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26-559: Hopewell Holdings was established on 17 October 1972. It was listed on the Hong Kong stock exchanges in 1972 and delisted when taken private in 2019. Hopewell Holding is a holding company for investments in infrastructure projects, property letting, property agency and management, hotel operations and management, restaurant operation and food catering, construction and project management. Its primary businesses are in Guangdong and Hong Kong. It

52-567: A computer-assisted trading system on 2 April 1986. In 1993 the exchange launched the "Automatic Order Matching and Execution System" (AMS), which was replaced by the third generation system (AMS/3) in October 2000. David Webb , independent non-executive director of the Exchange since 2003, has been arguing for a super regulatory authority to assume that role as regulator, as there is an inherent conflict between its commercial and regulatory roles. In

78-433: A crucial role in connecting international investors with mainland Chinese companies, serving as a major platform for capital raising. Unlike mainland Chinese exchanges , it operates under Hong Kong’s distinct regulatory framework, which allows greater access to foreign investors. The stock exchange is owned (through its subsidiary Stock Exchange of Hong Kong Limited ) by Hong Kong Exchanges and Clearing Limited (HKEX),

104-437: A holding company that it also lists ( SEHK :  388 ) and that in 2021 became the world's largest bourse operator in terms of market capitalization , surpassing Chicago-based CME . A 2021 poll reported that approximately 57% of Hong Kong adults had money invested in the stock market. The physical trading floor at Exchange Square was closed in October 2017. The Hong Kong securities market can be traced back to 1866, but

130-401: A ninety-minute lunch break, and an afternoon session from 1:30 pm to 4:00 pm. Index futures and options now began trading at 9:15 am, thirty minutes earlier than before, and closed at the same time as before, 4:15 pm. On 5 March 2012, the lunch break was cut to sixty minutes, with the afternoon session running from 1:00 pm to 4:00 pm. The exchange first introduced

156-516: A number of major developments have taken place. The 1987 market crash revealed flaws in the market and led to calls for a complete reform of the Hong Kong securities industry. This led to significant regulatory changes and infrastructural developments. As a result, the Securities and Futures Commission (SFC) was set up in 1989 as the single statutory securities market regulator. The market infrastructure

182-406: A pre-opening auction from 9:30 am to 9:50 am, followed by continuous trading from 10:00 am to 12:30 pm and 2:30 pm to 4:00 pm. The two-hour lunch break between the morning and afternoon sessions was the longest among the world's 20 major stock exchanges . A 2003 proposal to shorten the lunch break failed due to opposition from brokers. Another plan to shorten the lunch break to one hour was floated by

208-425: A record. In December 1983, it announced that the plot was to be mortgaged to secure a $ 2.5 billion loan facility. The second instalment of $ 2 billion on the plot was due in the financial year 1984/85. Development cost HK$ 750m, 32-storey 322,000-square-foot (29,900 m ) office tower, 32,000-square-foot (3,000 m ) mall, substructure contractor Gammon Hong Kong . The Forum ( Chinese : 富臨閣 )

234-636: A total length of 360 kilometres (220 mi), all of which being in the Pearl River Delta region of Guangdong province in mainland China. Four toll road projects are in operation while construction of the 15 km (9.3 mi) Phase I of the Guangzhou - Zhuhai West Superhighway (Guangzhou to Shunde section) commenced in December 2001. All of the projects are in the form of co-operative joint ventures between Hopewell and mainland Chinese partners. Hopewell

260-728: Is a building complex located in Central , Hong Kong. It houses offices and the Hong Kong Stock Exchange . It is served by the Central and Hong Kong stations of the MTR metro system. Most part of the Exchange Square is owned by Hong Kong Land , with the remaining portion owned by the Government. The building has three blocks, namely, One Exchange Square , Two Exchange Square and Three Exchange Square . A shopping block known as The Forum

286-686: Is also home to the Hong Kong International Arbitration Centre , the American Club of Hong Kong, and the consulates in Hong Kong of Argentina , Canada , and Japan . Hong Kong Land tendered the Government $ 4.76 billion for the plot in February 1982, when the market was at a record high. Prices subsequently dropped, necessitating its debt to be restructured . In February 1983, HKL obtained an eight-year loan of $ 4 billion,

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312-426: The 80 billion baht project. The court ordered SRT to pay Hopewell compensation of 11.88 billion baht, plus 7.5% interest per year. The interest, totaling 13 billion baht, brings the total to nearly 25 billion baht (c. US$ 400 million), payable within 180 days. Thailand's Transport Ministry is battling to overturn the court ruling. "We have found the contract should have been nullified from the very beginning, which means

338-529: The exchange also implemented a closing auction session to run from 4:00 pm to 4:10 pm, with a similar pricing mechanism as the opening auction; however, this resulted in significant fluctuations in the closing prices of stocks and suspicions of market manipulation . Initially, the exchange proposed limiting price fluctuations in the auction sessions to 2%; in the end, they removed the closing session entirely in March 2009. Up until 2011, trading hours comprised

