WEDNESDAY, JUNE 23, 1993
HK TO PLAY KEY SERVICE ROLE FOR CHINA * * * * *
THE LISTING OF CHINESE COMPANIES ON THE HONG KONG STOCK EXCHANGE SHOWS THAT HONG KONG IS BEGINNING TO PLAY A KEY SERVICE ROLE FOR CHINA.
THIS WAS STATED BY THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, WHEN HE ADDRESSED A LUNCHEON HOSTED BY THE HONG KONG ASSOCIATION LONDON THIS (WEDNESDAY, LONDON TIME) AFTERNOON.
IN
THE SECURITIES AND FUTURES COMMISSION AND THE HONG KONG STOCK EXCHANGE AND THEIR COUNTERPARTS IN BEIJING LAST SUNDAY SIGNED A MEMORANDUM OF REGULATORY CO-OPERATION WHICH ENABLES CHINESE HONG KONG STOCK
STATE-OWNED EXCHANGE.
CORPORATIONS ΤΟ BE FLOATED ON THE
MR MACLEOD NOTED THAT THE LISTING OF THESE COMPANIES ON THE EXCHANGE WOULD NOT WEAKEN HONG KONG'S LISTING RULES AS THEY WOULD MEET FULLY HONG KONG'S LISTING REQUIREMENTS.
HE STRESSED THAT THERE WAS NOT A BACKDOOR OR SIDE DOOR OF GETTING IN.
THE FINANCIAL SECRETARY SAID WHAT WAS GOING ON AT THE MOMENT WAS PRECISELY THAT THOSE COMPANIES, WITH THE HELP OF INTERNATIONAL FIRMS OF ACCOUNTANTS, WERE 'PUTTING THEIR ACCOUNTS INTO A FORM WHICH WAS RECOGNISABLE TO INVESTORS.
HE SAID THE LISTING WOULD HAVE AN ENORMOUS BUSINESS OF THE HONG KONG STOCK EXCHANGE.
EFFECT ON THE
IT WOULD ALSO STRENGTHEN HONG KONG'S ROLE AS AN INTERNATIONAL FINANCIAL CENTRE, HE SAID.
11
"THIS IS JUST ONE CURRENT AND MAJOR EXAMPLE OF THE SPIN-OFFS FROM HONG KONG'S EVER EXPANDING ECONOMIC RELATIONSHIP WITH CHINA, HE SAID.
MR MACLEOD STRESSED THAT THE WORLD WAS EXTREMELY INTERESTED IN HOW TO INVEST IN CHINA BUT THERE WERE VERY FEW VEHICLES FOR THEM то DO SO.
HE POINTED OUT THAT THE CHINESE COMPANIES WHICH SEEK LISTING IN HONG KONG WERE VERY LARGE.
INTENDED TO
IF THE FIRST FEW WERE FOLLOWED BY OTHERS THEN OVER THE YEARS THE HONG KONG STOCK EXCHANGE WOULD BECOME VERY MUCH LARGER AND MORE IMPORTANT, HE ADDED.
TURNING TO THE ECONOMY, MR MACLEOD SAID THE ATMOSPHERE IN HONG KONG WAS BUOYANT AND CONFIDENT.
KONG.
HE SAID IT WAS REMARKABLE HOW CONFIDENCE WAS SUSTAINED IN HONG
/"WE ARE