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Author: Jiangyu Wang Publisher: ISBN: Category : Languages : en Pages : 22
Book Description
- This article examines regulatory cooperation and competition on securities markets development between Hong Kong and Mainland China, focusing on the regulation of listing of PRC firms in Hong Kong, the impact of PRC capital account control on Chinese portfolio investment in Hong Kong, and cross-border cooperation - or the lack thereof - on securities law enforcement.- The relationship of regulatory cooperation and competition between securities markets in Hong Kong Mainland China must be understood in its political context, in particular the special relationship between the two sides under the 'One Country, Two Systems' formula.- Regarding cross-listing of PRC firms in Hong Kong, Hong Kong's better regulatory regime seems to serve as a bonding mechanism for improving corporate governance of the PRC firms. However, a revised interpretation of the bonding effects might be needed given that the road to listing in Hong Kong for a significant number of the PRC firms was under strict political control of the Chinese government.- Mainland China's foreign exchange control laws severely limit free flow of Chinese capital to Hong Kong, although Hong Kong is already heavily dependent upon portfolio investment from the Mainland.- A more imperative problem is the lack of cooperation between the regulators for law enforcement against wrongdoers in corporate scandals involving H-share and Red-chip companies. This fundamentally stems from the structural differences between the political and legal systems in the two jurisdictions.- In the long run, the policymakers on both sides must prepare for challenges arising from the inevitable further economic integration between Hong Kong and Mainland China, including the possibility of establishing a common market.- Hong Kong's future as an international financial centre is tied to its capability to maintain and improve its regulatory environment that can both strengthen its economic and financial integration with the Mainland markets and continue to attract international investors.
Author: Jiangyu Wang Publisher: ISBN: Category : Languages : en Pages : 22
Book Description
- This article examines regulatory cooperation and competition on securities markets development between Hong Kong and Mainland China, focusing on the regulation of listing of PRC firms in Hong Kong, the impact of PRC capital account control on Chinese portfolio investment in Hong Kong, and cross-border cooperation - or the lack thereof - on securities law enforcement.- The relationship of regulatory cooperation and competition between securities markets in Hong Kong Mainland China must be understood in its political context, in particular the special relationship between the two sides under the 'One Country, Two Systems' formula.- Regarding cross-listing of PRC firms in Hong Kong, Hong Kong's better regulatory regime seems to serve as a bonding mechanism for improving corporate governance of the PRC firms. However, a revised interpretation of the bonding effects might be needed given that the road to listing in Hong Kong for a significant number of the PRC firms was under strict political control of the Chinese government.- Mainland China's foreign exchange control laws severely limit free flow of Chinese capital to Hong Kong, although Hong Kong is already heavily dependent upon portfolio investment from the Mainland.- A more imperative problem is the lack of cooperation between the regulators for law enforcement against wrongdoers in corporate scandals involving H-share and Red-chip companies. This fundamentally stems from the structural differences between the political and legal systems in the two jurisdictions.- In the long run, the policymakers on both sides must prepare for challenges arising from the inevitable further economic integration between Hong Kong and Mainland China, including the possibility of establishing a common market.- Hong Kong's future as an international financial centre is tied to its capability to maintain and improve its regulatory environment that can both strengthen its economic and financial integration with the Mainland markets and continue to attract international investors.
Author: Flora Xiao Huang Publisher: Routledge ISBN: 1134671113 Category : Social Science Languages : en Pages : 326
Book Description
Listing by companies from one country on the stock market of another country is a device often used both to raise capital in, and to increase bonding with, the target country. This book examines the listing by Chinese companies on the Hong Kong stock market. It discusses the extent of the phenomenon, compares the two different regulatory regimes, and explores the motivations for the cross-listing. It argues that a key factor, in addition to raising capital and bonding with the Hong Kong market, is Chinese companies’ desire to encourage legal and regulatory reforms along Hong Kong lines in mainland China, in order to develop and open up China’s domestic capital markets.
Author: Douglas Arner Publisher: Oxford Legal Research Library ISBN: 9780198706472 Category : Law Languages : en Pages : 0
Book Description
Since the publication of the first edition in 2006, financial regulation around the world has changed dramatically as a result of the 2008 global financial crisis. As one of the world's leading financial centres, international regulatory reforms have had a significant impact on the legal and regulatory system in Hong Kong. This new second edition provides a comprehensive and authoritative single-volume guide to the main areas of financial regulation and financial law in Hong Kong. Given the massive changes in financial regulation globally and in Hong Kong, the second edition has been substantially rewritten and revised to address changes in markets and their legal and regulatory frameworks, as well as the implications of these changes to future market development. The book is in five parts: The first part considers the evolution of Hong Kong's role as a financial centre and the development of its financial regulatory structure, one that is perhaps unusually complex given the size of the jurisdiction. The second part discusses the regulation of the banking, securities, insurance sectors, including the regulatory powers of the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission of Hong Kong (SFC), the Office of the Commissioner of Insurance (OCI), and the forthcoming Independent Insurance Authority (IIA). The third part covers regulation of financial products and services, including securities offerings and listings, investment products and asset management, financial derivatives, and takeovers and mergers. The fourth part addresses market conduct and misconduct, including corporate governance, market abuse and financial crime. Finally, the fifth part examines the international context, focusing on the relationship between Hong Kong's financial markets and regulation and mainland China as well as key issues for Hong Kong's role as a major global financial centre.
