21st Century Business Herald Profile reporter Zhang Weize Hong Kong report
Due to the disturbance of Fed's interest rate hikes and geopolitics, the Hong Kong stock market was under pressure in 2023. The Hang Seng Index fell to the low position in the past ten years.Essence
Poor changes.Looking back on 2023, the Hong Kong Stock Exchange launched a series of new projects and reforms, including interconnection, reform of the listing rules, and expanding foreign exchanges and cooperation, hoping to enhance the attractiveness of the Hong Kong market to financing companies and investors.
PricewaterhouseCoopers Hong Kong issued a new stock market in 2024. It is expected that 80 companies in Hong Kong will be listed throughout the year, and the total fund -raising amount is expected to exceed 100 billion Hong Kong dollars.In 2024, Hong Kong may have three companies with a total amount of more than 10 billion Hong Kong dollars listed, with an average fundraising of about 15 billion Hong Kong dollars, mainly for retail consumption and logistics companies.Jaipur Stock
French Foreign Trade Bank Asia -Pacific senior economist Wu Zhuoyin told a reporter from the 21st Century Business Herald that as the Federal Reserve is expected to start rate cuts in 2024, the global capital market, including Hong Kong stocks, will benefit.The liquidity of global currency will be improved, and the valuation of Hong Kong stocks will be fixed.At the same time, Wu Zhuoyin pointed out that some reform measures promoted by Hong Kong stocks in 2023 will have a certain positive impact on the market in 2024.recovery.
The market reform of the Hong Kong Stock Exchange is constantly advancing
In March 2023, the Hong Kong Stock Exchange launched a special science and technology company listing mechanism and added a chapter 18C in the "Main Board Listing Rules" to allow income -free and profitable technology companies to come to Hong Kong to go public.This is the biggest adjustment since 2018.
However, it seems that the 18C reform takes time to digest. In 2023, only a black sesame intelligent company has applied for listing through new regulations.Huang Weibang, a co -supervisor of PwC Hong Kong corporate customers, said that many special science and technology companies have potential and have attracted much attention from the market.With the changes in interest rates, Chinese stocks and technology companies (in the form of special specialty) will be listed in Hong Kong after the valuation is heated, which will help the capital market to stabilize and boost market confidence.PricewaterhouseCoopers predicts that 3 to 5 new special science and technology shares will be listed this year, with an average of more than 1 billion Hong Kong dollars.
In addition to the continuous update of listing rules, the Hong Kong GEM board, which has been criticized by the market, has also begun to promote reform.
The listing reform of GEM board came into effect on January 1 this year.The main new regulations include the launch of a new "simplified transition mechanism" in GEM; new "market value/income/research and development test" (new qualification test); GEM issuer controlling shareholder's shared ban on sale after listing, which is currently 24 "currentlyThe monthly shortened to 12 months; the regulations for the cancellation of the mandatory quarterly report.
PricewaterhouseCoopers Hong Kong predicts that under the new regulations, GEM board will be expected to usher in 3 to 5 to the market this year, achieving the first ice break since 2021.
Chen Zhihua, president of the Hong Kong Securities and Futures Federation, said that after the reform of the GEM board, it may not attract a large number of new shares to list in the short term, and the Hong Kong Stock Exchange should relax the relevant threshold.However, although the new measures may not have an immediate effect on the IPO market, the long -term helps to stabilize the entire listing ecosystem.If more IPO projects are listed through GEM in the future, the participation of different markets in the market will increase, which will benefit the overall industrial chain.
Give play to the role of "super contact"
As a "super contact person", Hong Kong is constantly exploring in foreign exchanges and interconnection with the Mainland.
In 2023, the Hong Kong Exchange signed a memorandum of cooperation with the Beijing Stock Exchange, the Indonesian Stock Exchange and the Saudi Stock Exchange Group to explore the development of mutual listing and common product development.To capture development opportunities.The Indonesian Stock Exchange and the Saudi Exchange have also been included in the list of recognition stock exchanges on the Hong Kong Stock ExchangeChennai Stock. Its listed companies can apply for a second listing on Hong Kong.At the end of 2023, the first ETF of the Asia -Pacific region to track Saudi Arabia stocks, enhance the connection between Hong Kong stocks and the global market, and provide investors with more investment options.
At the same time, the interconnection mechanism of the Hong Kong Exchange has been continuously upgraded and optimized. Related measures include a maximum of 10 new trading days in the year, adding more than 1,000 target stocks in Shanghai and Shenzhen Stocks, and launching "Northbound Exchange" to participate in Mainland banksThe financial derivatives market and foreign companies are included in the Hong Kong Stock Connect.In addition, during the period of the Hong Kong Exchange, the exchanges and Hong Kong dollars-RMB dual counter models have been launched, which has consolidated Hong Kong's position as the leading offshore RMB center.At the same time, this year's upcoming Indian government bond futures and A50 options products are also expected to further enhance Hong Kong's role as a global offshore RMB business hub.Pune Stock
Wu Zhuoyin said that the introduction of Indian Treasury Futures and Saudi ETFs can bring different enterprises and investment targets to Hong Kong stocks, effectively enriching Hong Kong's investment categories, and highlighting the international nature of the Hong Kong financial market.Exchange with the international market and the Indian market has given Hong Kong's financial markets with sufficient US dollar and RMB financing channels at the same time, which will be attractive to enterprises.
The Hong Kong Special Administrative Region Government actively responds to market calls
In addition to the reform of the Hong Kong Stock Exchange, the Hong Kong Special Administrative Region Government also actively responded to market calls and launched a series of measures to promote the development of the capital market in Hong Kong.
In response to the liquidity of the Hong Kong stock market, on November 15, 2023, the Legislative Council of the Hong Kong Special Administrative Region Government passed the "2023 Printing Tax (Amendment) (Draft of Securities Transfer) Regulations" to reduce the stamp tax rate of Hong Kong stock transactions from 0.13%to 0.1%, and and and 0.1%, and and 0.1%, and and 0.1%, and and 0.1%, and and 0.1%, and of 0.1%, and 0.1%, and 0.1%, and 0.1%, and 0.1,It will take effect on November 17, 2023.
In order to bring more new funds to the Hong Kong market, on December 19, 2023, Xu Zhengyu, director of the Financial Affairs and Treasury Bureau of the Hong Kong Special Administrative Region, announced the "New Capital Investor Entry Plan".According to the plan, the qualified applicant must invest in Hong Kong 30 million or more Hong Kong dollars in Hong Kong within two years before the application. The planned target will be launched and accepted in mid -2024.
Xu Zhengyu predicts that the new plan can bring 120 billion Hong Kong dollars new funds in Hong Kong.The new plan will help consolidate Hong Kong's assets and wealth management hubs and attract more new funds to settle in Hong Kong.
Wu Zhuoyin believes that the "New Capital Investor Entry Plan" will attract related investors, and these investors will bring more funds to the Hong Kong financial market.However, he pointed out that related funds may be concentrated in asset categories with low risk factor such as deposit certificates and bonds, and the stimulus of the stock market may be relatively limited.
Chen Zhihua pointed out that if the new year wants to activate the stock market, the government must cooperate with a series of combined fists, including the effectiveness of monitoring stock stamp duty; add more investment categories for investment immigration plans; actively promote the financial supervision and cooperation between Hong Kong and Islamic countries,Promote the development of Islamic Finance in Hong Kong.Only in this way can the Hong Kong capital market develop steadily.
(Intern Guan Huang Yiyi also contributed)
(Edit: Li Yanxia)Kanpur Wealth Management
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