Record year for SAR listings | SCMP

Hong Kong Exchanges and Clearing (HKEx) has reported a record year for new listings and improved its ranking to become the world's ninth-largest stock market.

However, the record listings and elevation from No 10 in the world have failed to lift market turnover, which has slipped 18 per cent this year.

The quiet market has forced the exchange to delay or scrap many of its plans, such as extended trading hours and cross-border trading with London, and to re-consider removal of the minimum brokerage commission.

HKEx chief executive Kwong Ki-chi said the record listings were due to the high demand by mainland companies to raise funds in Hong Kong.

"Mainland state and privately-owned enterprises have an urgent need to raise funds through listings to expand their businesses," he said.

"Many of them want to come to Hong Kong as it can be easier to tap international investors' money in the SAR than listing on a mainland stock exchange." more