Access to the Hong Kong Stock Exchange. Hong Kong Stock Exchange

HONG KONG STOCK EXCHANGE- (Hong Kong Stock Exchange) In 1947, two stock exchanges, one established in 1891 and the other in 1921, merged to form the Hong Kong Stock Exchange. Later, the Stock Exchange of the Far East (founded in 1969), the Stock Exchange Kam… Financial vocabulary

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HONG KONG STOCK EXCHANGE- (Hong Kong Stock Exchange) arose in 1947 on the basis of two previously existing stock exchanges. Later, the Far East Stock Exchange, the Cam Ngam Stock Exchange and the Kowloon Stock Exchange joined it. Since 1987, the combined exchange has been called the Stock Exchange ... ... Foreign economic explanatory dictionary

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Hong Kong Stock Exchange(Hong Kong Exchanges and Clearing Limited, HKEX, Chinese 香港交易所) is one of the most powerful platforms on the planet, ranking third in Asia and sixth in the world. Along with capitalization reaching 2.8 trillion. US dollars, it boasts the presence of the largest banks - this HSBC, China Construction Bank, Industrial and Commercial Bank of China and Bank of China.

The importance of the exchange is also evidenced by the fact that the fall of just one key indicator of the Hang Seng Index in the fall of 2015 dropped the quotes of the S&P, DJIA and MSCI. Strong traders love the Hong Kong platform and closely follow its work. The picture of Southeast Asia, Europe and the Americas depends on the decisions made here.

History of creation

Archives of British banks (since 1842 the administrative region was ruled by the Queen of England), contain information about transactions dated 1866. The Asians themselves attribute the birth of the exchange to 1891, when it was created " Association of stockbrokers in Hong Kong". The owners of SEHK speak of 1914, when the association was renamed the Hong Kong Stock Exchange.

Not all free brokers took this news positively. In 1921, they created their own organization (with trading and stocks), calling it the "Hong Kong Stockbrokers Association" (Hong Kong Stockbrokers Association). Not having received much recognition in the stock market, the activists turned to the stock exchange with a request to take them into its fold, which happened in 1947.

You will laugh, but in 1956, brokers who did not want to trade on the stock exchange created their own structure, called ... Hong Kong Stockholders Association Ltd! The purpose of the limited liability company was to develop SEHK's working contacts with neighboring sites. And in fact, each of the participants needed new customers to increase their turnover.

The Hong Kong Stock Exchange was not the only one of its kind, and the brokers' association attracted more than just locals. The desire to work together was expressed by the Far East Stock Exchange (founded in 1969), the Kam Ngan (1971) and Kowloon (1972) sites. The result of the interaction is a bit predictable, by 1986 they all became part of SEHK, even losing their names.

The merger was forced: in 1986, an economic crisis began (a harbinger of the collapse of the USSR), which ended in October 1987 with Black Monday. Then the DJIA index fell by 22.6%, Canada lost 22.5%, Great Britain - 26.4%, and Hong Kong - 45.8% at once. This showed a serious bias of the economy in the financial sector and too strong a link to high technology.

Interesting fact. American economist Richard Roll, analyzing Black Monday, cannot name a single logical reason for the collapse. No software failures were recorded, no news sounded. Meanwhile, after conducting a fundamental analysis, Roll argues that the crisis began in Hong Kong. A few hours later, he hit Asia and the Pacific (Australia "lost" 41.8%), moved to Europe and only then spread to the United States. So statements aboutThe NYSE as the birthplace of the crisis is doubtful, to put it mildly.

The market has not yet stopped falling, and the Securities and Futures Commission has already been created in the British enclave. In June 1992, Hong Kong launched the Clearing and Exchange Settlement System (CCASS), in November 1993, the Automatic Order Matching and Execution System (AMS). In 2000, the structure includes two more structures, formed Hong Kong Exchanges and Clearing Limited (HKEX).

The newcomers are Hong Kong Securities Clearing Company Ltd, Hong Kong Futures Exchange Ltd. Together they form a powerful financial agglomerate second only to Shanghai and Tokyo in Asia, and NYSE, NASDAQ and Euronext in the US and Europe. That, however, does not prevent the leviathan from “crowning” into the crises of 2008, 2011 and 2015, simultaneously breaking the indices of the entire planet.

In 2008, the key HKEX index managed to collapse twice, and in the fall of 2015 by more than 10 percent. And here, SEHK stock indicators are hostages of the Chinese economy: a timid statement about a slowdown in development or rising unemployment is enough, as speculators begin to massively “merge” paper, dropping everything from mortgages to oil prices.

