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 first lecture: "from the 19th century to the present, we have learned about the changes of the Hong Kong stock market over the past century!" "
Niu friends, please pick up the small bench and come to class together.
I. the initial stage of development (1860-1969)
Stock trading in Hong KongCan be traced back to the 1860s.The deal at that timeMainly rely on face-to-face trading, and there is no fixed, centralized trading venue.
February 3, 1891The establishment of the Hong Kong Stock Brokers Association marks the official birth of the Hong Kong stock market.。
In 1914, the Hong Kong Stock Brokers Association changed its name to the Hong Kong Stock Exchange.
In 1921, the Hong Kong Securities Brokers Association, the second stock exchange in Hong Kong, was established.
On March 1, 1947, "Hong Kong Stock Exchange" and "Hong Kong Securities Brokers Association" merged and renamed "Hong Kong Stock Exchange Limited", commonly known as "Hong Kong Association".
At that time, the Hong Kong Stock Exchange was mainly managed by the British, and the vast majority of Hong Kong stock transactions took place in Hong Kong.
However, the development of the Hong Kong stock market was still low at that time. According to the Hong Kong Association, there were only 59 listed companies in 1968, of which 16 were Chinese, 37 were British, and the rest were owned by Indians or Jews.
From the perspective of market trend, the Hong Kong stock market fluctuated greatly from 1940 to 1960.
In 1946, when the War of Liberation broke out, a large number of Shanghai businessmen went to Hong Kong. With this part of foreign capital inflows, the Hong Kong stock market was once more active.
In 1949, when the War of Liberation ended and the Kuomintang government moved to Taiwan, many businessmen and funds moved eastward, and the activity of the Hong Kong stock market shrank.
After 1950, the local industrial development in Hong Kong has gradually started. With the entry of a large amount of foreign capital, the return on investment in the Hong Kong stock market at this stage is close to the level of the western developed countries in the same period.
2. during the period of the "four meetings", the Hong Kong stock market gradually matured (1969-1986)
On November 24, 1969, Hong Kong Hang Seng Bank launched the Hang Seng Index.To present the overall situation of the Hong Kong stock market and become an important weather vane reflecting Hong Kong's economy.
At the end of 1960sThe real economy of Hong Kong is booming, and the financing demand of the industrial and commercial sector is booming. However, due to the stringent requirements for the listing of Hong Kong Exchanges and Clearing at that timeA large number of Chinese enterprises are unable to raise funds through listing.。
Against this background, in 1969, Li Zhaofu and others established the far East Stock Exchange Co., Ltd., commonly known as "far East Stock Exchange Co., Ltd."The far East Society。
In 1971, the "Gold and Silver Stock Exchange Co., Ltd.", commonly known as "Gold and Silver Stock Exchange Co., Ltd." was established at the initiative of the Board of Supervisors of Gold and Silver Trade.Gold and Silver ClubOfficially opened.
In 1972, the Kowloon Stock Exchange Limited was established, commonly known as"Kowloon Club"However, due to its late establishment and the small size of listed enterprises, the Kowloon Club is the smallest.
In 1973, the Hong Kong government passed the Stock Exchange Control Ordinance 1973. Since then, the number of stock exchanges has been regulated, and the Hong Kong stock market has been formed."four societies stand together"The situation.
During the formation of the four-session pattern, the Hong Kong stock market became more and more active. The Hang Seng Index rose from 341points at the end of 1971 to 1774 points on March 9, 1973, a rise of more than four times.
Since then, Hong Kong stocks have gone bear. at the end of April 1973, the Hang Seng Index fell to 816 points and to 433 points at the end of the year. At this time, the world situation was volatile, the first oil crisis hit the stock market, the Hang Seng Index fell to 150 points at the end of 1974, and market sentiment hit rock bottom.
In 1974, the Hong Kong government promulgated the Securities Ordinance 1974 and the Protection of investors Ordinance 1974 to improve capital market systems such as laws and regulations. laws and regulations such as the Code on Takeovers and mergers, the Securities (listing of Stock exchanges) rules 1976, and the Stock Exchange merger regulations have been issued one after another.
