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HKEx focus on mainland market promotion
(Xinhua)
Updated: 2004-08-17 15:34

Strengthening business contacts with Chinese mainland financial organizations and attracting more Chinese mainland enterprises for listing in Hong Kong is expected to become a major task for Hong Kong Exchanges and Clearing Limited (HKEx).

Paul Chow, chief executive of the HKEx, said the HKEx will seek more chances for communication between the HKEx and Chinese mainland financial organs concerned, and introduce the Hong Kong market to the potential applicants in the Chinese mainland.

He said the HKEx is strive to make Hong Kong a priority financial market for the Chinese mainland enterprises to collect international funds.

Early in April this year, the HKEx sent resident business agents to Guangzhou and Shanghai, in an effort to find qualified" enterprises in the Pearl River Delta Region and the Yangtze River Delta Region and provide "direct" service for their future listing in the Hong Kong market.

In the first half of this year, the HKEx has arranged symposiums and forums on listing affairs in Changchun city in northeast Chinese province of Jilin, Chongqing in southwestern China, and Beijing, which attracted 852 participants from 355 enterprises.

Moreover, HKEx has hold a total of 88 meetings in the first half of the year with mainland parts as part of their liaison and communications efforts, including two training programs conducted for Hong Kong-listed mainland companies and potential listing applicants to improve their understanding of corporate governance issues and promote listing in Hong Kong.

Chow said these marketing efforts helped identify 140 mainland companies which are interested in listing in Hong Kong.

In fact, the HKEx has been attaching great importance to the Chinese mainland market since the early 1990s. Currently are over 300 mainland companies listed in the HKEx with an accelerating rate since Tsingtao Brewery Company Limited listed in the HKEx

Among the 38 new listings during the first half of the year, 23were mainland enterprises which raised a total of HK$46 billion (US$5.9 billion), or 83 percent of the funds raised through new listings.

According to Chow, "83 percent" is not too much, instead he said "this is the trend." "Attracting more major mainland issuers will strengthen Hong Kong as China's international financial center," he added

Besides attracting more mainland companies to list here, Chow said the HKEx will put more efforts on cross-border cooperation and mainland related products.

Introduced in June to complement the trading of H-share index futures. H-share index options provide an additional hedging and trading tool for investors. "This is part of the HKEx's efforts to meet the growing demand for mainland-related securities and derivatives instruments," he noted. H-shares index options open interest rose to over 9,000 contracts in July 2004.

According to Chow, more mainland products such as crude oil futures with Shanghai Futures Exchange are under exploration.

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