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Hong Kong Exchanges and Clearing Limited (HKEX) and the People’s Government of Shandong Province (Shandong Provincial Government) have signed a Memorandum of Understanding (MOU) to strengthen communication and cooperation, aiming to support and promote future developments in both capital and commodities markets.
The MOU was signed by Li Gang, HKEX’s Co-head of Market Development, and Ge Zhiqiang, Deputy Director of the Shandong Financial Services Office, at a ceremony held in Jinan, Shandong Province. Deputy Shandong Governor Zhang Wufeng, HKEX Chief Executive Charles Li, and other senior executives from HKEX and the Shandong Provincial Government witnessed the signing.
HKEX and the Shandong Financial Services Office also co-hosted a conference today to introduce Hong Kong’s financial market and HKEX. Over 100 representatives from local financial services offices and Shandong-based enterprises joined the event.
In his opening remarks, Mr Zhang said:
Shandong should make use of the opportunities offered by the MOU to deepen its cooperation with HKEX. Shandong enterprises should also strengthen their cooperation with HKEX and other Hong Kong financial intermediaries, to develop a better understanding of the international capital markets and to gain the confidence to raise capital in Hong Kong.”
HKEX Chief Executive Charles Li in his remarks at the conference, added:
HKEX aims to work closely with Shandong’s government, financial institutions and warehouse companies to support the further growth of the province’s physical economy through opportunities in spot commodity trading and the internationalisation of warehousing.”
There were also presentations by HKEX’s Chief China Economist Ba Shusong, Co-head of Market Development Li Gang and Head of Mainland Affairs Mao Zhirong on the development of asset management in the Mainland, update of the Stock Connect programme and HKEX’s spot commodities strategy.
Guo Shuqing, Governor of Shandong Province, met with Charles Li separately to exchange views on further boosting cooperation between Shandong and Hong Kong, especially in financial sector.
Shandong’s Tsingtao Brewery, the first H-share company, has been listed in Hong Kong since 1993. As at 31 August 2016, there were 980 Hong Kong-listed Mainland enterprises and they accounted for 64 per cent of market capitalisation as well as 71 per cent of equity turnover.