With the gradual improvement of the system and the promotion of the economy, the Hong Kong stock market gradually prospered. In 1981, the Hang Seng Index rebounded to 1820, a new all-time high.
Since then, as the Sino-British negotiations on the sovereignty of Hong Kong have reached an impasse, the Hong Kong dollar has depreciated sharply and the Hong Kong stock market has weakened again.
III. Unification of the Stock Exchange (1986-2000)
On April 2, 1986, the above-mentioned "four institutes" were merged to formThe Stock Exchange of Hong Kong(THE STOCK EXCHANGE
OF HONG KONG LIMITED), referred to as the Stock Exchange.
Since then, the Hong Kong stock market has ended the state of "four exchanges", and the Stock Exchange has become the only stock exchange in Hong Kong.
In September of the same year, the Stock Exchange became a member of the International Federation of Stock exchanges, which was a prelude to the follow-up internationalization of the Hong Kong stock market.
In October 1987, the Hang Seng Index approached a high of 4000, but affected by Black Monday in the US stock market, the Hang Seng Index recorded its biggest one-day decline of 33.33 per cent on October 26th.
After several years of adjustment, the Hang Seng Index began a nearly 10-year bull market in 1991, rising from 3,000 to 17000 in 1999.
During this bull market, the Hong Kong stock market also experienced some adjustments, such as the structural adjustment of the Hong Kong property market and Hang Seng Index constituent stocks in 1994, the Asian financial crisis in 1997, and so on.
IV. From capitalization to interconnection (from 1990s to now)
With the return of Hong Kong to China in 1997, the influence of Chinese enterprises in the Hong Kong stock market has gradually increased, injecting new vitality into Hong Kong stocks.
Before that,Tsing Tao Beer was officially listed in Hong Kong on July 15, 1993, marking theH sharesThe birth of.
Judging from the data, in 2007, H shares accounted for more than 50% of the market capitalization of enterprises in the Hong Kong stock market, and the proportion of turnover also increased to about 60%.
Shanghai-Hong Kong Stock ConnectIt was officially opened on November 17, 2014, marking the beginning of an era of connectivity between the two places.
Two years laterShenzhen-Hong Kong Stock ConnectIt was also opened on December 5, 2016, and the scale of capital exchanges between the two places is also getting larger and larger.
In the more than five years since the opening of Hong Kong stocks, the cumulative net inflow of southward capital has exceeded 1.3 trillion, with a shareholding ratio of about 4 per cent.
Note: h shares, also known as state-owned enterprise shares, refer to the shares of Chinese enterprises registered in the mainland and listed in Hong Kong.
5. Embracing the new economy and the return of Chinese stocks
On April 30, 2018, the revised main Board listing rules of the HKEx came into effect, and the new contents include allowingUnprofitable biotechnology companies, companies with different voting rights structuresTo list in Hong Kong and to set up a new convenient secondary listing channel to accommodate Greater China and overseas companies.
To thisLi Xiaojia, Chief Executive Officer of Hong Kong Exchanges and Clearing GroupIndicates:
After four years of unremitting efforts, Hong Kong Exchanges and Clearing finally launched a new listing system today, ushering in an exciting new era in Hong Kong's capital market. "
This move is alsoIt marks the beginning of the full embrace of the new economy in the Hong Kong stock market and the return of Chinese stocks.
After-class homework:
Why do more and more Chinese stocks choose to return to Hong Kong for secondary listing?
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 choose in the discussion area.8A cow friend with high degree of participation, send188Niuniu points!
TipsWill tend to choose energyTake the initiative to put forward feasible suggestions related to the curriculum.、
Or canAnswer the homework after class.Friends of the cattle!
The second lecture tomorrow, "Hong Kong Exchanges and Clearing: connecting China and the World", is waiting for you!
Don't break up until we see you!
Attached course link:"20 lectures on investing in Hong Kong stocks"