Chinese securities firms "国际" International Financial Center

China Fund reporter Mo Lin Cao Wenzheng

Hong Kong securities trading has a long history and has been more than 130 years. It is one of the global financial centers.

In 1991, China Everbright Securities (Hong Kong) Co., Ltd., the first Chinese securities firm, landed in Hong Kong. At present, 138 Chinese -funded institutions have exhibited the industry in Hong Kong. After several financial turbulence washing, Chinese -funded institutions firmly grasped the historical opportunities of the continuous deepening of China's capital market reform, grew into the mainstay of the Hong Kong securities industry, and set to the center of the global financial stage.

2008 became

The "watershed" of the development of Chinese securities firms

From the perspective of witnessed a number of senior industries who have witnessed the 30 -year development of Chinese -funded institutions, the global financial crisis in 2008 can be regarded as the watershed of the development of Chinese securities firms in Hong Kong.

In 1997, the Asian financial turmoil hit Hong Kong. The Hong Kong securities firms with the title of "King of Red Chips" fell down. The European and American investment banks such as JP Morgan and Meilin took the opportunity to enter the Hong Kong market.

Around 2004, in the mainland stock market bear market, many blue chip stocks could not be listed, so they turned to Hong Kong. While the number and scale of mainland companies go public in Hong Kong, they also bring unlimited opportunities for Chinese securities firms.

At this moment, in 2005, under the framework of CEPA (that is, the "Arrangement of the Mainland and Hong Kong on Establishing Closer Economic and Trade Relations") Supplementary Agreement III, mainland innovation brokers were allowed to set up branches overseas, and the China Securities Regulatory Commission was being allowed to be established overseas, and the China Securities Regulatory Commission was by the China Securities Regulatory Commission. Approve. Hong Kong has become the first stop for Chinese securities firms to go to the world. A large number of Chinese -funded securities firms such as CITIC Securities International, Haitong International, and Galaxy International have been established after 2005.

With the spring breeze of mainland companies to go public in Hong Kong, mainland brokers have begun to "test water" in Hong Kong. "From Hong Kong to the period before the 2008 global financial crisis, it is the fastest expansion in the Hong Kong stock market. Most of the listed companies are in the Mainland state -owned enterprises, but the underwriting team is mainly foreign capital. BOC International as a minority at that time as a minority energy at that time. At the same time, Chinese investment banks, which have carried out securities business of the two places, participated in most projects, but overall the number of Chinese -funded brokers in Hong Kong, and the underwriting force is weak. "Li Tong, CEO of BOC International, has a deep understanding of this.

In 2008, the US subprime mortgage crisis triggered a global financial tsunami. European and American investment banks evacuated a large number of manpower and funds from the Hong Kong market, and made room for the development of Chinese securities firms.

In the past ten years, QDII, Shenzhen -Shanghai -Hong Kong Stock Connect and other systems have been launched. The Chinese capital market has opened two -way market, allowing Chinese securities firms, which are familiar with China's capital market, to develop fast lanes. Through the acquisition of Hong Kong local securities firms, it has expanded comprehensive financial services such as brokerage, wealth management, asset management, and derivatives business other than investment banks, occupying half of the capital market in Hong Kong's capital market.

Wind data shows that in 2021, 97 new shares were listed in the Hong Kong stock market, and a total of HK $ 331.4 billion was raised. Among them, 29 Chinese brokers were exclusively sponsors, and 35 Chinese and foreign investment banks joined hands with sponsors.

Take the "Interconnection" Express

Chinese securities firms drove towards the blue ocean

In December 2017, the Hong Kong Stock Exchange established the largest reform direction since the listing of H shares in 1993. It allows new economic companies with different voting rights architectures and unsuccessful biotechnology companies to go public in Hong Kong to relax different voting that have been listed in the international market. The power architecture enterprise came to Hong Kong for the second time. Since then, emerging Internet technology companies such as Alibaba, Netease, JD Group, Kuaishou, Baidu, Bilibili have been listed in Hong Kong. This measure not only provides more convenient channels for the growth bonus of high -tech and high -quality Internet companies for investors in the Mainland, but also pushes Chinese -funded securities firms in Hong Kong to a new peak -Bidam International Investment Bank.

In 2021, 7 Chinese -funded securities firms ranked among the top ten Chinese IPOs in the world. Among them, CICC ranks first with the scale of underwriting of $ 2.165 billion. Among the 618 IPO projects in 2021, Chinese brokers accounted for more than 60 % of the underwriters.

The performance of Chinese securities firms in the bond market is also remarkable. In 2021, the Chinese -funded overseas debt rankings, Chinese securities firms accounted for four seats in the top ten; CICC ranked first with the absolute advantage of $ 9.323 billion and a 5.31%market share.

