A view of Hong Kong File Photo: VCG
As of the end of last year, 1,478 Chinese mainland companies were listed on the Hong Kong Stock Exchange (HKEX), making up more than 80 percent of the market's capitalization and nearly 90 percent of daily trading volume, Irons Sze, a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), told reporters at a group interview on Monday.
These numbers reflect the Hong Kong market's strong appeal to Chinese mainland firms and also underscore the prominence of the city's financial market, Sze said, noting that Hong Kong's status as a global financial hub has always been one of its defining hallmarks.
It's worth noting that Hong Kong's ranking in the Global Financial Centers Index reclaimed the world's number three spot as of the end of 2024, Sze said.
Per data from the Hong Kong Trade Development Council (HKTDC), as of the end of November 2024, Hong Kong's stock market was the fifth-largest in Asia and the eighth-largest in the world, with total market capitalization totaling $4.3 trillion.
Hong Kong remains a key offshore fund-raising hub for Chinese mainland companies. From 1993 to 2024, mainland-based firms raised more than $1.09 trillion through stock issuance in Hong Kong.
As a global financial hub, Hong Kong continues to bridge the Chinese and international markets, attracting investors and financial institutions from around the world, Liang Haiming, chairman of the Hong Kong-based China Silk Road iValley Research Institute, told the Global Times on Monday.
Leveraging the rapid progress of fintech, Hong Kong is driving digital transformation, supporting innovative businesses and new technological applications. The development of the Guangdong-Hong Kong-Macao Greater Bay Area has offered new growth opportunities, enhancing regional financial cooperation and resource sharing, Liang said.
Hong Kong is not only a renowned global financial center but also a major shipping and trade hub. Sze noted that Hong Kong's "three centers" status has been built on the foundation of China's reform and opening-up, as well as the country's continuous development. Since Hong Kong's return to the Chinese motherland, the One Country, Two Systems framework has provided a solid institutional foundation for strengthening its status as a global financial, shipping and trade hub.
Last year, Hong Kong ports handled more than 13 million standard containers, with 40 percent of transshipment cargo originating in the Chinese mainland and 60 percent destined for it, Sze said.
Hong Kong is one of the world's busiest container ports. It ranked fourth as an international maritime center, the HKTDC said, citing the International Shipping Centre Development Index 2024.
The 2025 Government Work Report, delivered to the third session of the 14th National People's Congress for deliberation and approval on Wednesday, noted that China's central government "will support Hong Kong and Macao in growing their economies, improving the lives of their people, and deepening international exchanges and cooperation."
Hong Kong's future is closely tied to the Chinese motherland - not just as a slogan, but as a reality of aligning with the country's overall growth," Sze said.
Global Times
