DOCSLIB.ORG

Global Offering

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Global Offering 興證國際金融集團有限公司 China Industrial Securities International Financial Group Limited (Incorporated in the Cayman Islands with limited liability) Stock code : 8407 GLOBAL OFFERING Joint Sponsors and Joint Global Coordinators Joint Bookrunners and Joint Lead Managers Зࡋ⳪暲 @.54-:'//4:+84':/54'2 IMPORTANT IMPORTANT: If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. China Industrial Securities International Financial Group Limited 興證國際金融集團有限公司 (Incorporated in the Cayman Islands with limited liability) LISTING ON THE GROWTH ENTERPRISE MARKET OF THE STOCK EXCHANGE OF HONG KONG LIMITED BY WAY OF GLOBAL OFFERING Number of Offer Shares under : 1,000,000,000 Shares (subject to the Over- the Global Offering allotment Option) Number of Hong Kong Offer Shares : 100,000,000 Shares (subject to adjustment) Number of International Offer Shares : 900,000,000 Shares (subject to adjustment and the Over-allotment Option) Offer Price : Not more than HK$1.39 per Offer Share (payable in full on application in Hong Kong dollars, subject to refund, plus brokerage of 1%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.005%) and expected to be not less than HK$1.18 per Offer Share Nominal value : HK$0.10 per share Stock code : 8407 Joint Sponsors and Joint Global Coordinators Joint Bookrunners and Joint Lead Managers Зࡋ⳪暲 @.54-:'//4:+84':/54'2 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus. A copy of this prospectus, having attached thereto the documents specified in the paragraph headed “Documents Delivered to the Registrar of Companies and Available for Inspection” attached to Appendix V to this prospectus, has been registered by the Registrar of Companies in Hong Kong as required by section 342C of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). The Securities and Futures Commission and the Registrar of Companies in Hong Kong take no responsibility as to the contents of this prospectus or any other documents referred to above. The Offer Shares have not been and will not be registered under the U.S. Securities Act or any state securities law in the United States and may not be offered, sold, pledged or transferred within the United States, or for the account or benefit of U.S. persons, except that Offer Shares may be offered, sold or delivered outside the United States in offshore transactions in accordance with Regulation S. The Offer Price is expected to be fixed by agreement between the Joint Global Coordinators (for themselves and on behalf of the Underwriters) and our Company on the Price Determination Date. The Price Determination Date is expected to be on or around Wednesday, 12 October 2016 and, in any event, not later than Monday, 17 October 2016. The Offer Price will be not more than HK$1.39 and is currently expected to be not less than HK$1.18 unless otherwise announced. Applicants for Hong Kong Offer Shares are required to pay, on application, the maximum Offer Price of HK$1.39 for each Share together with a brokerage fee of 1%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.005% subject to refund if the Offer Price as finally determined should be lower than HK$1.39. If, for any reason, the Offer Price is not agreed by Monday, 17 October 2016 between the Joint Global Coordinators (for themselves and on behalf of the Underwriters) and our Company, the Global Offering will not proceed and will lapse. Prior to making an investment decision, prospective investors should carefully consider all of the information set forth in this prospectus, including the risk factors set forth in the section headed “Risk Factors” in this prospectus. The Joint Global Coordinators (for themselves and on behalf of the Underwriters) may, with our consent, reduce the number of Offer Shares in the Global Offering and/or the indicative Offer Price range below that stated in this prospectus (which is HK$1.18 to HK$1.39 per Share) at any time on or prior to the morning of the last day for lodging applications under the Hong Kong Public Offer. In such a case, notices of the reduction in the number of Offer Shares in the Global Offering and/or the indicative Offer Price range will be published on the website of our Company at www.xyzq.com.hk and on the website of the Stock Exchange at www.hkexnews.hk not later than the morning of the day which is the last day for lodging applications under the Hong Kong Public Offer. Further details are set forth in the sections headed “Structure of the Global Offering” and “How to Apply for Hong Kong Offer Shares” in this prospectus. The obligations of the Hong Kong Underwriters under the Hong Kong Underwriting Agreement to subscribe for, and to procure applicants for the subscription for, the Hong Kong Offer Shares, are subject to termination by the Joint Global Coordinators (for themselves and on behalf of the Hong Kong Underwriters) if certain grounds arise prior to 8:00 a.m. (Hong Kong time) on the Listing Date. Please see the section “Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offer – Grounds for Termination”. It is important that you refer to that section for further details. 