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A History of Chinese Companies Listing in Hong Kong and Its Implications for the Future

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Abstract:

This article presents a history of Chinese companies listing on the Stock Exchange of Hong Kong. The historical perspective reveals a number of important facts. First, the birth of H-share companies is a political result rather than a private initiative. Secondly, the "bonding" strategy is an important reason that explains why Chinese companies list in Hong Kong, but it is far from the whole story. Thirdly, listing in Hong Kong serves different purposes at different historical periods incidental to the Chinese government's policy towards the construction of the domestic capital market. Most importantly, by examining the history of H-share companies, the article proposes that the current policy to expand the scope of the domestic capital market would seriously affect the number of H-share companies in the foreseeable future. Overall, government policy dictates the pattern of Chinese companies listing in Hong Kong.

Document Type: Research Article

DOI: http://dx.doi.org/10.5235/147359711795344118

Publication date: April 1, 2011

More about this publication?
  • The Journal of Corporate Law Studies provides a forum for scholarship on corporate, securities and financial law broadly construed. Thus the Journal publishes articles on subjects as diverse as insolvency and the commercial conflict of laws, in addition to mainstream topics such as directors' duties and financial regulation. The Journal also embraces interdisciplinary work and work in cognate fields.Articles published in the Journal are subject to rigorous peer review. Shorter articles and notes are refereed where appropriate.
    The Journal is published twice a year in June and October.
    The journal will be of interest to academics and practitioners specialising in any of the subjects covered, and also to those with an interest in the strategic direction of the law and the influences which affect it - thus regulators, law and policy-makers, and the judiciary.
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