Experience the capital market and find the origin of the exchange. Southern Fund Investment Education Base brings a series of sharing of "Hundred Schools of Thoughts on the Contest丨Exchange" to introduce you to the Hong Kong Stock Exchange.
Hong Kong Exchanges and Clearing Limited (hereinafter referred to as HKEX)
(Pictures are from the Internet)
Hong Kong Stock Exchange, referred to as "Hong Kong Stock Exchange", is one of the top ten stock exchanges in the world.
The first stock exchange in Hong Kong, the Hong Kong Stock Brokerage Association, was established in 1891. In 1914, it was renamed the Hong Kong Stock Exchange. In 1921, the second stock exchange was established in Hong Kong - the Hong Kong Joint Stock Exchange Chamber of Commerce. In 1947, the two exchanges merged into the Hong Kong Stock Exchange Limited. In the late 1960s, Hong Kong's economy took off, the securities market developed rapidly, and enterprises' demand for listing financing was increasing. Therefore, the Far East Exchange (1969), the Gold and Silver Stock Exchange (1971) and the Kowloon Stock Exchange (1972) were established one after another, and the Hong Kong stock market entered the "Four Meeting Era" where four exchanges coexist. On March 27, 1986, the four exchanges officially merged to form , the Hong Kong Stock Exchange , referred to as the Stock Exchange for short.
On March 6, 2000, Hong Kong Exchange and Clearing House Co., Ltd. was established, and has wholly owned three subsidiaries: Hong Kong Stock Exchange Co., Ltd. , Hong Kong Futures Exchange Co., Ltd. and Hong Kong Central Clearing House Co., Ltd. On June 27 of the same year, the Hong Kong Stock Exchange introduced the introduction of the Hong Kong Stock Exchange, becoming one of the first listed stock exchanges in the world.
The Hong Kong Stock Exchange is the world's leading new stock financing center. In the 13 years from 2009 to 2021, Hong Kong ranked first in the global IPO fundraising list for seven years. It should be attributed to the Hong Kong Stock Exchange's continuous adjustment and reform of listing policies based on the changing global capital market environment.
In 2018, the Hong Kong Stock Exchange revised its listing system and was called one of the most important listing mechanism reforms in history by the market, including:
(1) Opening the restriction on the same share ;
(2) Allowing unprofitable biotech companies to list in Hong Kong;
(3) Opening the second listing channel.
In 2022, the Hong Kong Stock Exchange further introduced a new listing policy, allowing to acquire for special purpose (SPAC listing), and optimize and simplify the listing system of overseas issuers, including
(1) to relax and lower the threshold for secondary listing;
(2) to broaden the acceptance of dual major listings;
(3) to relax the requirements for delisting from overseas main exchanges.
These changes are not only changes in listing rules, but also broaden the entrance for the return of Chinese stocks listed in , and are also a catalyst for the transformation of the Hong Kong market, and have had a profound impact on creating the Hong Kong capital market to become a center for the new economic fundraising.
Main representative index:
Hang Seng Index , Hang Seng State Enterprise Index, Hang Seng Technology Index
Opening time:
Beijing time
9:30-12:00 (morning trading)
13:00-16:00 (middle trading)
13:00-16:00 (middle trading)
(investment is risky, please be cautious when entering the market)