30 September 2016 CHARACTERISTICS OF GEM CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET (“GEM”) GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM. The principal means of information dissemination on GEM is publication on the internet website operated by the Stock Exchange. Listed companies are not generally required to issue paid announcements in gazetted newspaper. Accordingly, prospective investors should note that they need to have access to the website of the Stock Exchange at www.hkexnews.hk in order to obtain up-to-date information on GEM-listed issuers. –i– EXPECTED TIMETABLE(1) If there is any change in the following expected timetable of the Hong Kong Public Offer, we will issue an announcement on the websites of the Stock Exchange at www.hkexnews.hk and our Company at www.xyzq.com.hk. Hong Kong Public Offer commences and WHITE and YELLOW Application Forms available from ...................9:00 a.m. on Friday, 30 September 2016 Latest time to complete electronic applications under HK eIPO White Form service through the designated website www.hkeipo.hk(2) .............................11:30 a.m. on Wednesday, 5 October 2016 Application lists of the Hong Kong Public Offer open(3) ........11:45 a.m. on Wednesday, 5 October 2016 Latest time to lodge WHITE and YELLOW Application Forms...................................12:00 noon on Wednesday, 5 October 2016 Latest time to give electronic application instructions to HKSCC(4) .......................................12:00 noon on Wednesday, 5 October 2016 Latest time to complete payment of HK eIPO White Form applications by effecting internet banking transfer(s) or PPS payment transfer(s) ..............................12:00 noon on Wednesday, 5 October 2016 Application lists of the Hong Kong Public Offer close .........12:00 noon on Wednesday, 5 October 2016 Expected Price Determination Date(5)..................................Wednesday, 12 October 2016 (1) Announcement of: • the final Offer Price; • an indication of the level of interest in the International Offering; • the level of applications in the Hong Kong Public Offer; and • the basis of allocation of the Hong Kong Offer Shares to be published in the South China Morning Post (in English) and the Hong Kong Economic Times (in Chinese) and on the websites of the Stock Exchange at www.hkexnews.hk and our Company at www.xyzq.com.hk on or before(6) ..............Wednesday, 19 October 2016 –ii– EXPECTED TIMETABLE(1) (2) Announcement of results of allocations in the Hong Kong Public Offer (including successful applicants’ identification document numbers, where appropriate) to be available through a variety of channels including the websites of the Stock Exchange at www.hkexnews.hk and our Company’s website at www.xyzq.com.hk (see the section headed “How to Apply for Hong Kong Offer Shares – 11. Publication of results” in this prospectus) from......Wednesday, 19 October 2016 (3) A full announcement of the Hong Kong Public Offer containing (1) and (2) above to be published on the website of the Stock Exchange at www.hkexnews.hk(6) and the Company’s website at www.xyzq.com.hk (7) from ...............Wednesday, 19 October 2016 Results of allocations for the Hong Kong Public Offer will be available at www.tricor.com.hk/ipo/result with a “search by ID Number/Business Registration Number” function from ...................Wednesday, 19 October 2016 Despatch/Collection of Share certificates in respect of wholly or partially successful applications pursuant to the Hong Kong Public Offer on or before(8) .............Wednesday, 19 October 2016 Despatch/Collection of HK eIPO White Form e-Auto Refund payment instructions/ refund cheques on or before(9) ........................Wednesday, 19 October 2016 Dealings in Shares on GEM to commence on ...............Thursday, 20 October 2016 Notes: (1) All times and dates refer to Hong Kong local time and date, except as otherwise stated.
