ENG-1973 — Page 74

FINANCIAL STRUCTURE

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The Stock Exchanges Control Ordinance 1973 imposed heavy penalties on anyone operating a stock market which was not recognised under the ordinance, and had the effect of preventing any more stock exchanges being established.

The role played by the stock exchanges in the daily economic life of Hong Kong has increased significantly in the last few years. The heavy demand for shares up to the end of March 1973 prompted a marked increase in the number of companies listed on the exchanges. During the year, there were 53 public offers and 48 place- ments of shares, and at the end of the year the shares of 296 companies were listed on the stock exchanges.

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