dollars (S $ 9.8 billion).Among them, in July and August, new shares have accelerated to go public in Hong Kong, so that the fundraising rankings of the Hong Kong Exchange will be ranked fourth in the world, only after the Shanghai Stock Exchange, Shenzhen Exchange, and South Korea Exchange.As more Chinese stocks return from the United States to Hong Kong, it is expected that the position of Hong Kong's largest new stock financing place in the world at the end of this year may be further increased to third place.
However, Deloitte China ’s data also shows that in terms of the number of listings and financing, the case of overseas companies applying for listing in Hong Kong has been greatly reduced. Mainland companies still dominate the Hong Kong new stock market, accounting for 89 %.
Chen Maobo, director of the Financial Department of the Hong Kong Government, also revealed at a seminar on Wednesday that as of the end of July this year, there were 1,400 mainland Chinese companies listed in Hong Kong, accounting for more than 50 % of the total number of listed companies in Hong Kong;According to calculations, mainland companies account for nearly 80 % of the total market value of Hong Kong stocks.By the end of last year, more than 600 mainland companies set up regional headquarters or offices in Hong Kong.
He said: "The above figures outline the importance of mainland companies to the development of Hong Kong into an international financial center, and also show the contribution of financial services to the real economy and the positive role of the market, and to promote reform."
According to the Hong Kong Economic Daily, in order to attract more overseas companies to go public in Hong Kong, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the China International Financial Annual Forum on September 2 that measures will be taken to expand the capital market of mainland China and Hong Kong.Cooperation, including incorporating foreign companies listed in Hong Kong into the "Shanghai -Shenzhen -Hong Kong Stock Connect".
Fang Xinghai said that related measures help Hong Kong to attract more other parts of the world to go public in Hong Kong is an important measure to play the role of Hong Kong's international financial center, and it will further strengthen the pragmatic cooperation between mainland China and the Hong Kong capital market.
Mainland investors cannot buy or sell Hong Kong listed foreign companies stocks
Although all international listed companies in Hong Kong transactions, according to the current regulations, investors in mainland China cannot buy and sell stocks of these companies.Morgan Stanley recently pointed out in an analysis report that new measures may attract some foreign companies to go public in Hong Kong.Once the specific date is determined, it may take a period of time to have an impact.
Dr. Chen Xiaofeng, Secretary -General of the Hong Kong Law Exchange Foundation, pointed out in an interview with Lianhe Zaobao that Hong Kong's fair law and strict market supervision have been well -known in the international financial market.In addition, the Hong Kong securities market has a large liquidity and active transactions. It can raise more funds. It has previously attracted many international companies to go public in Hong Kong.However, in the past three years, due to the epidemic relationship, the connection between Hong Kong and overseas has been greatly reduced. Many foreign companies listed in Hong Kong have made the Hong Kong new stock market almost the world of mainland Chinese companies.
Chen Xiaofeng believes that if more overseas companies go public in Hong Kong, they will consolidate Hong Kong's international financial center status.To this end, the Hong Kong Exchange should study and improve the rules of listing and provide convenience for overseas companies to go public in Hong Kong without reducing listing requirements.He said: "As the epidemic of European and American countries gradually relieve, the Hong Kong Stock Exchange can also consider organizing a group to go to foreign publicity and take the initiative to strive for foreign companies to go public in Hong Kong."