Load more

Recommended publications
  • Initial Public Offering (Ipo) and Listing Process on the Sehk with Highlights
    September 2019 RESEARCH REPORT INITIAL PUBLIC OFFERING (IPO) AND LISTING PROCESS ON THE SEHK WITH HIGHLIGHTS CONTENTS Page Summary ........................................................................................................................................ 1 1. General requirements for listing in Hong Kong ......................................................................... 2 1.1 Main Board listing conditions ........................................................................................... 2 1.2 Shareholding structures for listing in Hong Kong ............................................................. 3 Jurisdictions acceptable as place of incorporation ............................................... 3 Shareholding structures of Mainland companies seeking to list in Hong Kong ..... 3 Red-chip structure ............................................................................................... 4 Variable Interest Entity (VIE) structure ................................................................. 5 H-share structure ................................................................................................. 6 1.3 Listing of H-shares: An update ........................................................................................ 9 H-share companies have become an important part of the Hong Kong stock market ................................................................................................................. 9 Successful implementation of the H-share full circulation pilot programme
    [Show full text]
  • 俊盟國際控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) Stock Code: 8062
    EFT Solutions Holdings Limited 俊盟國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code: 8062 PUBLIC OFFER AND PLACING Sole Sponsor Sole Bookrunner and Sole Lead Manager IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. EFT Solutions Holdings Limited 俊盟國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) LISTING ON THE GROWTH ENTERPRISE MARKET OF THE STOCK EXCHANGE OF HONG KONG LIMITED BY WAY OF PUBLIC OFFER AND PLACING Number of Offer Shares : 120,000,000 Shares, comprising 96,000,000 New Shares and 24,000,000 Sale Shares Number of Placing Shares : 108,000,000 Shares, comprising 84,000,000 New Shares and 24,000,000 Sale Shares (subject to re-allocation) Number of Public Offer Shares : 12,000,000 New Shares (subject to re-allocation) Offer Price : Not more than HK$0.60 and expected to be not less than HK$0.40 per Offer Share, plus brokerage of 1%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund) Nominal value : HK$0.01 per Share Stock code : 8062 Sole Sponsor Sole Bookrunner and Sole Lead Manager Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus.
    [Show full text]
  • Room Document 9 Statistics and Data on the Securities and Futures Markets of Hong Kong by Mr. Mark Dickens Asian Development
    Fourth Round Table on Capital Market Reform in Asia 09-10 April 2002, Tokyo Room Document 9 Statistics and Data on the Securities and Futures Markets of Hong Kong By Mr. Mark Dickens ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Asian Development Bank Institute 1 Statistics/data on the Securities and Futures Markets of Hong Kong Table 1 – Major Indicators of the Securities Markets in Hong Kong (Period-end figures unless otherwise specified) Cash Market 1996 1997 1998 1999 2000 2001 Main Board Number of Listed Companies 583 658 680 701 736 756 Market Capitalisation Total 3,476 3,202 2,662 4,728 4,795 3,885 (HK$ billion) HSI Constituents 2,436 2,132 2,106 3,744 3,866 3,136 Worldwide Ranking by Market Capitalisation 7 9 11 10 10 10 Market Capitalisation to GDP (%) 292 242 211 384 377 306 Market Value of Top 10 Stocks over Total Market Capitalisation (%) 52 n.a. n.a. 66 66 63 Average Daily Turnover Total 5,672 15,465 6,887 7,757 12,338 8,025 (HK$ million) HSI Constituents 3,075 5,534 4,550 3,766 5,677 4,558 Number of Trading Days 249 245 247 247 247 243 Liquidity (%) (Turnover / Year-end Market Capitalisation) 41 118 64 41 64 50 Hang Seng Index 13,451 10,723 10,049 16,962 15,096 11,397 P/E ratio (HSI) 17.30 12.29 12.36 27.88 12.74 15.06 Funds Raised (HK$ billion, annual) 100 248 38 148 451 59 Growth Enterprise Market Number of Listed Companies n.a.