Hong Kong Stock Exchange Today

The capitalization of the site at the beginning of February 2016 was 21.543 trillion. Hong Kong dollars, or 2.773 trillion. USD. The numbers, we repeat, are official. There are 8,681 types of financial instruments (!), presented on the site, the total number of shares of traded shares exceeds 211 billion. Their estimated value is 69.85 trillion. Hong Kong dollars ($8,982 trillion).

The exchange staff issues a monthly bulletin containing open information about participants, issues, the number of instruments and shares. As of February 01, 2016, 1,649 companies were listed, divided into 12 sectors. Among others, energy, manufacturing, industry, finance, construction, consumer goods, services, telecommunications and information technology. A separate niche for conglomerates.

The market is divided into two main areas - the main and corporate bonds, designated as GEM (Growth Enterprise Market). It presents 224 structures with 225 financial instruments, while capitalization is extremely small - only 45 billion US dollars. As a rule, these are municipalities that borrow money for the implementation of investment projects.

Financial instruments are traditional. These are common and preferred shares, bonds, options, futures and warrants. Derivatives of almost all the leading platforms of the planet are calculated on the site, the contracts of the BRICS countries are of particular interest to investors - the Brazilian IBOESPA, the Russian, the Indian S&P BSE SENSEX and the South African FTSE / JSETop40. Long subordination to the British crown was reflected in stock trading. Hong Kong is the only city besides London where futures for minerals such as aluminum, copper, zinc, nickel, tin and lead are traded. There is only one currency pair, Hong Kong dollars - US dollars, but trading takes place both in the daytime and in the night session. This allows you to link trade in Asia, Europe and the United States.

Interesting thing. The security of exchange trading is provided by state regulatory authorities, in particular, the Securities and Futures Commission (SFC). In 2011, it deprived the exchange of its license for several days (the buyout cost $ 100 million), after which they were held accountableLondonStockExchange andNew-YorkStockExchange, which also paid hefty fines.

Exchange listing

The selection of new members is made by the Listing Council with the help of external consultants. They can be supranational entities, government regulators, investment banks or institutional investors with a proven capitalization of more than 5 billion Hong Kong dollars (that's just over 600 million US dollars). Also, the General Manager of the exchange has the right to vote on inclusion.

The applicant must submit financial statements showing that the last year's income must be more than 20 million Hong Kong dollars (about 300 thousand US dollars), and the profit for three years must be at least 30 million dollars in local currency. Mandatory financial audit and irremovable management within a year before the IPO. If the company has been in existence for less than three years, there is an opportunity"crawl" through capitalization. By the time of listing, it should equal 20 billion Hong Kong dollars, confirmed income for the last year - at least 200 million, positive balance from operating activities for the past year - 100 million Hong Kong dollars. If there is income, but there is no operating activity, you can try to enter through turnover.

But here we need 40 billion dollars of capitalization and at least 500 million of income!

As one of the fastest and most reliable in the world, the Hong Kong Stock Exchange can afford to be original.

For example, there is no exact opening time - it could be 9:15 or 9:20.

But otherwise, everything is in order: on the futures market from 09:00 to 09:30 there is a Pre-Session, while yesterday's information is made public and orders for tomorrow's auctions are being processed.

Until 12 noon there is continuous trading, then a lunch break until one in the afternoon. At this time, the orders are processed by the clearing system. Then constant trading until 16:00 and immediately closing; no frozen prices and execution of orders by settlements “tomorrow” are provided. In the futures and options market, everything is much more complicated - daytime sessions go from about 08:00 to 17:00, night sessions - until 01:00.

Interesting thing. Until 2012, the lunch break was 1.5 hours, and the exchange's repeated attempts to reduce lunch time ran into fierce resistance from brokers. During the discussions, it was decided to increase the duration of the last trading day of the month to close current and open future contracts. This found the support of traders, although there are still individuals who dine 90 minutes.

Hong Kong Stock Exchange opening hours

The Hong Kong Stock Exchange is open from 5:00 to 12:00 Moscow time. Hong Kong time from 9:00 am to 4:00 pm.

20 minutes after the opening, the administration announces its readiness for trading. The morning session starts at 9:30 and runs continuously until 12:00. Lunch break from 12:00 pm to 13:00 pm. The second session comes after the break and lasts until 16:00. Weekends: Saturday, Sunday and public holidays.

Trading Indices

The leading index of the exchange is . The index is formed from the shares of 34 largest companies, which make up 65% of the capitalization of the entire exchange!:

14 companies engaged in the trade of manufactured goods;
6 companies responsible for utilities;
5 financial companies;
9 real estate firms.

The index is calculated as an average capitalization of the leading stock exchange companies: Hong Kong Land, Hog Kong Bank, Cheung Kong, etc. The name of the index is due to Hang-Sang Bank. The official name of the index was assigned in 1986. All trading on the exchange takes place in an automated mode.

