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Inland Enterprises Raise Funds of Nearly HK$440bn in Hong Kong
Latest statistics show that China's inland enterprises raised funds of nearly HK$440bn in Hong Kong last year, this move once again proves that Hong Kong is the international capital market and financing center for inland businesses.
Of the total capital of HK$460 billion raised by the securities markets in Hong Kong last year, about HK$343 billionn was via H-share and red-chip and another HK$132 billion via new stocks, among which 73 percent (about HK$96.7 billion) was raised by China's inland enterprises. So these enterprises raised funds of nearly HK$440bn last year.
Altogether eight red-chip State-owned enterprises went listed in Hong Kong. Of these enterprises, three H-share and two red-chip ones raised money of HK$96 billion in HK main board, and three H-share ones raised money of HK$700 million.
Experts have anticipated that more State-owned enterprises, especially some key enterprises such as Bank of China, China Telecom, and China National Offshore Oil Corp., will list in Hong Kong this year.
Hong Kong has become a major window for China's inland enterprises to raise money. According to professionals, between 1993-99, the total capital raised by Chinese inland enterprises in Hong Kong exceeded HK$280 billion, accounting for over 80 percent of the total money raised by China's inland enterprises abroad. Meanwhile, Hong Kong has provided a largest circulation capital for these inland listed enterprises. Currently, H-share and red-chips have attained over 1/4 of the stock market value and turnover in Hong Kong's stock market.
By PD Online staff member Huang Ying
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