HKSE LI
-
Upload
alexandra-pryakhina -
Category
Documents
-
view
274 -
download
1
Transcript of HKSE LI
![Page 1: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/1.jpg)
Hong Kong Stock Exchange
Agenda
1.History
2. Organisational Structure
3. Markets
4. Types of instruments 5. IPO
6. Listing procedure
Presentation by Alexandra Pryakhina
Andrey Zinoviev Stepan Klochkov
![Page 2: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/2.jpg)
Overview
In the world:
1 — NYSE
2 — NASDAQ
3 — London SE
4 — Tokyo SE
5 — Shanghai SE
6 — HK SE
In Asia:
1 — Tokyo SE
2 — HK SE
Mcap: $ 18,65 trln
![Page 3: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/3.jpg)
1,615 companies listed
826 — mainland China
781 — Hong Kong
145 — foreign Foreign 8%
Hong Kong 45%
Mainland China 47%
![Page 4: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/4.jpg)
![Page 5: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/5.jpg)
Profit: $2,96 trln
Hang Seng index—
avg. weighted value of 34 largest listed companies (=65% of the total HK mcap)
![Page 6: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/6.jpg)
Securities trade
begins in HK
1866 1891
Association of Stockbrokers of HK (formal S.M.)
1914
Renamed
into
HKSE
by 1972
4 exchanges,
calls for
unified SE
History
![Page 7: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/7.jpg)
1980
HKSE
Ltd.
1986
Trading
starts
Need for reforms
Market
crash
1987
• Market regulation
(commission)
• Clearing
• Automatisation
• Listing rules
etc…
Improvements
Nowadays
![Page 8: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/8.jpg)
Organisational Structure
Board
Management CommitteeGroup Strategy
Internal Audit
Company’s Secretary
CEO
Listing and Regulatory
AffairsFinanceCorporate
ServicesGlobal
MarketsGlobal
ClearingRisk
Management IT HR
![Page 9: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/9.jpg)
4 clearing houses = the only recognised c.h.
in Hong Kong
the Stock ExchangeHong Kong
Futures Exchange
Limited
Subsidiaries
![Page 10: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/10.jpg)
Markets
Securities market:
• Main Board • Growth enterprise market (GEM)
Derivatives market
![Page 11: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/11.jpg)
Securities marketMain board
• Equity Securities
• Depositary Receipts
• Stapled Securities
• Debt Securities
• Unit Trusts / Mutual Funds
![Page 12: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/12.jpg)
Securities market
Growth enterprise market (GEM) —
fundraising opportunities for enterprises with good growth potential
“High growth, high risk”
• Stocks
• Equity warrants
• Debt securities
![Page 13: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/13.jpg)
Derivatives market
• Equity Index Products (ex. BRICS Futures) • Equity Products • Currency Products (RMB Currency Futures) • Interest Rate and Fixed Income Products
(HIBOR Futures) • Commodities Products
![Page 14: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/14.jpg)
Trading time
• Pre-opening auction session: 9:00 am - 9:30 am. • A morning continuous trading session: 09:30 am - 12:00 pm. • An extended morning session: 12:00 noon - 1:00 pm. Only
specifically-designated securities (currently two ETFs). • Afternoon continuous trading session: 1:00 pm - 4:00 pm.
![Page 15: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/15.jpg)
IPO
Principles:
• Applicants — suitable for listing
(e.g., unlimited # of shareholders,
management presence)
• Fair issue and marketing
• Sufficient info
• Fair treating of holders
• Directors: pursuit of shareholders’ interest
![Page 16: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/16.jpg)
Listing ProcedureAppointment
of Sponsors (≥2 months before
submission)
Submission of
the Application
Compliance
Check (3 days)
Accepted
Returned Accelerated
review
process
Qualitative
assessment (10 days)
8 weeks’ moratorium
Comments
and hearing (≤40 days)
Listing
![Page 17: HKSE LI](https://reader034.fdocuments.net/reader034/viewer/2022042907/587d2bca1a28ab1c2f8b78d3/html5/thumbnails/17.jpg)
Your questions
are welcomed