    [Show full text]
  • Room Document 8 Development of the Hong Kong Securities And
    Fourth Round Table on Capital Market Reform in Asia 09-10 April 2002, Tokyo Room Document 8 Development of the Hong Kong Securities and Futures Market Economy Note By Mr. Mark Dickens ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Asian Development Bank Institute Development of the Hong Kong Securities and Futures Market – Economy Note 1. Introduction The Hong Kong securities and futures markets have been undergoing rapid changes since the Asian Financial Crisis in 1997/98. Changes are driven by globalisation of the financial industry and technology advancement as well as the problems emerging from the Crisis. This note gives a brief overview on the latest development of the market structure, securities issuance, regulatory structure, corporate governance and market infrastructure reform in Hong Kong. Section 2 gives an overview on the changes in market structure. Section 3 describes the development with respect to securities issuance. Section 4 introduces the regulatory reform since the Crisis. Section 5 discusses the issues of corporate governance. Section 6 discusses the challenges ahead and the market infrastructure development put in place. 2. Market Structure Overview Hong Kong’s securities markets are well developed, with its equity market ranking the tenth place in the world by market capitalization, and first position in Asia-ex- Japan as at January 2002. The derivatives market ranked fourth in Asia-ex-Japan as at December 2001. Table 1 provides some major indicators of the securities markets. Exchange-traded products are becoming more diversified, which include stocks, warrants, funds including exchange traded funds (ETFs) and debt securities, derivatives on stocks/indices, currency futures, interest rate futures, international stock futures and options and Exchange Fund Note futures.
    [Show full text]
  • World-Link Logistics (Asia) Holding Limited 環宇物流（亞洲
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. WORLD-LINK LOGISTICS (ASIA) HOLDING LIMITED 環宇物流（亞 洲）控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code on Main Board: 6083) (Stock Code on GEM: 8012) TRANSFER OF LISTING FROM THE GROWTH ENTERPRISE MARKET TO THE MAIN BOARD OF THE STOCK EXCHANGE OF HONG KONG LIMITED Financial Adviser to the Company Reference is made to the announcement of the Company dated 17 March 2017 in relation to the proposed Transfer of Listing. On 17 March 2017, an application was made by the Company to the Stock Exchange for the transfer of listing of, and permission to deal in (i) the existing 480,000,000 Shares in issue; and (ii) 48,000,000 new Shares, being the maximum number of new Shares which may fall to be issued upon the exercise of all options which may be granted under the Share Option Scheme, on the Main Board by way of transfer of listing from GEM to the Main Board. The Board is pleased to announce that the approval-in-principle for the Transfer of Listing was granted by the Stock Exchange on 7 November 2017 for the Shares to be listed on the Main Board and de-listed from GEM.
    [Show full text]
  • Listing PRC Companies in Hong Kong Using VIE Structures
    Listing PRC Companies in Hong Kong Using VIE Structures October 2014 www.charltonslaw.com 0 Index Page Executive summary 2 Contents 。 Hong Kong Stock Exchange (HKEx)’s background information 4 。 Introduction to listing of PRC companies on HKEx 15 。 VIE structure 21 。 Key requirement of Main Board listing on HKEx 30 。 Requirements for a listing – Hong Kong vs U.S. 39 About Charltons 46 Disclaimer 47 1 Executive summary Hong Kong market is the 6th largest stock market in the world Hong Kong ranked 3rd worldwide in terms of IPO funds raised (only after NYSE and Nasdaq) in 2013 VIE structures can be listed on The Hong Kong Stock Exchange (HKEx) subject to complying with requirements of listing decision ○ certain businesses maybe subject to PRC’s foreign investment restriction if they belong to certain industry sectors (Restricted Industries) ○ Restricted industries include compulsory education, news agencies and internet-related services Key Hong Kong listing requirements: ○ three financial criteria: (1) the profit test ; (2) the market capitalisation/revenue test; or (3) the market capitalisation/revenue/ cashflow test ○ A 3-year track record period requirement is usually applied to a listing applicant ＊ HKEx may also accept a shorter trading record period and/or may vary or waive the financial standards requirements on certain circumstances ○ Maintain at all times a minimum public float of 25% of the Company’s total issued share capital 2 Executive summary Key U.S. listing requirements ○ minimum quantitative requirements, which
    [Show full text]
  • Payment, Clearing and Settlement Systems in Hong Kong SAR
    Payment, clearing and settlement systems in Hong Kong SAR CPSS – Red Book – 2012 199 Hong Kong SAR Contents List of abbreviations ........................................................................................................... 203 1. Introduction ............................................................................................................... 205 1.1 The general institutional framework ................................................................. 205 1.1.1 Payment systems and instruments ......................................................... 205 1.1.2 Securities settlement .............................................................................. 206 1.2 The role of the HKMA ...................................................................................... 206 1.2.1 Oversight ................................................................................................ 207 1.2.2 Provision of services ............................................................................... 208 1.2.3 Cooperative oversight arrangements ...................................................... 208 1.3 The role of other private and public sector bodies ............................................ 208 1.3.1 Providers of payment services ................................................................ 208 1.3.2 Licensing and registration requirements for related securities service providers ................................................................................................ 211 1.3.3 Other service providers..........................................................................
