The Hong Kong Exchanges and Clearing Limited (HKEX) yesterday launched its 25th-anniversary celebrations with the "HKEX Gong Tour." Chairman Carlson Tong and CEO Bonnie Chan inaugurated the event, with a special vehicle carrying the iconic listing gong set to travel across Hong Kong from today (June 20) until July 3.
Mainland firms drive HKEX growth
Tong noted that over the past 25 years, mainland companies listed in Hong Kong have significantly contributed to the local market. The "Connect Hub" programs have also created a win-win situation for both the mainland and Hong Kong capital markets. The number of listed companies in Hong Kong has surged from 790 in 2000 to over 2,600 today, with mainland firms now accounting for about 81% of the total market capitalization, reflecting HKEX's success in capitalizing on China's economic growth.
Tong emphasized that HKEX, alongside market stakeholders, has built a resilient and dynamic financial hub over the past quarter-century. The "Connect Hub" schemes have strengthened ties between China and global markets, reinforcing Hong Kong's role as a "super-connector" linking China, Asia, and emerging capital and innovative enterprises worldwide.
To further this mission, HKEX will focus on improving market infrastructure, expanding its product ecosystem, and leveraging technology to enhance efficiency. It will also work to attract more international investors, facilitate green transformation opportunities, and deepen connections between global capital and innovation.
Pioneering the first mainland listings
In a blog post, Tong reminisced about Hong Kong's economic rise since the 1980s, transforming from a manufacturing hub into a global financial center and a critical bridge between China and the world. He recalled his involvement in the early 1990s preparations for the first mainland companies to list in Hong Kong — a groundbreaking move fraught with challenges. Hundreds of accountants and consultants worked tirelessly, "crossing the river by feeling the stones," to make it happen.
The effort paid off: the first mainland IPO in Hong Kong was oversubscribed 374 times, marking the start of a new era. This success paved the way for the H-share mechanism in 1993 and later the "Connect Hub" programs, fueling Hong Kong's capital market growth and connecting global investors with China's opportunities.
Since 2000, the number of listed companies in Hong Kong has more than tripled, with mainland firms now dominating 81% of the market cap.
Evolution and resilience
Hong Kong's securities trading dates back to the mid-19th century. A major reform in 2000 merged the Stock Exchange, Futures Exchange, and Clearing House into HKEX, which then listed on its exchange on June 27 that year.
Over the past 25 years, HKEX has refined its listing regime. During Tong's tenure as SFC chairman, the regulator introduced proactive supervision, established cooperation with mainland authorities, and approved the "Connect Hub" programs. Subsequent reforms, such as allowing dual-class shares and pre-revenue biotech listings, have made Hong Kong a top fundraising hub for new-economy and biotech firms, a global offshore RMB center, and a leading Asian asset management hub.
Despite challenges—financial crises, geopolitical shifts, and tech disruptions—HKEX has demonstrated resilience, adapting to market trends and fortifying Hong Kong's status as a robust international financial center.
Future Focus
Looking ahead, HKEX will actively seek new capital from the Middle East and Southeast Asia, support tech and green innovation firms in accessing funding, and enhance ESG standards through its regulatory role to promote sustainable development.
Tong expressed pride in HKEX's achievements over the past 25 years and optimism for the future. He believes that fostering China-global market connectivity, advancing RMB internationalization, and supporting mainland market development will continue to present boundless opportunities for HKEX.
(Source: Wen Wei Po; Journalist: Chow Siu-kei; English Editor: Darius)
Related News:
LME metal warehouses continue to drive development of multiple industries in HK to create 1,000 jobs
Comment