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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
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
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
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 Company merged 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
Stock classification Blue chips Red chips H shares Others
Red chips, H shares China-aff Stocks
At 2005 206
Jason
Main Board
In 2004, the market capitalization was HK $6,629,176.75 million.
Number of Shares:892
Jason
GEM Board
In 2004, the market capitalization was HK $66,716.07 million.
Number of Shares:204
Jason
Market capitalization
HSBC HOLDINGS (Main Board)
HK $1,485,758.51 million
Tom online (GEM Board)
HK $ 8,200.9 million
Jason
Market capitalization
HSBC HOLDINGS =181 Tom online
HSBC HOLDINGS =22 Gem Board
Gem Board is relatively small
Jason
The market capitalization of Hong Kong Stock market
Comparison with the past data
Comparison with other countries
Kenneth
Comparison with the past data
FROM1970 –2004
Kenneth
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
Comparison with the past data
Kenneth
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
The securities market of Hong Kong was growing from 1970 to 2004
Average daily trading value :HK$20.6M HK$15,856.83
Comparison with the past data
Kenneth
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
Comparison with the past data
Kenneth
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
Comparison with the past data
Kenneth
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
Comparison with the past data
Source : www.tdctrade.com/econforum/boc/chinese/boc050201c.htm Kenneth
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$895 billion
Kenneth
Table A - Market Capitalisation of the World's Top Stock Exchanges (As at end June 2005)表 A – 世界各大證券交易所的市值 (截至 2005年 6月底 )
Worldwide Ranking
世界排名
Ranking in Asia
亞洲排名
Market Capitalisation (US$ billion)
市值 (以 10億美元計 )
US (NYSE) 美國 (紐約證券交
易所 )1 12,865
Japan (Tokyo) 日本 (東京 ) 2 1 3,394
US (Nasdaq) 美國 (納斯達克 ) 3 3,388
UK (London) 英國 (倫敦 ) 4 2,734
Euronext Euronext 5 2,286
Canada (Toronto) 加拿大 (多倫多 ) 6 1,239
Germany(Deutsche Börse)
德國(證券及衍生工具交易所 )
7 1,120
Spain 西班牙 8 920
Hong Kong 香港 9 2 895
Switzerland 瑞士 10 798
資料來源：全球證券交易所聯會Kenneth
Forecast
More and More China-aff Stocks
Motive power for the HK Stock market
Kenneth
The influence of the China Aff stocks
high economic growth rate of the China the Mainland enterprises & China Aff shar
es directly benefited Trend : increasing number of Mainland enterprise
s applying for listing in HK Increasing value of market capitalization
zoe
The market capitalizationStatistics on China enterprises (H shares)(2000-2005)
Market
capitalization
Year HK $Billion % of equity total
2000 85.1 1.78
2001 99.8 2.57
2002 129.2 3.63
2003 403.1 7.35
2004 455.1 6.67
2005 1173.3 16.68 zoe
The market capitalization
Statistics on red chips stocks (2000-2005)
Market capitalization
Year HK$ Billion % of equity total
2000 1203.5 25.1
2001 908.8 23.39
2002 806.4 22.66
2003 1197.7 21.67
2004 1409.3 21.26
2005 1758.9 23.32zoe
Why was this happen?
成報 (16-11-2005)
zoe
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
Equities Funds RaisedHK$Million
Year 1993-2004
Total Equities Funds Raised By All Stocks
1854144.53
Total Equities Funds Raised By the China-Aff Stocks
81019547
over 43% of the Equities Funds Raised at Main board and the Gem board are occupied by the China-Aff Stocks.
