Hong Kong Exchange Hosted Reception to Celebrate the First China H-Share Listing 30 Years Ago in 1993, Tsingtao Brewery the First H-Share Company to List on 15th July 1993, More than 1,400 China H-Share Companies, Red Chip & Mainland Private Enterprises Listed in Hong Kong at End-July 2023 Representing 77% of Total Hong Kong Exchange $4.7 Trillion Market Capitalization
24th August 2023 | Hong Kong
Hong Kong Exchange (HKEX) has hosted a reception to celebrate the first China H-share listing 30 years ago in 1993, with Tsingtao Brewery the first H-share company to list on Hong Kong Exchange (HKEX) on 15th July 1993. At the end of July 2023, there are more than 1,400 China H-share companies, red chip & mainland private enterprises listed on HKEX, representing 77% of the total Hong Kong Exchange $4.7 trillion (HKD 36.9 trillion) market capitalization. Tsingtao Brewery currently has a market value of $15 billion (24/8/23: HKD 118.25 billion). HKEX: “Tsingtao Brewery was the first H-share company to list in Hong Kong on 15 July 1993. Since then, over 300 H-share listings have followed, with a total of $3 trillion raised. As at the end of July 2023, over 1,400 H-share companies, red chip companies and Mainland private enterprises were listed in Hong Kong, accounting for 77 per cent of the total market capitalisation.” More info below.
“ Hong Kong Exchange Hosted Reception to Celebrate the First China H-Share Listing 30 Years Ago in 1993, Tsingtao Brewery the First H-Share Company to List on 15th July 1993, More than 1,400 China H-Share Companies, Red Chip & Mainland Private Enterprises Listed in Hong Kong at End-July 2023 Representing 77% of Total Hong Kong Exchange Market Capitalization “
H-share – H-share companies are companies incorporated in Mainland China and whose listings in Hong Kong are approved by the China Securities Regulatory Commission (CSRC). Shares in these companies are listed in Hong Kong, subscribed for and traded in Hong Kong dollars or other currencies, and referred to as H shares. After finding its way into the Listing Rules, the term H share has been accepted and is widely used in the market. The letter H stands for Hong Kong. Red chip companies are enterprises that are incorporated outside of the Mainland and are controlled by Mainland Government entities. The most important difference between a red chip company and an H-share company is that a red chip company is not Mainland-incorporated.
Top 5 biggest H-share listings by IPO funds raised:
- Industrial and Commercial Bank of China Ltd (1398) – 27 October 2006 HKD 125 billion / $15.9 billion
- Agricultural Bank of China Ltd (1288) – 16 July 2010 HKD 93.5 billion / $11.9 billion
- Bank of China Ltd (3988) – 1 June 2006 HKD 86.7 billion / $11 billion
- China Construction Bank Corporation (939) – 27 October 2005 HKD 71.6 billion / $9.1 billion
- Postal Savings Bank of China Co., Ltd (1658) – 28 September 2016 HKD 59.2 billion / $7.5 billion
USDHKD based on 24/8/23 for illustration purpose.
30 Years of China & Hong Kong Capital Markets Progress:
- Mid 1991 – Preparatory work of H-share listing began
- 15 July 1993 – First H-share listing Tsingtao Brewery
- 8 August 1994 – Launch of Hang Seng China Enterprise Index (HSCEI) tracking the performance of major H-share securities listed in Hong Kong, which was subsequently restructured to track the overall performance of major H shares, Red-chips and MPEs listed in Hong Kong
- 27 October 2005 – First fully convertible H-share company listed – China Construction Bank Corporation
- 27 October 2006 – First simultaneous listing of H- and A-share – Industrial and Commercial Bank of China Limited
- 17 November 2014 – Launch of Shanghai-Hong Kong Stock Connect, the world’s first mutual market programme
- 5 December 2016 – Launch of Shenzhen-Hong Kong Stock Connect
- 3 July 2017 – Launch of Bond Connect
- 4 July 2022 – Introduction of ETFs into Stock Connect
- 15 May 2023 – Launch of Swap Connect, the first derivatives clearing platform between Mainland China and Hong Kong
HKEX Chairman, Laura M Cha: “The first H-share listing was a foundational event in the history of Hong Kong’s markets. It marked the beginning of a journey that has redefined global capital markets and spawned three decades of Connect initiatives and market development that have connected China and the world. I am extremely proud to have played a part in the design and launch of the H-share framework and to have had the privilege of witnessing the significant impact it has had on the region’s growth, facilitating vital capital raising, enhancing the international visibility of Chinese companies and supporting the continued evolution of good corporate governance in capital markets. My thanks to everyone at HKEX, those in the financial community in Hong Kong and our valued partners on the Mainland, as together we celebrate three decades of connectivity and look forward, excitedly, to the next 30 years!”
HKEX Chief Executive Officer, Nicolas Aguzin: “Today, Hong Kong’s role as a superconnector is more relevant than ever. Building on 30 years of connectivity that started with the H-share, HKEX continues to be resolute in its commitment to continuously enhancing the competitiveness, attractiveness, efficiency and transparency of its markets. The recent expansions to the Stock Connect programme are examples of this, helping to further cement Hong Kong’s role as one of the world’s leading IFCs and bringing issuers and investors around the world together to capture opportunities. Looking to the future, HKEX will continue to drive forward its businesses and markets, fully reinforcing its unique role as East-West connector and supporting the long-term sustainable growth of the region. My congratulations to everyone today who has played a role in Hong Kong’s unique and continuing journey of connectivity.”
Hong Kong Exchange Hosted Reception to Celebrate the First China H-Share Listing 30 Years Ago in 1993, Tsingtao Brewery the First H-Share Company to List on 15th July 1993, More than 1,400 China H-Share Companies, Red Chip & Mainland Private Enterprises Listed in Hong Kong at End-July 2023 Representing 77% of Total Hong Kong Exchange $4.7 Trillion Market Capitalization
22nd August 2023 – Hong Kong Exchanges and Clearing Limited (HKEX) was today (Tuesday) delighted to host a celebratory reception to mark the 30th anniversary of the first H-share listing. This foundational initiative kick-started three decades of market connectivity, cementing Hong Kong’s role as one of the world’s premier international financial markets.
The ceremony was hosted by HKEX Chairman, Laura M Cha and HKEX Chief Executive Officer, Nicolas Aguzin. Hong Kong Financial Secretary, Paul Chan was welcomed as guest of honour, alongside the Chairman of the Securities and Futures Commission (SFC), Tim Lui, and the Vice-Chairman of the China Securities Regulatory Commission (CSRC), Li Chao.
The ceremony was also attended by government officials, regulators and other distinguished guests from across Hong Kong and Mainland China’s financial community, including those that played a significant role in ensuring the early success of the H-share listing framework. Current HKEX staff who worked for the company at the time of the first H-share listing also attended the event.
Tsingtao Brewery was the first H-share company to list in Hong Kong on 15 July 1993. Since then, over 300 H-share listings have followed, with a total of $3 trillion raised. As at the end of July 2023, over 1,400 H-share companies, red chip companies and Mainland private enterprises were listed in Hong Kong, accounting for 77 per cent of the total market capitalisation.
Today, HKEX Chairman Laura M Cha published a blog, reflecting on the launch of the H-share and three decades of connectivity. HKEX has also published a factsheet with relevant statistics on H shares and Hong Kong-Mainland China market connectivity.
About HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets. HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.
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