This article is from WeChat official account: new global asset allocation (ID: SmartGAA) , Author: Hui-hui, Editor: Vatican Vatican
For a century, the Hong Kong Stock Exchange has not only witnessed countless glories and turmoil in its rise and fall, but also deeply participated in the changes in Hong Kong from the beginning of the port to the current international financial center. It can be said that to understand Hong Kong’s financial ecology, one must first understand the history of the “Big Mac” of the Hong Kong Stock Exchange.
In Hong Kong, an international financial center, the Hong Kong Stock Exchange plays a pivotal role. The standardized and efficient Hong Kong Stock Exchange we see today does not have such a dazzling aura from its inception. It can even be said that the Hong Kong Stock Exchange has stumbled all the way but has been determined to walk hard. come.
The swings between governance and chaos, the rebirths between financial crisis and stubborn resistance, and the breakthroughs between disputes and reforms have created everything we see today. After reading this article, perhaps you will find a clearer picture of the Hong Kong Stock Exchange in the entire international financial system.
Directory:
1. From the chaotic era of the “Four Meetings” to the unification of the Stock Exchange
“Four Meetings Standing Together”
The stock market crash of 1973
From chaos to governance: Legislation and the merger of the four associations
2. The joys and sorrows of the first 20 years of the Stock Exchange and the millennium reform
The 1987 stock market crash
H shares
98 Hong Kong Financial Defense War
Merger and restructuring to go public
3. 10 years under Li Xiaojia’s control
Acquisition of the London Metal Exchange(LME)
Connectivity: Land-Hong Kong Connect, Bond Connect
Reform of the listing system: embrace the new economy
1. From the chaotic era of the “Four Meetings” to the unification of the Stock Exchange
01 “Four Meetings Standing Together”
Hong Kong is located on the international waterway leading to Europe and is the only place to go to Southeast Asia, Australia and other places. Soon after the opening of the port, commerce began to flourish, and small fishing villages developed into a mixed trade between China and the West. Entrepot. Merchants gathered to issue stocks to raise funds for the financial concept of business development, which was also introduced from Europe to Hong Kong. At that time, stock trading was mainly through face-to-face bargaining, and there was no fixed centralized trading venue.
On February 3, 1891, 21 stockbrokers in Hong Kong jointly established the “Hong Kong Stock Brokers Association”, which began to regulate the stock trading time, commission, settlement time and stock price reports, marking the official emergence of the Hong Kong stock market .
To become a member of the Hong Kong Stock Brokers Association at that time, the requirements were very high. First, you have to open an account with HSBC Bank(At that time, it was very difficult to open an account with HSBC, and it required a special referrer and financial resources). At the same time, the broker People must have a good reputation. Therefore, when the Hong Kong Stock Brokers Association was established, there were only 20 or 30 members, and most of them were British.
In 1921, Hong Kong’s second stock exchange “Hong Kong Securities Brokers Association” was established. After a period of parallel operation, the two exchanges merged on March 1, 1947 and renamed “Hong Kong Stock Exchange Limited”, which was later known as “Hong Kong Club”.
At that time, most of the stock transactions in Hong Kong were completed through the Hong Kong Association. However, due to the low degree of development of the stock market, Hong Kong stocks have not yet become the main channel for corporate financing at this stage. Listed companies are mainly foreign companies Most of the participating members are also foreigners.
Late 60s