zoe
Funds raised by IPO
Main Board
Gem Board
Henry
Funds raised by IPO in Main Board Year 2005 (up to 28th October 2005)
StockCode
Company Name at time of listingDate ofListing
(dd/mm/yy)
Funds Raised(HK$)
1 828 王朝酒業集團有限公司 26/01/05 $356,305,520 (a)" " " $419,944,480 (b)
2 868 信義玻璃控股有限公司 03/02/05 $300,000,000 (a)" " " $535,888,000 (b)
3 2038 Foxconn International HoldingsLtd
03/02/05 $1,011,981,600 (a)
" " " $2,699,242,280 (b)4 360 新焦點汽車技術控股有限公司 28/2/2005 $94,000,000 (a)5 999 I.T Limited 04/03/05 $296,930,400 (a)
" " " $370,063,200 (b)6 2727 上海電氣集團股份有限公司－Ｈ
股28/04/05 $505,396,400 (a)
" " " $4,548,554,000 (b)7 838 億和精密工業控股有限公司 11/05/05 $143,000,000 (a)8 483 包浩斯國際(控股)有限公司 12/05/05 $130,812,500 (a)9 482 聖馬丁國際控股有限公司 12/05/05 $144,376,560 (a)
10 2889 中國特鋼控股有限公司 19/05/05 $53,280,000 (a)" " " $213,120,000 (b)
11 462 福茂控股有限公司 10/06/05 $66,000,000 (a)12 1088 中國神華能源股份有限公司－Ｈ
股15/06/05 $1,723,218,750 (a)
" " " $23,766,150,000 (b)
Henry
Funds raised by IPO in Main Board13 464 建福集團控股有限公司 16/06/05 $55,000,000 (a)14 3328 交通銀行股份有限公司－Ｈ股 23/06/05 $2,927,815,000 (a)
" " " $13,907,110,000 (b)15 3300 中國玻璃控股有限公司 23/06/05 $19,620,000 (a)
" " " $176,580,000 (b)16 2028 映美控股有限公司 29/06/05 $142,500,000 (a)17 1919 中國遠洋控股股份有限公司－Ｈ
股30/06/05 $483,133,625 (a)
" " " $9,053,866,375 (b)18 416 海灣控股有限公司 30/06/05 $103,200,000 (a)
" " " $240,800,000 (b)19 2000 晨訊科技集團有限公司 30/06/05 $63,750,000 (a)
" " " $573,750,000 (b)20 3311 中國建築國際集團有限公司 08/07/05 N/A - By21 3333 森源國際控股有限公司 11/07/05 $89,975,000 (a)22 2777 廣州富力地產股份有限公司－Ｈ
股14/07/05 $75,066,480 (a)
" " " $2,209,291,200 (b)23 2728 成謙聲匯控股有限公司 14/07/05 $60,000,000 (a)24 833 華訊股份有限公司 15/07/05 $72,000,000 (a)25 268 金蝶國際軟件集團有限公司 20/07/05 N/A - By26 423 香港經濟日報集團有限公司 03/08/05 $203,320,000 (a)27 2018 AAC Acoustic Technologies
Holdings Inc09/08/05 $85,176,000 (a)
" " " $894,348,000 (b)28 3389 新宇亨得利控股有限公司 26/09/05 $132,000,000 (a)
" " " $247,500,000 (b)
Henry
Funds raised by IPO in Main Board29 1068 中國雨潤食品集團有限公司 03/10/05 $769,770,200 (a)
" " " $965,378,100 (b)30 3344 互益集團有限公司 05/10/05 $101,000,000 (a)31 471 佳邦環球控股有限公司 10/10/05 $31,875,000 (a)
" " " $286,875,000 (b)32 503 中國永樂電器銷售有限公司 14/10/05 $512,752,500 (a)
" " " $666,571,500 (b)33 444 Sincere Watch (Hong Kong) 17/10/05 $110,160,000 (a)34 426 萬華媒體集團有限公司 18/10/05 $120,000,000 (a)35 496 卡森國際控股有限公司 20/10/05 $17,852,550 (a)
" " " $757,908,450 (b)36 3399 廣東南粵物流股份有限公司－Ｈ
股26/10/05 $476,100,000 (a)
37 939 中國建設銀行股份有限公司－Ｈ股
27/10/05 $4,668,148,100 (a)
" " " $66,910,111,800 (b)38 536 貿易通電子貿易有限公司 28/10/05 $145,800,000 (a)
" " " $189,540,000 (b)39 3366 華力控股(集團)有限公司 02/11/05 $65,000,000 (a)40 3336 巨騰國際控股有限公司 03/11/05 $6,781,600 (a)
" " " $357,218,400 (b)41 359 中國海升果汁控股有限公司 04/11/05 $253,606,500 (a)42 3339 中國龍工控股有限公司 17/11/05 $20,028,580 (a)
" " " $408,971,420 (b)
Henry
Funds raised by IPO in Main Board43 531 順誠控股有限公司 17/11/05 $41,494,750 (a)
" " " $2,140,630,250 (b)44 2313 申洲國際集團控股有限公司 24/11/05 $78,750,000 (a)
" " " $708,750,000 (b)45 3368 百盛商業集團有限公司 30/11/05 $486,864,000 (a)
" " " $1,379,448,000 (b)46 425 敏實集團有限公司 01/12/05 $45,000,000 (a)
" " " $405,000,000 (b)47 95 新澤控股有限公司 02/12/05 $97,440,000 (a)48 489 東風汽車集團股份有限公司 －
Ｈ股07/12/05 $397,321,600 (a)
" " " $3,575,878,400 (b)49 1083 百江燃氣控股有限公司 08/12/05 N/A - By50 3318 中國香精香料有限公司 09/12/05 $118,000,000 (a)51 2088 西王糖業控股有限公司 09/12/05 $263,200,000 (a)