    [Show full text]
  • Cornerstone Investors and Initial Public Offerings on the Stock Exchange of Hong Kong
    Fordham Journal of Corporate & Financial Law Volume 14 Issue 3 Article 3 2009 Cornerstone Investors and Initial Public Offerings on the Stock Exchange of Hong Kong Chee Keong Low Follow this and additional works at: https://ir.lawnet.fordham.edu/jcfl Part of the Banking and Finance Law Commons, and the Business Organizations Law Commons Recommended Citation Chee Keong Low, Cornerstone Investors and Initial Public Offerings on the Stock Exchange of Hong Kong, 14 Fordham J. Corp. & Fin. L. 639 (2009). Available at: https://ir.lawnet.fordham.edu/jcfl/vol14/iss3/3 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Journal of Corporate & Financial Law by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. CORNERSTONE INVESTORS AND INITIAL PUBLIC OFFERINGS ON THE STOCK EXCHANGE OF HONG KONG Chee Keong Low∗ ABSTRACT The Stock Exchange of Hong Kong had an exuberant year in 2006 when it listed sixty-two companies. The listing of the Industrial and Commercial Bank of China Limited on its Main Board earned the exchange the enviable status of being home to the world’s largest initial public offering. The HK$333.2 billion in initial public offering capital raised during the year propelled it to the position of second among global exchanges, behind London but ahead of New York. This Article examines an increasingly common feature of initial public offerings in Hong Kong, namely, the introduction of “cornerstone investors” whose participation enhances the general receptiveness to a stock offering.
    [Show full text]
  • Initial Public Offerings 2022 Initial Public Offerings 2022
    Initial Public Offerings 2022 Initial Public Offerings 2022 Contributing editors Joshua Ford Bonnie and Kevin P Kennedy Simpson Thacher & Bartlett LLP © Law Business Research 2021 lients around the world in a wide array of industries turn to CSimpson Thacher for critical insights and commercial advice on their most complex transactions. We represent our clients with a commitment to hard work, excellence and integrity. One of the world’s preeminent law firms, Simpson Thacher offers best-in-class teams across practice areas. Building on more than 135 years of experience, we have played a substantial role advising on many of the world’s most noteworthy matters. www.simpsonthacher.com NEW YORK BEIJING HONG KONG HOUSTON LONDON LOS ANGELES PALO ALTO SÃO PAULO TOKYO WASHINGTON, D.C. © Law Business Research 2021 GTDT_8.25x11.75_2021_v18_Final.indd 1 1/28/2021 3:36:51 PM Publisher Tom Barnes [email protected] Subscriptions Claire Bagnall Initial Public [email protected] Senior business development manager Adam Sargent Offerings [email protected] Published by Law Business Research Ltd Meridian House, 34-35 Farringdon Street 2022 London, EC4A 4HL, UK The information provided in this publication Contributing editors is general and may not apply in a specific situation. Legal advice should always Joshua Ford Bonnie and Kevin P Kennedy be sought before taking any legal action based on the information provided. This Simpson Thacher & Bartlett LLP information is not intended to create, nor does receipt of it constitute, a lawyer– client relationship. The publishers and authors accept no responsibility for any acts or omissions contained herein.
