Financial News
Written by: Zhang Weilun
2020-06-15 13:33
Last update date: 2020-06-15 13:33This year marks the 20th anniversary of the listing on the Hong Kong Stock Exchange (0388). Chief Executive Officer Li Xiaojia wrote a blog on the topic of "388 Goodball" and reviewed the past achievements of the Hong Kong Stock Exchange. He also pointed out that no matter how the world changes, as long as you always dream With continuous innovation, the Hong Kong Stock Exchange can become stronger and stronger, making Hong Kong the most shining international financial center in the world.
Li Xiaojia pointed out that the stock exchange dominated the world in 1986 and ended the Warring States era of "separation of the heroes" of the four exchanges. However, the first 20 years of the Stock Exchange were tragic and tumultuous. The painful permanent memory brought about by the stock market crash in 1987 also contributed to the securities regulatory framework system in use in Hong Kong to this day, with far-reaching implications. The experienced Hong Kong stock market has been reborn after the stock market crash, and it has continued to move forward on the standardized and electronic road. It has successively launched the central settlement and settlement system, automatic matching and transaction system, etc., and its financial products are constantly enriched. The historic launch of H shares has laid a solid foundation for Hong Kong to become an international market and realized the "first jump" in the development of the Hong Kong Stock Exchange.
Said the Hong Kong Stock Exchange has completed the second jump
He further pointed out that since 2000, Hong Kong Stock Exchange's 388 stock number, which carries the Hong Kong people's longing expectations, has embarked on a journey of "reborn" and changed from a membership system to a public listed company system, from the separation of spot and futures to the current unity, From the separation of trading and settlement to vertical integration, the public interest and the interests of shareholders are clarified and unified under the regulations.
Li Xiaojia said that through the acquisition of the London Financial Exchange (LME), the implementation of major reforms of the Shanghai-Shenzhen-Hong Kong Stock Connect, the Bond Connect and the listing rules, the Hong Kong Stock Exchange rushed out of Hong Kong and completed the "second jump" in its development history. As a publicly traded public company, the stock market value of the Hong Kong Stock Exchange is the top 3 in the global exchange, and the total market value of the companies listed on the Hong Kong Stock Exchange is the top 4 in the world.
Li Xiaojia said that looking to the future, the world is once again facing great changes. The process of counter-globalization is partially unfolding. Globalization will present a new model and direction. In many countries around the world, it has already faced social management exposed by the public health crisis. Economic development, ethnic conflicts and other crises have made the originally challenged Sino-US relations even worse. Although the dual trend of Sino-US competition seems irreversible, today's world cannot be separated from China, and China cannot be separated from the world, especially in the capital market. No matter how the Sino-US dispute develops, the general direction of the opening of China's capital market will not change. Although the process of RMB free exchange and RMB internationalization cannot be achieved overnight, it will not stop or even reverse.
Ready for the third jump
Faced with new challenges and opportunities, the Hong Kong Stock Exchange is once again preparing to start sprinting for the "third jump", which is the strategic plan for the three years from 2019 to 2021. Capital market discovery has become one of the most important hubs in the global financial system of the "dual era of Sino-US competition", allowing the world and China to embrace each other here.
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