Author: Flora Xiao Huang Publisher: Routledge ISBN: 1134671040 Category : Social Science Languages : en Pages : 280
Book Description
Listing by companies from one country on the stock market of another country is a device often used both to raise capital in, and to increase bonding with, the target country. This book examines the listing by Chinese companies on the Hong Kong stock market. It discusses the extent of the phenomenon, compares the two different regulatory regimes, and explores the motivations for the cross-listing. It argues that a key factor, in addition to raising capital and bonding with the Hong Kong market, is Chinese companies’ desire to encourage legal and regulatory reforms along Hong Kong lines in mainland China, in order to develop and open up China’s domestic capital markets.
Author: Weiping He Publisher: Springer ISBN: 1137567422 Category : Business & Economics Languages : en Pages : 295
Book Description
This book offers an in-depth analysis of China’s contemporary securities markets regulatory system, with a focus on regulation in practice. Examining the roles of both the China Securities Regulatory Commission and local governments, He argues that the government has built and developed markets from scratch to address the needs of the state and the economy at large. This book describes the workings of national and sub-national securities markets, and such a comprehensive approach gives insight into the ability of state regulation to guide a financial system. This book also provides a unique practical perspective, explaining of the dynamics of regulation in relation to the operation of the Chinese political system. Finally, it incorporates original empirical studies, including semi-structured interviews of professionals and a survey of retail investors. This book is an unparalleled resource for anyone interested in the regulation of securities markets, as well as finance in China in general.
Book Description
English Abstract: The year of 2017 marks the 20th anniversary of the handover of Hong Kong to the PRC. Under the framework of “one country, two systems”, the securities markets in Hong Kong and mainland have become increasingly integrated and thus it is an important issue of how to set up an efficient mechanism for cross-border regulatory cooperation. From a historical perspective, there are four phases in the development of the securities regulatory cooperation between Hong Kong and mainland, including the pre-handover phase, the transitional post-handover phase, the post-CEPA phase, and the phase after Shanghai-Hong Kong Stock Connect. Although the markets in Hong Kong and mainland are increasingly integrated into one common market, the regulatory systems of them still operate separately, resulting in many problems and difficulties in the regulatory cooperation. The institutional advantage of the “one country, two systems' should be better utilized to establish a closer securities regulatory cooperative regime between Hong Kong and mainland, thereby enhancing the efficacy of investor protection and the healthy development of the securities markets in Hong Kong and mainland.
Author: Jing Bian Publisher: Routledge ISBN: 1317818784 Category : Social Science Languages : en Pages : 241
Book Description
This book provides an analysis of the development of the Chinese securities market, with special reference to the information disclosure regimes in Mainland China, the UK, and Hong Kong. It examines the listed companies, stock exchanges, securities companies, financial intermediaries, financial regulators and investor protection of the system in China, the UK and Hong Kong. The book looks at the role and functions of the securities regulatory commission, and highlights the details and insights that generally reveal the past and current status of the information disclosure regime in the Chinese securities market. By identifying problems and their reasons, the book forms an approach to further develop securities regulation.
Author: Leo F. Goodstadt Publisher: Hong Kong University Press ISBN: 9888083252 Category : Business & Economics Languages : en Pages : 219
Book Description
The 2007-2009 global financial crisis was predictable and avoidable, but American and British regulators chose not to intervene. They failed to implement their own policies because of an Anglo-American "regulatory culture" of non-intervention that dominated financial regulation worldwide. Hong Kong--the international financial center of an increasingly prosperous China--defied world opinion and made stability its priority. This policy ensured Hong Kong's robust performance during the last 15 years, and it made possible Hong Kong's impressive contributions to financing China's economic take-off and to the modernization of its financial institutions.Reluctant Regulatorsis a scathing indictment of regulatory inertia in the West. It provides original insights into the causes of financial crises and pays special attention to China's attempts at reform and Hong Kong's place in China's financial modernization. Leo F. Goodstadtwas chief policy adviser to the Hong Kong Government as head of its Central Policy Unit (1989-1997) and has had an extensive consultancy practice in Asian banking. He has written widely on the global financial crisis and on China's economic development.
Author: David C. Donald Publisher: Cambridge University Press ISBN: 1139952188 Category : Law Languages : en Pages : 295
Book Description
This is a case study of legal transplant, economic development, cultural adaptation and political integration. Hong Kong's journey from British entrepôt to China's international financial centre is one of the most interesting legal stories of our time. But Hong Kong's future is even more interesting: will this region with British-origin institutions survive full integration into China and become its permanent international financial centre? Does Hong Kong have the legal infrastructure to compete effectively with Shanghai and Singapore, and even New York and London? A Financial Centre for Two Empires presents Hong Kong's story, examines its corporate economy and securities market, assesses its corporate, securities and tax laws for doctrinal soundness and appropriate remedies, and evaluates the quality of their enforcement empirically. It closes with a view of Hong Kong from the perspective of developments in Beijing and Shanghai, including an examination of the important political dimension.
Author: Jiangyu Wang
Author: Jiangyu Wang
Author: Flora Xiao Huang
Author: Douglas Arner
Author: Flora Xiao Huang
Author: Weiping He
Author: (Robin) Hui Huang
Author: Jing Bian
Author: Xuejun Xie
Author: Leo F. Goodstadt
Author: David C. Donald