    [Show full text]
  • BOOK of JARGON® Global Mergers & Acquisitions
    The BOOK of JARGON® Global Mergers & Acquisitions The Latham & Watkins Glossary of Global M&A Slang and Terminology First Edition Latham & Watkins operates as a limited liability partnership worldwide with affiliated limited liability partnerships conducting the practice in France, Italy, Singapore, and the United Kingdom and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia. © Copyright 2018 Latham & Watkins. All Rights Reserved. Welcome to the Book of Jargon® – Global Mergers & Acquisitions. For readers who are lawyers, bankers, or studying to be one, this book can serve as an introduction to the legal and business terms — including corporate and private equity sponsor terminology — often encountered in the structuring, negotiation and execution of mergers, acquisitions and dispositions in many countries around the globe. From statutory terms and nomenclature to sometimes colorful slang, this book includes the words that comprise both home country law and the lingua franca of the M&A world — which has become truly global. Whether private equity or strategic, most deals now cross borders, either due to the global nature of the business being acquired or sold, or because public companies combine to create truly global enterprises. In response, the authors have endeavored to provide an equally global Book of Jargon. This first edition includes key M&A terms used in the United States, the United Kingdom, France, Germany, Hong Kong, Italy, Qatar, Russia, Saudi Arabia, Singapore, Spain and the United Arab Emirates.
    [Show full text]
  • Fact Book 2005 • the Year 2005 in Review • Major Events of the Hong Kong Securities and Derivatives Markets 2005 • Market
    Fact Book 2005 • The year 2005 in review • Major events of the Hong Kong securities and derivatives markets 2005 • Market highlights • Securities market - Main board - market indices - listing statistics - market capitalisation - trading statistics and analysis - short selling - listed companies - warrants - equity linked instrument - debt securities - unit trusts and mutual funds - historical section - world stock markets • Securities market - Growth enterprise market (GEM) - market indices - listing statistics - market capitalisation - trading statistics and analysis - listed companies - warrants • Derivatives market - equity index products - interest rate products - equity products - historical section • Clearing statistics • Exchange participants • The investing community • Hong Kong securities and derivatives markets historical events • Appendices The Year 2005 in Review The Year The Year 2005 in Review Against the background of a buoyant economy, the HKEx securities and derivatives markets set new records in 2005. The total market capitalization of the securities market (including the Main Board and the Growth Enterprise Market (GEM)) set a record of HK$8,260.3 billion on 21 December 2005, surpassing the 2004 record of HK$6,695.9 billion. As at the end of 2005, Hong Kong ranked the 8th by market capitalization among members of the World Federation of Exchanges1. The annual market turnover also reached a new high of HK$4,520.4 billion in 2005, a 14% increase from 2004. A total of 67 companies newly listed on the Main Board and GEM in 2005, raising a total of HK$165.7 billion. At the end of 2005, the Hang Seng Index (HSI) closed at 14,876 points, representing a yearly increase of 5%.
    [Show full text]
  • Hong Kong East Asia.Pdf
    CHAPTER 4 : THE FINANCIAL SECTOR# Summary z Amid the improved economic conditions and ample liquidity, financial asset prices in Hong Kong rose notably in the recent months, in line with the uptrend in the overseas markets. In parallel, there has been a general expansion in most types of financial sector activities. z Hong Kong dollar interbank interest rates remained low in the third quarter of 2009. The money supply recorded further growth on the back of continued inflow of funds and improved demand for loans locally. Under the strong demand for the Hong Kong dollar, the HKMA was prompted to passively sell Hong Kong dollars against US dollars to banks several times. z Under the linked exchange rate system, the Hong Kong dollar Effective Exchange Rate Indices moved lower during the third quarter, along with the softening of the US dollar. z Local share prices rose further in active trading during the third quarter, propelled by growing optimism about the economic outlook. Fund raising activities showed an accelerated increase, with initial public offerings recovering towards the latter part of the period to level comparable to that before the global financial crisis. z With the issuance of renminbi sovereign bonds in Hong Kong by the Central Government in September, the role of Hong Kong as a renminbi centre outside the Mainland is further strengthened. At the same time, considerable headway was made in cross-boundary co-operation in financial services and increasing the breadth and depth of the local financial sector. __________ (#) This chapter is jointly prepared by the Hong Kong Monetary Authority (HKMA) and the Economic Analysis Division.
    [Show full text]