3 minutes a day
Accompany you to make money in Hong Kong stock market!
Hello, everyone, I am the representative of Niuniu class!
Today is a series of courses "20 lectures on Hong Kong Stock Investment".
The second lecture, "Hong Kong Exchanges and Clearing: connecting China and the World"
Niu friends, please pick up the small bench and come to class together.
The 20-year-old HKEx has successively experienced such important moments as "the listing of H shares of a large number of Chinese state-owned enterprises", the acquisition of the London Metal Exchange, "interconnection" and "embracing the new economy".
The last two years have been the most controversial point in the 20 years since the listing of the HKEx--
At the same time, a number of executives were called to the ICAC for coffee, staging a realistic version of the "anti-corruption storm". Li Xiaojia, who has carried out a series of drastic reforms to the HKEx, announced that he had stepped down.
There is no doubt that the pressure on HKEx, both internally and externally, is unprecedented.
However, under multiple pressures, the HKEx handed over its most eye-catching semi-annual report in its history.In the first half of 2020, income and other income increased by 2% compared with the first half of 2019, and the profit attributable to shareholders reached 5.233 billion yuan, both reaching semi-annual highs.
Behind the bright results, the HKEx has become the most eye-catching capital market in the world-attracting the world's top companies to list in Hong Kong for the second time, NetEase, Inc, JD.com, BABA …... At the same time, a number of outstanding Internet and biomedical companies have chosen the Hong Kong Stock Exchange as their listing place, including Meituan, XIAOMI, Junshi Bio, Yongtai Bio, and so on.
Note: for detailed interpretation of specific financial statements, see the article."before leaving office, Li Xiaojia saw the strongest semi-annual report in the history of the Hong Kong Stock Exchange."
HKEx, full nameHong Kong exchanges and Clearing LimitedIt was formed by the merger of the Stock Exchange of Hong Kong, the Hong Kong Futures Exchange and the Hong Kong Securities Clearing Company Limited in 2000.
In his 1999 Budget speech, the Financial Secretary of Hong Kong announced that Hong Kong's securities and futures market would undergo a comprehensive reform to enhance Hong Kong's competitiveness and meet the challenges brought about by market globalization.
Under the reform package, the Stock Exchange of Hong Kong Limited (SEHK) and the Hong Kong Futures Exchange Limited (HKFE) are demutualized and merged with the Hong Kong Securities Clearing Company Limited (Hongkong Clearing), which is owned by a single holding company, Hong Kong Exchanges and Clearing.
Among them, the Hong Kong Stock Exchange was established in 1986 by the merger of the Hong Kong Stock Exchange, the far East Stock Exchange, the Gold and Silver Stock Exchange and the Kowloon Stock Exchange.
注：Lecture oneThis history has been introduced in detail in China, do you still remember?
The Hong Kong Futures Exchange, formerly known as the Hong Kong Mercantile Exchange, was established in 1976, when it mainly traded commodity futures, and then launched its flagship product, Hang Seng Index Futures, in 1986.
Hong Kong Exchanges and Clearing was listed on the Hong Kong Stock Exchange on June 27, 2000 at a listing price of HK $3.88 (code 0388).
In the first half of 2020 alone, the HKEx rose nearly 50 per cent and its market capitalization exceeded HK $450 billion, bringing huge returns to investors.
Sort out the major events of the HKEx:
1. Large state-owned enterprises listed in Hong Kong
In 1993, H shares were listed on the Hong Kong Stock Exchange for the first time, allowing companies incorporated in mainland China to directly enter the international share market.
July 15 of this year$Tsingtao Brewery (00168.HK) $Listed on the Hong Kong Stock Exchange, becoming the first Chinese state-owned enterprise to list in Hong Kong.
Seven years later, China Construction Bank Corporation became the first four major state-owned banks of Hong Kong's IPO, raising more than HK $71 billion, making it the largest IPO in the world that year. The following year, Industrial and Commercial Bank of China went public at the same time, raising US $21.9 billion.
Since 2005 and 2012A large number of H-shares of giant state-owned enterprises are listedIncluding: four major state-owned banks, China Mobile Limited, Petrochina Company Limited, China Shenhua Energy, PICC Group, etc.
While bringing huge IPO revenue to HKEx, it also increased the average daily turnover (ADT) of the Hong Kong market from about 16 billion in 2004 to 54 billion in 2012.
2. Acquisition of London Metal Exchange (LME)
In 2012, the HKEx bought LME for a total price of 1.388 billion pounds, or HK $16.673 billion. For this purpose, the HKEx will acquire and issue 65.705 million new shares at a price of HK $118,000,000 each, raising about HK $7.75 billion.
LME is the world's largest market for metal futures and options and is currently the flagship platform for HKEx's commodities sector.
There are two main reasons for HKEx's merger and acquisition of LME.