PetroChina Company Limited. In 2010, this company was the leader in capital investment on the stock exchange. And there is a reason for this: this company is engaged in the development of oil and gas fields, in addition, it is engaged in the sale of derivative raw materials from oil. On the exchange, from this company, there are more than 21 million shares.
ChinaMobileLimited- a company engaged in the provision of cellular services to the population in Hong Kong and China. The number of shares on the stock exchange is more than 20 million.
HSBCHoldingplc- a banking company providing services to the population both in the country and abroad. Number of shares - 18626, 22 million.

What is the future of the Hong Kong Stock Exchange?

The forecast for the future of the exchange is optimistic. Considering that China is the main center for metal trading, the purchase of the London Metal Exchange will further strengthen the leadership position in the future. The Hong Kong Stock Exchange managed to bypass the auction for the sale of metal exchanges, such stock exchanges as: NYSE - the world's first stock exchange by capital, as well as CME Group and ICE. There is not a single agreement left concerning the conclusion of metal transactions that has not been concluded today.

Due to the fact that international companies are listed on the exchange every year, the China Stock Exchange is constantly increasing its capital and attracting more and more investors.

Hong Kong, Registered Office: 12/F., One International Finance Centre, 1 Harbor View Street, Central, Hong Kong

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Hong Kong Stock Exchange(Hong Kong Stock Exchange) is a stock exchange in Hong Kong. It has a capitalization of HK$ 22.89 trillion (US$ 2.96 trillion) as of the beginning of 2014. According to this indicator, the exchange is in 6th place in terms of capitalization of companies listed on the exchange.

Story

In 1947, two exchanges, one established in 1891 and the other in 1921, merged to form Hong Kong Stock Exchange. Later, the Far East Exchange (founded in 1969), the Kam Ngan Stock Exchange (founded in 1971) and the Kowloon Stock Exchange (founded in 1972) joined it. Since April 1986, this united exchange has become known as Hong Kong stock exchange.

Events and Incidents

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An excerpt characterizing the Hong Kong Stock Exchange

The husband approached them and gloomily asked his wife what she was talking about.
- A! Nikita Ivanovich,” said Nikolai, getting up politely. And, as if wishing that Nikita Ivanovich would take part in his jokes, he began to inform him of his intention to kidnap one blonde.
The husband smiled sullenly, the wife cheerfully. The kind governor's wife approached them with a disapproving look.
“Anna Ignatievna wants to see you, Nicolas,” she said, pronouncing the words in such a voice: Anna Ignatievna, that it has now become clear to Rostov that Anna Ignatievna is a very important lady. Let's go, Nicholas. Did you let me call you that?
“Oh yes, ma tante. Who is this?
- Anna Ignatievna Malvintseva. She heard about you from her niece, how you saved her... Guess...
- How many times did I save them there! Nikolai said.
- Her niece, Princess Bolkonskaya. She is here in Voronezh with her aunt. Wow! how blushed! What, or...
- And I didn’t think, completeness, ma tante.
- Well, well, well. ABOUT! what are you!
The governor's wife led him to a tall and very fat old woman in a blue leotard, who had just finished her game of cards with the most important persons in the city. It was Malvintseva, Princess Mary's maternal aunt, a wealthy childless widow who always lived in Voronezh. She was standing, paying off the cards, when Rostov approached her. She narrowed her eyes severely and importantly, glanced at him, and continued to scold the general who had won against her.
“Very glad, my dear,” she said, holding out her hand to him. - I beg your mercy.
After talking about Princess Mary and her dead father, whom Malvintseva apparently did not love, and asking what Nikolai knew about Prince Andrei, who, apparently, also did not enjoy her favors, the important old woman let him go, repeating the invitation to be with her.
Nikolai promised and blushed again when he bowed to Malvintseva. At the mention of Princess Marya, Rostov experienced a feeling of shyness, incomprehensible to himself, even fear.
Departing from Malvintseva, Rostov wanted to return to dancing, but the little governor's wife put her plump hand on Nikolai's sleeve and, saying that she needed to talk to him, led him to the sofa room, from which those who were in it immediately left so as not to interfere with the governor's wife.
“You know, mon cher,” said the governor’s wife with a serious expression on her small kind face, “this is definitely a party for you; do you want me to marry you?
- Whom, ma tante? Nikolai asked.
- I'm marrying the princess. Katerina Petrovna says that Lily, but in my opinion, no, is a princess. Want? I'm sure your maman will thank you. Really, what a girl, lovely! And she's not that stupid at all.
“Not at all,” Nikolai said, as if offended. “I, ma tante, as a soldier should, do not ask for anything and do not refuse anything,” said Rostov before he had time to think about what he was saying.
So remember, this is not a joke.
- What a joke!
“Yes, yes,” said the governor’s wife, as if speaking to herself. - And here's something else, mon cher, entre autres. Vous etes trop assidu aupres de l "autre, la blonde. [My friend. You are too courting for that blond one.] The husband is really pathetic, right ...

