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Last updated at: (Beijing Time) Tuesday, November 18, 2003

Mainland firms finance 753B HK dollars in HK

Enterprises from the Chinese mainland have financed 753 billion HK dollars in the Hong Kong capital market over the past decade, accounting for 51 percent of the total in the period.


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Enterprises from the Chinese mainland have financed 753 billion HK dollars in the Hong Kong capital market over the past decade, accounting for 51 percent of the total in the period.

The figures were released at an ongoing forum on the past and future development of Hong Kong-listed mainland enterprises in thepast decade.

Charles Lee Yem-kwong, chairman of the board of the Hong Kong Stock Exchange, said at the opening ceremony that 247 mainland enterprises have been listed in Hong Kong in the past ten years, achieving a market value of 1.44 trillion HK dollars, or 28 percent of the total Hong Kong market value.

The first domestic enterprise was listed in Hong Kong as H share in 1993, marking an overture to the large-scale fundraising of mainland companies in Hong Kong securities market.

The turnover of mainland enterprises had reached 758.5 billion HK dollars, 38 percent of the total turnover, in the first ten months of this year in the Hong Kong stock market.

"It also benefits Hong Kong," Lee said. Hong Kong's stock market has become diverse with increasing inland companies enhancing its attractiveness and influence.

Henry Tang Ying-yen, financial secretary of the Hong Kong Special Administration Region, said Hong Kong provided a platform of international financing for the whole Chinese economy.

He expected more comprehensive, prosperous and closer relationship between the Chinese mainland and Hong Kong.

Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), said mainland enterprises have improved the transparency of their operation and optimized their capital structure after being listed overseas.

China will stick to the policy of encouraging domestic enterprises, state-owned or private, to be listed overseas, he said.

The CSRC will push talks with the Hong Kong Stock Exchange (HKSE) and Hong Kong Securities Regulatory Commission (HKSRC) to create a more favorable environment for domestic enterprises to expand the cooperation.

The forum is jointly sponsored by HKSE, CSRC and HKSRC.


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