" " " $263,200,000 (b)
Remarks : (a) Hong Kong Offers / (b) International OffersTotal funds raised is $136,543,877,070
Henry
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
Funds raised by IPO in Gem Board
Year 2005 (up to 13rd October 2005)
Total funds raised is $550,291,100
StockCode
Company Name at time of listingDate ofListing
(dd/mm/yy)
Funds Raised(HK$)
1 8317 財華社集團有限公司 07/01/05 $32,000,0002 8306 綠陽國際控股有限公司 28/02/05 $50,000,0003 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 $78,101,1005 8233 中國基建港口有限公司 16/09/05 $72,000,0006 8310 捷豐家居用品有限公司 13/10/05 $33,600,0007 8319 友成控股有限公司 13/10/05 $50,000,0008 8289 安瑞科能源裝備控股有限公司 18/10/05 $180,000,000
Henry
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
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
Funds raised by IPO
Ranking Listed time Funds raised from IPO Stock name
1 27/10/05 建設銀行 (939) $62,241,968,400
2 22/06/00 中國聯通 (762) $43,607,699,091
3 23/10/97 中國移動 (941) $32,665,054,560
4 18/12/03 中國人壽 (2628) $26,713,818,250
5 19/10/00 中國石油化工股份 (386) $26,680,975,920
6 15/06/05 中國神華 (1088) $25,489,368,750
7 07/04/00 中國石油股份 (857) $21,213,185,920
Ranking of China-Aff stocks raised funds by IPO
Henry
Trading Value10 most active stocks in dollars in 2004:
China-Aff stocks occupied 6 of them (3,4,6,8,9,10)
Henry
Trading Value
Total trading value on Gem and Main Board (HK$mil) $3,422,929
Red chips stocks and H shares trading value (HK$mil) $1,555,812
Percentage occupied 45%
The statistics for the trading value in 2004:
Trading value of Red chips stocks and H shares occupied 45% of the whole
Henry
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
What is the role of Hong Kong Stock Exchange ?
Anthony
Opportunity
Direct
Indirect
Anthony
Direct
1. Standard system and supervision
2. Recognition of Hong Kong Stock Exchange
3. Congenital advantages of Hong Kong
Anthony
1.)Standard system and supervision (direct)
International-based follows:
the instruction of international accounting system rule of business administration
more confidence
Anthony
2.)Recognition of Hong Kong Stock Exchange
(direct)
globally function price powerful financing and re-financing
Anthony
3.)Congenital advantages of Hong Kong (direct)
close relationship
close distance
close culture
China
Anthony
Indirect
Consideration of financial safety in China
Non-stop economic growth in China
Anthony
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
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
The End
Q&A
1.) Stock Exchange of Hong Kong Ltd is formed by four exchange. Which of the following is not one of them?
(a) Kam Ngan Exchange
(b) Kowloon Exchange
(c) Far East Exchange
(d) Hong Kong Exchanges and Clearing Ltd
(e) Hong Kong Stock Exchange
2.) Which of the following(s) is/are the China-aff Stocks?
(a) H Shares
(b) Red Chips
(c) Blue Chips
(d) A and B are true
(e) All of the above
3.) Which one is the advantage of Hong Kong for the development of financial system?
(a) Standard system and supervision (b) Close relationship with China(c) Close distance with China(d) Close culture with China(e) All of the above
Group Members:
Lam Shuk Yee Zoe (033087) Chiang Ho Wang Jason (033098) Lui Ka Fai Anthony (033100) Cheng Hang Lee Henry (033101) Yan Wai Man Tiffany (033103) Chan Ka Shu Kenneth (033183)
