Rebirth capital madman - Chapter 1156

There is another noise, similar to the case of Heung Kong Exchange’s adoption of Gaoxing Technology’s electronic order matching solution, that is, the distribution of shares of Heung Kong Exchange.

The Heungkong Exchange Group, which is being formed, includes the Heungkong Stock Exchange, the Heungkong Futures Exchange, and the clearing house that centrally operates the settlement function.

As Sir High prevents the conversion of the Hong Kong Stock Exchange into a not-for-profit institution, a specific enforcement interpretation in action that still retains the characteristics of a commercial company, unless the Hong Kong Securities Regulatory Commission, after consulting the Hong Kong Monetary Authority, gives written approval, any investment No one can hold 5% or more of the shares of the Hong Kong Stock Exchange, while the Hong Kong Monetary Authority holds 5.88% of the shares and is the largest shareholder.

There are voices who are dissatisfied with this, how can you do such a thing, you are not free.

Yuan Tianfan, vice chairman of the Hong Kong Securities Regulatory Commission, responded briefly. In order to ensure that the Hong Kong securities industry has a stable foundation after the reform, Chase Manhattan, the second largest shareholder of the Hong Kong Stock Exchange, has no opinion. wait, no comments…

Similar to Ma Shiheng’s complaining attitude, Yuan Tianfan’s teasing also left a deep impression on the outside world.

These sights fall into the eyes of supporters, which is naturally a big plus.

In fact, Ma Shiheng and Yuan Tianfan, who have more or less performance elements, are like mirrors in their hearts. Just as Sir Gao said, when you change from a chaser to a leader and stand in the middle of the stage, you will face the test of public criticism, and not yet Certain opponents must be found, and even deep resistance will be faced.

Noises are noises after all. In the process of Gao Xian’s implementation of specific reform measures for the Hong Kong securities industry, these noises only belong to many games of all kinds. buffer space.

In the final analysis, Heung Kong Exchange adopts the electronic matching solution of Hengxing Technology, the share distribution of Heungkong Exchange, and even Yuan Tianfan, Vice Chairman of Heungkong Securities Regulatory Commission, Yi Weiguo, Chairman of Heungkong Exchange, and Ma Shiheng, CEO of Heungkong Exchange. It is said that Gao Xian controls the personnel layout of the “troika” of the securities industry in Hong Kong, which can only mean that Sir Gao has high skills, data, controlling rights, especially personnel arrangements.

It can be said that these murmurs that cannot attack the real key point reflect, to a certain extent, the sense of powerlessness that Sir Gao began to take a series of reform actions in the Hong Kong securities industry.

The Legislative Council of the Hong Kong government controlled by the ghosts spent countless checks and balances during the deliberation process of the “Hong Kong Securities Regulatory Commission Ordinance”. As a result, the hard-working Sir Gao applauded enthusiastically. In terms of specific implementation, there are other brilliant tricks to define The role of the Hong Kong Securities Regulatory Commission and the Hong Kong Stock Exchange places the latter as the front line of regulation.

To this end, the Listing Committee came into being, including twenty-eight members, representatives from investors’ rights and interests, as well as lawyers, accountants, corporate finance advisers, exchange participants and other representatives who appropriately represent listed issuers and market practitioners. Offset the stumbling blocks that the ghosts planted in the framework of the Hong Kong Securities Regulatory Commission.

At the same time, Gao Yi began to take the lead in organizing the establishment of the Hong Kong Securities Association in the circle, and the stated purpose was to enhance the self-discipline of the industry. Based on the origin of Gao Yi and Sir Gao, if there is no meaning of Sir Gao in this, then surely no one will believe it. .

Sure enough, in the industry exchange activities held by Gao Yi, Sir Gao appeared to speak, which immediately attracted people in the industry.

The slogan of enhancing self-discipline in the industry is a bit too glamorous. Based on this alone, it is hard to say how attractive the establishment of the Hong Kong Securities Industry Association is and how much influence it can exert. Maybe Sir Gao can speak, What mystery is revealed.

Sure enough, or to be more precise, it was arranged like this. In the conversation, Sir Gao gave the answer to the real attractiveness of the Hong Kong Securities Association.

“I think everyone is familiar with the Hong Kong Banking Association.” Gao Xian mentioned the Hong Kong Banking Association before talking about the planned establishment of the Hong Kong Securities Association, “For so many years, the Hong Kong Banking Association has been maintaining market deposit interest rates. The orderly enhancement of self-discipline in the industry is remarkable, and this is not a model for the establishment of the Hong Kong Securities Association.”

“If the Hong Kong Securities Association’s self-discipline in the industry is satisfactory, the CSRC should be able to consider the development of over-the-counter transactions that have always existed objectively.” Sir Gao cautiously mentioned the concept of over-the-counter transactions, which made many The attendees were quite surprised.

As a part of the securities market, stock market transactions are not only conducted on exchanges, but can also be conducted at the business counters of securities firms. Even in the United States, where the level of financial development is well known, it is more extensive and of course more dangerous. A piece of looser OTC trading soil is identified as a high-risk investment activity, and the buyer is responsible for it. The OTC transaction mentioned by Gao Xian obviously refers to the relatively standardized over-the-counter transaction.

There are of course many benefits for stock trading in the stock exchange. For example, for ordinary shareholders, the performance of the transaction is guaranteed. If there is a problem with the performance of the contract, the stock exchange will compensate; The unique benefits of trading include that buyers and sellers do not need to trade in accordance with the stock exchange’s centralized market standard contracts, and use special trading conditions negotiated with each other, as they wish.

As the speech went on, Sir Gao’s intention became completely clear. The over-the-counter trading he was referring to turned out to be specifically to attract outstanding stocks from other markets to come to the Hong Kong stock market. He was worried that it would be too troublesome to enter the Hong Kong Stock Exchange. The circle of over-the-counter trading is going around in circles. Anyway, as long as it comes, the cake of Xiangjiang will be big, and you will welcome it with both hands.

“In this way, the Hong Kong Securities Association’s slogan of enhancing self-discipline in the industry is not false. If we really want to develop OTC trading, securities dealers must grasp this level.” the benefits of.

Many heavyweight companies in Asia, including Xiangjiang and Baodao, have arranged for their stocks to be traded over the counter in the United States out of various considerations. Gao Xian wants this model, in a more flexible way, Attract high-quality capital to Hong Kong.

So much so that in Sir Gao’s speech, he more specifically mentioned the development prospects of a mode of operation-depository receipts in Hong Kong.

Roughly speaking, a depositary receipt is an investment bank entrusted by a stock issuing company to issue a type of securities corresponding to its stock in the international securities market. Investors hold a depositary receipt just like holding stocks indirectly, except that the investment bank acts as an intermediary. When the stock issuing company distributes dividends, the investment bank will distribute the dividends to the investors according to the proportion of the certificates held by the investors of the depositary receipts.

“Heung Kong’s advantages as an international financial center are very prominent. Especially for Southeast Asia, as long as you are prepared, you will definitely benefit from this international cooperation mechanism when the Asia-Pacific Economic Cooperation is in operation.” Sir Gao is always so good at using benefits The touching routine makes everyone feel that as long as they participate in the activities attended by Sir Gao, it will be a worthwhile trip.