Just a few days ago, at the press briefing on the listing system reform consultation held at the Hong Kong Stock Exchange, Li Xiaojia, chief executive of the Hong Kong Stock Exchange, excitedly stated that 'after four years of unremitting efforts, the HKEx finally launched a new listing. The system has ushered in an exciting new era in Hong Kong's capital market.
7 major emerging companies can apply for landing on HKEx
Li Xiaojia, chief executive of the Hong Kong Stock Exchange, anticipates that the new rules will be received soon after the implementation of the company's application, 'and the number will certainly not be a single digit, it is likely that more than 10 companies will apply. The fastest is expected From June to July, there will be the first such shares listed on the Hong Kong Stock Exchange.
Hong Kong Financial Secretary Chen Maobo expressed his optimism in his blog on the 29th. It is believed that the first batch of new economic enterprises will soon be listed in Hong Kong. He believes that the new listing system will increase the breadth and depth of the Hong Kong stock market. He said that the implementation of the new listing system was to thank the market participants for their pragmatic discussions and opinions. It also relies on the joint promotion of the Hong Kong Stock Exchange and the Hong Kong Securities Regulatory Commission. He also stressed that the Hong Kong stock market has a mature infrastructure and rigorous Supervision.
Then, which companies are eligible for the newly amended "Listing Rules" and can catch the first bus after this major reform of the Hong Kong market? Some market analysts pointed out that the Hong Kong listing system reform is expected to attract more high-quality emerging industries and technology companies. Listed in Hong Kong to enrich the diversity of the Hong Kong stock market and increase the 'new economy' content of the Hong Kong stock market. It is expected to attract seven industries including artificial intelligence, smart manufacturing, 5G communication technology, chips, new energy vehicles, biomedicine, and the Internet. The company is listed in Hong Kong.
Millet, who will win the first prize?
With the implementation of the newly revised listing system of the Hong Kong Stock Exchange and the acceptance of corporate listing applications, the answer to whether the Xiaomi, Ant Financial and other unicorn enterprises landed on the Hong Kong stock market will soon be revealed.
The market is concerned about whether Xiaomi can become Hong Kong's first listed company with 'shares of different rights'. According to sources, Xiaomi has already engaged Goldman Sachs, Morgan Stanley and CITIC Securities to arrange listing for sponsors. 7.8 billion Hong Kong dollars, or later to expand the underwriting team.
Li Xiaoga, chief executive of the Hong Kong Stock Exchange, said earlier that for Xiaomi, Saudi Aramco and Ant Financial have confidence in choosing Hong Kong for listing. He also mentioned that Saudi Aramco's listing in Hong Kong is only a matter of time, and Xiaomi has not come to Hong Kong. Listing will surprise the market.
Guo Jiayao, the general manager of China Jinyang Asset Management, stated that at present, there are many well-known companies in the world adopting the same rights and different rights structure, such as Google, Facebook, Visa, Mastercard, etc.; In addition, in the mainland's four giants 'BATJ', in New York The listed Baidu, Alibaba and JD.com all use the WVR (weighted voting rights) structure with different shares. He pointed out that Alibaba was originally planned to list in Hong Kong in 2014. However, due to Ali’s requirement to retain the partner system, the then Hong Kong market Without the same-share different rights mechanism that can accommodate the partnership system, Ali finally chose to go public in the United States. He believes that the reform of the listing system of shares with different shares of the Hong Kong market will enhance the competitiveness of Hong Kong's financial markets and further attract more. Many companies listed in Hong Kong, especially new economic companies including biotech companies.
Hong Kong Securities Industry Proposes New Economic Enterprises as soon as possible
As more and more new economic enterprises go to IPOs in Hong Kong, the Hong Kong market will gradually undergo more changes. To this end, a person from the Hong Kong securities industry suggests that the HSI should accept shares of different shares and even allow Its 'stained blue' became a constituent stock of HSI.
According to Zhang Huafeng, a member of the Hong Kong Legislative Council’s financial services industry, he has submitted a submission to HSI, suggesting that the 'Hang Seng Composite Index' should include shares of different shares of the same stock. In the future, shares of different shares of the same stock should be allowed to 'stain blue'. Let the leading shareholder of the same stocks have different rights to the new economic enterprise technology to be among the 'blue chip stocks'.
According to Zhang Huafeng, in order to cooperate with the country in promoting innovative economic development, the financial index must also keep pace with the times. Therefore, HSI should expedite the review and reform of the existing stock selection criteria for all Hang Seng Index Series, allowing new shares with different shares of the same stock to join the index and welcome This wave of unstoppable innovation and technological innovation. He expected that if the same-shares giants can 'stain blue', the trading of related stocks will surely rise significantly. The representativeness of the Hang Seng Index can also be fully reflected and can reflect this. The performance and trading of shares will drive the development of Hong Kong stock market to a higher level and achieve a win-win situation.
He also believes that Hong Kong has more stringent investor protection requirements for listed companies with different rights than the United States (Hong Kong stipulates that the difference in voting rights between AB shares must not exceed 10 times), which helps prevent the management of listed companies from over-promising 'Special interest' shares impair the rights of other investors.