364-495: The exchange in 2010; the morning session would then start earlier, run from 9:30 am to 12:00 pm, and the afternoon session from 1:00 pm to 4:00 pm, leaving the closing time the same as before. Justifications included bringing hours into line with China. Reactions from both brokers and the restaurant industry were mixed. On 7 March 2011, the exchange extended its hours in the first of two phases. The morning session now ran from 9:30 am to 12:00 noon, followed by

390-462: The government is not bound to pay a single baht in compensation," said a ministry spokesman. Hong Kong stock exchange The Stock Exchange of Hong Kong (香港交易所, SEHK , also known as Hong Kong Stock Exchange ) is a stock exchange based in Hong Kong . It is one of the largest stock exchanges in Asia and the 9th largest globally by market capitalization as of August 2024. The exchange plays

416-709: The listing of the first China-incorporated enterprise (H share) in June 1993 ( Tsingtao Brewery ); and the introduction of regulated short selling in January 1994 and stock options in September 1995. Furthermore, the exchange introduced the Growth Enterprise Market (GEM) in November 1999 to provide fundraising opportunities for growth companies of all sizes from all industries, and to promote the development of technology industries in

442-469: The meantime, he argues for improved investor representation on the Hong Kong Stock Exchange. In 2007, the uproar by smaller local stockbrokers over the decision by board of directors to cut minimum trading spreads for equities and warrants trading at between 25 HK cents and HK$ 2 caused the new board to vote to reverse the decision. The reforms were to be implemented in the first quarter, but

468-540: The region. According to the reform plan announced in March 1999, the Exchange, the Hong Kong Futures Exchange and their clearinghouses merged into a new holding company, the Hong Kong Exchanges and Clearing Limited . source: HK Ex The trading day consists of: The closing price is reported as the median of five price snapshots taken from 3:59 to 4:00 pm every 15 seconds. In May 2008,

494-498: The stock market was formally set up in 1891, when the Association of Stockbrokers in Hong Kong was established. It was renamed as The Hong Kong Stock Exchange in 1914. By 1972, Hong Kong had four stock exchanges in operation. There were subsequent calls for the formation of a unified stock exchange. The Stock Exchange of Hong Kong Limited was incorporated in 1980 and trading on the exchange finally commenced on 2 April 1986. Since 1986,

520-401: The system infrastructure, including the launch of off-floor trading terminals in brokers' offices in January 1996. The third generation of the trading system, AMS/3, was launched in 2000. It provides enhanced functionality and a platform for a straight-through transaction process. In respect of market and product development, there is the listing of the first derivative warrant in February 1988,

546-785: Was much improved with the introduction by the exchange of the Central Clearing and Settlement System (CCASS) in June 1992 and the Automatic Order Matching and Execution System (AMS) in November 1993. Since then, the framework of market rules and regulations, both exchange-administered or otherwise, have been undergoing continuing review and revision to meet changing market needs while ensuring effective market regulation. The Exchange Listing Rules have been made more comprehensive, and other existing regulations have been improved or new regulations introduced to enhance market development and investor protection. Enhancements were also made to

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572-562: Was one of the first foreign companies to invest in infrastructure projects in China and a pioneer of infrastructure developments across Asia , including the failed Bangkok Elevated Road and Train System (BERTS) project in Bangkok . It held 68 percent of Hopewell Highway Infrastructure Ltd , which is spun off by Hopewell Holdings and listed on the Hong Kong Stock Exchange in early August, 2003. The company

598-455: Was put back on the table following protests by brokers. Webb criticised the board for caving in to vested interests. Source: HKEX, in billions of Hong Kong dollars, Data updated on 14 February 2018 22°17′03″N 114°09′28″E  /  22.28414°N 114.15768°E  / 22.28414; 114.15768 Exchange Square (Hong Kong) Exchange Square ( Chinese : 交易廣場 ; Jyutping : gaau1 jik6 gwong2 coeng4 )

624-790: Was redeveloped as an office building in 2011–14. The ground level houses a large bus terminus, Central (Exchange Square) Bus Terminus . The property is the home of the Stock Exchange of Hong Kong since the 1980s. It also houses many international banking and law firms including Bank of Montreal , Commonwealth Bank of Australia , Lloyd George Management, DLA Piper , Ropes & Gray , RPC , Latham & Watkins and Allen & Overy . Other major tenants include Sixth Street Partners , Aberdeen Standard Investment , Angelo Gordon , Bluepool Capital, China Merchants Securities, CSOP , CQS , Evercore , Fanda Partners, Harvest Fund , Hillhouse Capital, Hopu Investment and Janchor Partners . Exchange Square

650-433: Was sold off to Shenzhen Expressway Corporation Limited on 11 January 2022 and renamed Shenzhen Investment Holdings Bay Area Development Company Limited. As one of the founders of Hopewell Holdings, Wu has been the managing director since 1972. He retired as the managing director of Hopewell Holdings in January 2002 but remains as chairman of the board. Hopewell participated in the investment of five toll road projects with

676-505: Was the lead contractor for the ill-fated Bangkok Elevated Road and Train System . The project commenced in 1990 and was terminated by the Thai government in 1998, only 13% complete. Each side blamed the other for the failure of the project. Both parties sued, and the case has been in litigation since its cancellation. On 23 April 2019, Thailand's Supreme Administrative Court upheld an arbitration committee's ruling in favour of Hopewell, contractor for

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