First, the development of HKEx's traditional main business has encountered bottlenecks.IPO has long been a major focus of the Hong Kong stock market and a symbol of its role as a financial center. From 2009 to 2011, the Hong Kong stock market ranked first in the world in terms of the amount of capital raised by IPO.
However, data show that Hong Kong's IPO raised just $3.2 billion in the first half of 2012, compared with $35.4 billion in 2011 and a record $67.8 billion in 2010. Judging from the situation this year, Hong Kong's ranking in the world will drop significantly.
The main problem for HKEx is that its traditional source of IPO-China's large state-owned enterprises-is drying up because most of them have completed listings in the past decade or so and their gem development has not been successful enough.
The original business of the HKEx is also based on stock trading. Although its profits and market capitalization rank among the top exchanges in the world, the instability of the IPO market and the continuous depletion of listing resources make the HKEx worry about the future of its core business, and adding new sources of income is its unavoidable realistic choice. This merger and acquisition provides a new opportunity for the development of the HKEx.
Second, HKEx needs a business diversification strategy.The development of non-stock business, including fixed rate products, currencies and commodities, is a key strategy for HKEx to become an internationally competitive comprehensive exchange. At the end of 2010, the Hong Kong government supported the HKEx in developing its commodity futures business. At that time, HKEx planned to start the metal commodity futures business from metal commodities.
However, the commodity futures trading business has long been established on several major exchanges around the world, and it is difficult for HKEx to start from scratch. So as soon as LME's intention to sell was announced, HKEx reacted quickly.
The merger and acquisition of the Lunjin Institute by the HKEx can directly bridge the gap between the world's largest metal futures exchange and the world's largest commodity consumption market. further strengthen HKEx's position as the preferred international exchange for Chinese mainland and the preferred China exchange for international participants.
3. Interworking and interconnection
The Shanghai-Hong Kong Stock Connect was officially launched in 2014, and considerable progress has been made in the interconnection of the two markets. The Shenzhen-Hong Kong Stock Connect, launched on December 5, 2016, and the Bond Link, launched on July 3, 2017, give investors in the two places more direct access to asset allocation.
In terms of interconnection between the two places, the HKEx will make great efforts to promote the interconnection between the two places in the future.New Stock Link, ETF Link, DerivativesA series of new attempts such as Tong.
Li Xiaojia once said:
Since its opening, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect have continuously won the favor of the market.It brings the maximum market effect with the minimum system cost, and creates a brand-new two-way opening mode of capital market for the world.. The Shanghai-Shenzhen-Hong Kong Stock Connect not only helps Chinese investors to diversify their overseas asset allocation, but also facilitates international investors to invest in the mainland market through reliable, efficient and convenient channels.
4. Revise the listing rules and embrace the new economy
On April 30, 2018, the revised main Board listing rules of the HKEx came into effect, and the new contents includeAllow unprofitable biotechnology companies and companies with different voting structures to list in Hong KongAnd the establishment of new facilitiesThe second listing channelAccept Greater China and overseas companies.
According to HKEx statistics, since the second anniversary of the implementation of the new listing rules, 84 new economy companies (including health care and biotechnology companies) have been listed in Hong Kong, raising a total of HK $302.3 billionAccounted for 50.8% of the total financing in Hong Kong's IPO market in the same period.。
Among them, Hong Kong ushered in the return of BABA in November 2019.
BABA Group Holdings Limited made a secondary listing in Hong Kong, raising as much as HK $101.2 billion, making it one of the largest listings in the world that year. Since then, NetEase, Inc, JD.com and other companies have also listed for the second time in Hong Kong.
On November 26, 2019, BABA returned to the Hong Kong Stock Exchange for a second listing.
When attending the online forum on June 22 this year, Li Xiaojia, chief executive of the HKEx, said that this year will be an important year for the Hong Kong market. The MSCI Asia series index products have chosen to be settled in Hong Kong, giving a "vote of confidence" to Hong Kong's strength and potential as an international financial center.
"this year, the Hong Kong market will also usher in a lot of secondary listings of Chinese-listed Chinese stocks, making our market more and more dynamic and diversified. "
Wonderful 20-year picture of HKEx:
After-class discussion:
Are you optimistic about the future of HKEx?
Welcome to the message area for interaction!
In addition, if you have any thoughts on the current and future courses, please don't hesitate to tell us!
The class representative will select 8 participants in the discussion area and give 188 Niuniu points!
Tips:More inclined to choose energy.Take the initiative to put forward feasible suggestions related to the curriculum.、
Or canAnswer the homework after class.Friends of the cattle!
Tomorrow is the practical lesson, the third lecture is "how to start Hong Kong stock trading" waiting for you!
Don't break up until we see you!
Attached: course link"20 lectures on investing in Hong Kong stocks"
Extracurricular readings:
Wonderful articles related to the HKEx
From Li Xiaojia to Shi Meilun: HKEx in the process of History