Hong Kong Stock Exchange 378691 224548723 2008-07-09T10:34:07Z 212.242.184.153 {{Infobox_Company | | company_name = [[Image:HKEx.gif|100px]]<br>Hong Kong Stock Exchange | company_logo = | company_type = | foundation = 1891 | location_city = [[Central, Hong Kong|Central]] | location_country = [[Hong Kong]] | key_people = | industry = [[Financial Services]] | parent = [[Hong Kong Exchanges and Clearing]] | services = [[Share]] trading | num_employees = | revenue = | homepage = [http://www.hkex.com.hk hkex.com.hk] }}The '''Hong Kong Stock Exchange''' ({{zh-t|t=香港交易所}}, also 港交所; abbreviated as '''HKEX'''; {{sehk|0388}}) is the [[stock exchange]] of [[Hong Kong]]. The exchange has predominantly been the main exchange for Hong Kong where shares of listed companies are traded. It is Asia's second largest stock exchange, behind the [[Tokyo Stock Exchange]]. [[Hong Kong Exchanges and Clearing]] is the holding company for the exchange. ==History== [[Image:HKEX Exhibition Hall 60428.jpg|thumb|200px|Holding Company logo at Exhibition Hall]] The history of the securities exchange began formally in the late 19th century with the first establishment in 1891, though informal securities exchanges have been known to take place since 1861<ref>HKedu. "[http://www.hku.hk/cas/pro_hkstock.html HKU]." ''Hong Kong U.'' Retrieved on [[2007-02-15]].</ref>. The exchange has predominantly been the main exchange for Hong Kong despite co-existing with other exchanges at different point in time. After a series of complex mergers and acquisitions, HKSE remains to be the core. From 1947 to 1969 the exchange monopolized the market. <table cellspacing="3" cellpadding="2" border="0" width="600"> <tr> <td bgcolor="#006600"><table border="0" cellpadding="4" cellspacing="0"><tr> <td bgcolor="#FFFFFF">'''Association of Stockbrokers in Hong Kong''' (Founded 1891)</td> </tr></table> </td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td><center>[[Image:Template CanadianCityGeoLocation South.png]]</center></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td bgcolor="#006600"><table border="0" cellpadding="4" cellspacing="0"><tr> <td bgcolor="#FFFFFF">(1914) Renamed to '''Hong Kong Stock Exchange'''</td> </tr></table> </td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td><center>[[Image:Template CanadianCityGeoLocation South.png]]</center></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td bgcolor="#006600"><table border="0" cellpadding="4" cellspacing="0"><tr> <td bgcolor="#FFFFFF">(1947) A merger is made after [[World War II]] with '''Hong Kong Stock Exchange''' retaining the name</td> </tr></table> </td> <td>[[Image:Template CanadianCityGeoLocation West.png]]</td> <td>'''Hong Kong Stockbrokers Association''' (Founded 1921)</td> <td></td> <td></td> <td></td> </tr> <tr> <td><center>[[Image:Template CanadianCityGeoLocation South.png]]</center></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td bgcolor="#006600"><table border="0" cellpadding="4" cellspacing="0"><tr> <td bgcolor="#FFFFFF">'''Hong Kong Stockholders Association Ltd''' (Founded 1978) allow info sharing between '''HKSE''' and other exchanges</td> </tr></table> </td> <td>[[Image:Template CanadianCityGeoLocation West.png]]</td> <td>'''Far East Exchange Ltd''' (Founded 1969)</td> <td>[[Image:Template CanadianCityGeoLocation West.png]]</td> <td>'''Kam Ngan Stock Exchange Ltd''' (Founded 1971)</td> <td>[[Image:Template CanadianCityGeoLocation West.png]]</td> <td>'''Kowloon Stock Exchange Ltd''' (Founded 1972)</td> </tr> <tr> <td><center>[[Image:Template CanadianCityGeoLocation South.png]]</center></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td bgcolor="#006600"><table border="0" cellpadding="4" cellspacing="0"><tr> <td bgcolor="#FFFFFF">(1986) '''HKSE''' merges with other exchanges and retain the name but also presented as '''Stock Exchange of Hong Kong'''</td> </tr></table> </td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td><center>[[Image:Template CanadianCityGeoLocation South.png]]</center></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td bgcolor="#006600"><table border="0" cellpadding="4" cellspacing="0"><tr> <td bgcolor="#FFFFFF">(2000) '''[[Hong Kong Exchanges and Clearing]]''' becomes the holding company for '''Hong Kong Stock Exchange'''</td> </tr></table> </td> <td>[[Image:Template CanadianCityGeoLocation West.png]]</td> <td>'''Hong Kong Futures Exchange Ltd''' (Founded 1976)</td> <td>[[Image:Template CanadianCityGeoLocation West.png]]</td> <td>'''Hong Kong Securities Clearing Company Ltd''' (Founded 1989)</td> <td></td> <td></td> </tr> </table> ==Business== {{Economy of Hong Kong}} Computers were integrated on April 2, 1986, which has helped modernize the system<ref>HKEX. "[http://www.hkex.com.hk/exchange/history/history.htm HKEX]." ''History of HK exchange.'' Retrieved on [[2007-02-11]].