At the same time as the investment banking business compares the International Investment Bank, the self -operated business of Chinese securities firms has gradually become another large -profit growth point after taking the "interconnection of the Mainland and the Hong Kong Capital Market". According to the incomplete statistics of reporters, under the mechanism of Shanghai and Shenzhen and Hong Kong -connected mechanisms, Mainland funds bring more than 2.3 trillion Hong Kong dollars of net inflows to the Hong Kong stock market through southward transactions; Flow.

Thanks to the continuous deepening of the regression and interconnection mechanism of China stocks. In the past five years, the overseas market investment banking business of the top ten securities firms in the Mainland has sprayed, and its own business has flourished. 87%of high growth.

Go out of the road of international development

The wings of the Chinese securities firms are gradually plump, forming the situation of "two major factions of banks and securities firms", relying on their own capabilities to develop the road of international development. For example, CITIC Securities has completed the full -license layout of 16 capital markets around the world by acquiring foreign investment banks such as Hong Kong.

Banking brokers pay more attention to building their own cross -border full -featured business architecture worldwide. Taking BOC International as an example, in 2002, BOC International obtained the domestic securities business license and established BOC Securities. At the same time, BOC International has gradually set up branches in international financial centers in Europe, the United States and Asia. The Hong Kong subsidiary of the brokerage firm is even more prominent. They extend their two paths in international business: capital investment business and capital market intermediary business. Capital investment business mainly depends on investment in the fields of equity, debt, derivatives and other fields. The core of the capital market intermediary business as the core, providing customers with comprehensive capital market intermediary services such as hedging, funding, derivatives such as hedging, funding, and derivatives by creating high -level equity and solid -income products. The impact is relatively small. For example, the total assets of CICC Hong Kong rose 22%in 2021, and Huatai International's total assets increased by 50%year -on -year.

Development opportunities and challenges coexist

The internationalization of Chinese brokers has achieved phased results, but compared with international first -class investment banks, domestic brokerage companies still have more room for development in overseas business expansion.

Li Tong believes that the 25th anniversary of the return of Hong Kong's return to the motherland is a new starting point for Chinese securities firms to develop in Hong Kong. In the past 25 years, Chinese securities firms have opened an international perspective in Hong Kong, basically stabilized the heels, and relying on mainland corporate customer resources in Hong Kong underwriting business. In the future, the business goal of Chinese securities firms in Hong Kong should be to promote high -level international construction, and strive to develop into an internationally -leading investment bank that can compete with the United States and Europe in the global financial market. Faced with a more complex environment, Chinese securities firms develop opportunities and challenges in Hong Kong, but the overall opportunity is greater than the challenge.

As the first Chinese -funded overseas investment bank, BOC International said that the asset management business is the focus of the current international financial business, which is conducive to the unique advantages of Hong Kong in the capital market in China Unicom. In the future, it is necessary to further increase financial cooperation between Hong Kong and the Mainland, enrich and expand interconnection content, such as considering incorporating "second -time listing" enterprises into Hong Kong stocks, exploring the pilot scope of "cross -border wealth management" from the Greater Bay Area to the Mainland more Multi -cities and so on.

It is hoped that through business transformation to complete the self -iterative head of Chinese -funded securities firms, as the "leader" of Chinese financial institutions, it also focuses on how to consolidate and improve the status of Hong Kong's international financial center.

Huang Yan, a member of the Haitong International Executive Committee and co -chairman of the investment bank business, said that Hong Kong plays an important role in accelerating the construction of green financial centers, providing green international certification services, and Unicom's domestic and foreign green investment and financing needs. Chinese securities firms can help Mainland companies issue green bonds and obtain green financing in Hong Kong. They can also understand and participate in the international green standard certification process. At the same time, it also provides financial support for the green low -carbon transformation of the country and Hong Kong.

Xingzhi International pointed out that the development of Hong Kong business must fully cater to the development direction of the times and increase investment in fintech, including integrated and systematic information development, cross -border payment technology solutions, etc., and improve Hong Kong's financial efficiency through science and technology empowerment. And market position, more efficiently promote business development and improve the ability to prevent compliance risk control more effectively, lead the international business innovation and help cross -border management and control capabilities with science and technology.

Faced with the times of the construction of the "Belt and Road" and the construction of the Guangdong -Hong Kong -Macao Greater Bay Area, Chang Yu, chief executive officer of Galaxy International, said that he will continue to be based on Hong Kong, deeply cultivate Asia, and look at the world. The deepening development of the Hong Kong International Financial Center has moved towards the next glory for 25 years with the Hong Kong capital market.

Edit: Captain

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