HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEx), Shanghai Stock Exchange (SHSE) and Shenzhen Stock Exchange (SZSE) signed an agreement yesterday (Thursday) to establish a joint venture (JV) in Hong Kong with an aim to develop financial index-linked and equity derivative products, such as exchange-traded funds(ETF) and related services. The Joint Venture will have an initial paid-up capital of HK$300 million, with HKEx, SHSE and SZSE each contributing HK$100 million (US$12.9 million).
The new company will develop a series of benchmark stock indexes covering big Chinese companies listed on the three exchanges based on products that can be traded on all three exchanges and are expected to be launched by year end. By the way, dozens of Hong Kong-listed Chinese companies, known as H shares, are already listed in Shenzhen or Shanghai with A-share stocks.
Hong Kong Exchanges has been seeking to expand its status as China's international bourse, diversifying beyond stock trading and initial public offerings in recent years.
Hong Kong is a Special Administrative Region (SAR) of China with its own financial system and currency. There has been little cooperation between stock markets in Hong Kong and the mainland until now.
Click on the HKEx website www.hkex.com.hk for more details.
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