</ref>. In 1993 the exchange launched the "Automatic Order Matching and Execution System" (AMS) that was replaced by the third generation system (AMS/3) in October 2000<ref>ADVFN. "[http://www.advfn.com/StockExchanges/history/HKSE/HongKongStockExchange.html ADVFN]." ''History of the Hong Kong stock exchange.'' Retrieved on [[2007-02-11]].</ref>. Systems as such were added to meet the increased popularity of online Stock trading. Trading Hours: From 10:00am to 12:30pm and from 2:30pm to 4:00pm :(Summer: From 10:00pm to 12:30am and from 2:30am to 4:00am New York time) :(Winter: From 9:00pm to 11:30pm and from 1:30am to 3:00am New York time) ===Regulatory role=== [[David Michael Webb|David Webb]], independent [[non-executive director]] of the Exchange since 2003, has been arguing for a super regulatory authority to assume that role as regulator, as there is inherent conflict between its commercial and regulatory roles. In the meantime, he argues for improved investor representation on the [[Hong Kong Stock Exchange]]. In 2007, the uproar by smaller local stockbrokers over the decision by board of directors to cut minimum [[Bid-offer spread|trading spreads]] for equities and [[warrant (finance)|warrants]] trading at between 25 HK cents and HK$2 caused the new board to vote to reverse the decision. The reforms were to be implemented in the first quarter, but was put back on the table following protests by brokers. Webb criticised the board for caving in to vested interests.<ref>{{cite web | last = Cheung | first = Jackie | title = Plan for tighter spreads dropped | date = February 15, 2007 | publisher = [[The Standard|Hong Kong Standard]] | url=http://www.thestandard.com.hk/news_detail.asp?pp_cat=2&art_id=38391&sid=12232131&con_type=1&d_str=20070215&sear_year=2007 | accessdate = 2007-03-19 }}</ref> ==40 Largest Stocks by Market Capitalisation== <small>''Source: Bloomberg, in billions of Hong Kong dollars, Data updated on [[20 January]] [[2007]]''</small> # [[Industrial and Commercial Bank of China|Industrial & Commercial Bank of China]] - $1,720.49 # [[PetroChina]] - $1,713.23 # [[HSBC|HSBC Holdings]] - $1,654.82 # [[China Mobile]] - $1,411.83 # [[Bank of China]] - $1,175.62 # [[China Life Insurance Company|China Life Insurance]] - $1,114.84 # [[China Construction Bank]] - $1,074.01 # [[Sinopec|Sinopec Corp]] - $769.91 # [[Manulife Financial]] - $404.27 # [[Bank of Communications]] - $392.54 # [[China Shenhua Energy]] - $364.51 # [[Hutchison Whampoa]] - $342.78 # [[China Telecom]] - $317.25 # [[Standard Chartered Bank|Standard Chartered]] - $315.76 # [[CNOOC]] - $290.30 # [[Sun Hung Kai|Sun Hung Kai Properties]] - $249.18 # China Merchants Bank - $245.62 # [[Cheung Kong Holdings]]- $244.12 # [[Ping An of China|Ping An Insurance Group of China]] - $230.77 # [[Bank of China (Hong Kong)|Bank of China (Hong Kong) Holdings]] - $225.73 # [[Hang Seng Bank]] - $215.27 # [[Foxconn|Foxconn International Holdings]] - $171.45 # [[CLP Holdings]] - $140.52 # [[Swire Group|Swire Pacific]] - $136.98 # [[China Communications Construction]] - $128.69 # [[China Unicom]] - $127.27 # [[China Netcom]] - $121.84 # [[MTR Corporation]] - $116.24 # [[Esprit Holdings]] - $98.82 # [[The Hong Kong and China Gas Company Limited|Hong Kong & China Gas]] - $96.29 # [[Henderson Land Development]] - $94.99 # [[Hong Kong Exchanges and Clearing]] - $94.60 # Huaneng Power International - $90.30 # Hutchison Telecommunications International - $89.84 # Hang Lung Properties - $88.23 # [[Sino Group|Sino Land]] - $87.78 # [[Cathay Pacific Airways]] - $84.21 # Aluminium Corp of China - $84.08 # [[Air China]] - $84.02 # [[Li & Fung]] - $82.17 ==See also== * [[Hang Seng Index]] * [[Economy of Hong Kong]] * [[List of Chinese companies]] * [[Companies listed on the Hong Kong Stock Exchange]] * [[List of stock exchanges]] ==References== {{reflist}} ==External links== * [http://www.hkex.com.hk/ Official site] [[Category:Economy of Hong Kong|Stock Exchange]] [[Category:Stock exchanges in Asia]] [[Category:Companies of Hong Kong]] [[Category:Warrants issued in Hong Kong Stock Exchange]] [[de:Hong Kong Stock Exchange]] [[es:Bolsa de Hong Kong]] [[fr:Bourse de Hong Kong]] [[id:Bursa Saham Hong Kong]] [[ja:香港証券取引所]] [[pl:Giełda Papierów Wartościowych w Hongkongu]] [[pt:Bolsa de Valores de Hong Kong]] [[ro:Hong Kong Stock Exchange]] [[ru:Гонконгская фондовая биржа]] [[simple:Hong Kong Stock Exchange]] [[fi:Hongkongin pörssi]] [[vi:Sở giao dịch Hồng Kông]] [[zh:香港交易所]]