China's two largest stock exchanges are essentially the leaders of the Asian stock market. A successful reform carried out in the 90s of the last century made it possible to create an effective exchange structure. By combining separate stock exchanges, two stock exchanges were created, pursuing radically different goals:

responsible for the domestic market and the formation of the economic policy of the PRC. The access of foreign investors to the site is limited, and the site itself is used as a financial support for national companies;
HKEx is the Hong Kong Stock Exchange, which also works with the largest companies, but aims to attract as much foreign capital as possible.

Let's clarify right away: Hong Kong is a special area, which, although it belongs to China, has its own status, currency. This region can be considered both separately from the Chinese economy and integrated. The exchange market of Hong Kong and China is practically not separated, referring the Hong Kong Stock Exchange to the Chinese economy. In the media, you can also find such a division as the Hong Kong Stock Exchange and two Chinese stock exchanges - Shanghai and Shenzhen.

Hong Kong Stock Exchange: history and present day

The history of the exchange

The founding date of the Hong Kong Stock Exchange is considered to be 1891, when the organization was the Association of Stock Brokers. In 1914, the site was renamed the Hong Kong Stock Exchange, but competitors began to step on its heels. The second stock exchange appears in 1921, but HKEx (however, the exchange will receive this name only in 2000) manages not only to maintain leadership, but also to remain the core of the stock market. Already at the end of the 60s, several mergers (more precisely, takeovers) took place, as a result of which in 1986 the SENK holding appeared, which became Hong Kong's monopoly in securities transactions.

The listing of the newly created organization included 249 companies with a total market capitalization of 245 billion Hong Kong dollars. In 1992, SENK introduces an electronic trading system for clearing and settlement (by the way, it is slightly behind its American and European competitors, who began introducing electronics back in the 70s-80s).

The second stage of automation was carried out at SENK in 1996, however, 1997 brought drastic adjustments to the development of the Chinese stock market. This year there was one of the biggest economic collapses in Southeast Asia, due to which the PRC exchanges received huge losses (a drop in capitalization by 10.4%). In 1999, the Chinese government, taking into account the mistakes of 1997, carried out a comprehensive reform aimed at increasing the competitiveness of all financial platforms in China and Hong Kong, creating in 2000 a single holding - HKEx, the Hong Kong Stock Exchange, in the form which she is now.

Hong Kong stock exchange today

Today, the Hong Kong Stock Exchange ranks 5th in the world in terms of capitalization and is gradually approaching to become one of the leaders not only in Asian, but also in European markets. In Asia, HKEx is second only to the Tokyo Stock Exchange. Here are some interesting facts about stock holding:

the capitalization of the stock exchange companies is almost 2.7 trillion dollars. USA;
listing: a little over 1,700 companies (this is considered an excellent indicator);
there is a special type of stock on the stock exchange - X-shares. These are securities of companies registered in mainland China;
sometimes the trading session is stopped due to bad weather. Tropical thunderstorms, hurricanes make their own adjustments even in the electronic trading system;
in 2012, HKEx purchased the London Metal Exchange.

In the 2000s, HKEx actively expands the scope of cooperation with both mainland China and Euro-American markets. Several of the exchange's annoyances were related to the trading schedule, which was somewhat out of step with the world's session schedules. For example, HKEx had the longest lunch break and an awkward start to morning trading sessions, which was only brought into line with Chinese exchanges in 2011.

Another problem concerned the principles of formation of quotes. Until May 2008, quotes were calculated at the last moment of trading (from 15.59 to 16.00). To determine quotes, we took data fixed for each 15-second interval for the last minute. Then the rules were changed - quotes began to be calculated after the close of trading in a 10-minute interval, which led to price manipulations. This method was canceled in March 2009.

And a few words about the indexes that are formed on HKEx:

HSI - the main index of the Hong Kong Stock Exchange, is formed on the basis of the weighted average quotations of the securities of the 34 largest companies in Hong Kong, which together account for about 65% of the capitalization of the exchange;
"X-Share Index" - reflects the quotes of securities of companies in mainland China;
HSCCI - an index of "red chips", companies that are controlled by China, but are located abroad and are listed in Hong Kong;
HSCI - companies that cover about 95% of the capitalization of the entire exchange.

Today, HKEx is a developing holding that still has some structural problems. Too late automation of trading, the economic downturn of 1997 and 2015-16 are forcing the Hong Kong Stock Exchange to look for ways to attract new companies and investors. And if so far HKEx is unlikely to catch up with a series of indicators, for example, then it will easily be able to overtake the Tokyo Stock Exchange in the coming years!