Page 74 - 2024 Special Report on the State of Business in South China
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urities The securities market of Hong Kong is one As of the end of 2022, there were
of the most vibrant and liquid markets in 2,743 publicly listed enterprises on the
the world. It is also one of the largest IPO Shenzhen Stock Exchange (SZSE) with a
fundraising markets in the world. total market capitalization of RMB32.42
trillion. The ChiNext index, with a total
In 2021, Hong Kong’s stock market market capitalization of RMB11.27 trillion,
capitalization was US$5.43 trillion which is was set up with the aim of enabling
8.7 times from the year 2000. Hong Kong is capital access for startups and high-
ranked first in IPO fundraising in seven out tech enterprises. Within the full year of
of the last 12 years. 2022, the total revenue for 22 Shenzhen
securities enterprises was RMB99.75
In terms of the bond market, Hong Kong billion, with a net profit of RMB38.89
is also ranked first for arranging Asian billion, both of which were the highest in
international bond issuance for six the nation.
consecutive years, with US$207 billion
in 2021.
Asset Hong Kong is Asia’s no. 1 international As of the end of May 2023, there were
management fund management hub, a premier 31 privately offered fund enterprises
international private wealth management registered in Shenzhen and 20 fund
center in Asia, a hedge fund management management subsidiaries. The privately
center and the second largest privately offered funds of the fund management
offered fund center in Asia (second only enterprises in the Shenzhen jurisdiction
to the Chinese mainland). were valued at RMB6.63 trillion.
Designated account products were
Asset under management in Hong Kong valued at RMB3.57 trillion3. As of the
was US$4.56 trillion, 24 times from the end of 2022, there were 3,871 privately
year 2000. Around 65% of China’s total offered fund management enterprises
foreign direct investments and outward overseeing a total of nearly RMB2.2
direct investments was originated and trillion worth of funds. For both figures
intermediated via Hong Kong. Shenzhen came third in the nation4.
Insurance The insurance industry has a significant As of the end of 2022, the legal insurance
contribution to Hong Kong’s position as entities in Shenzhen had a total asset of
an international financial center. In 2022, RMB6.4 trillion, coming up second in the
the total gross premiums in the Hong Kong nation. The full-year premium income for
insurance market reached HK$556 billion, the insurance industry in the Shenzhen
including HK$491.4 billion from in-force jurisdiction totaled RMB152.77 billion.
long term business5.
3) Financial and currency connect between Shenzhen and Hong Kong
Both Hong Kong and Shenzhen are the drivers of development in the GBA. The two cities can contribute
their respective strengths, deepen the cooperation and complementation of relationships, promote
joint initiatives in financial technology, green finance, cross-border financing and investments, financial
market regulations, and contribute to the development of the GBA and China’s continuous reform of its
financial markets.
3 The Shenzhen Office of the CSRC, Securities and Futures Institutions Regulation Newsletter (Issue 2, 2023)
4 The Asset Management Association of China, Monthly Report on Privately Offered Fund Manager Registra-
tion and Product Catalogue
5 The Insurance Authority, Insurance Authority releases provisional statistics of Hong Kong insurance indus-
try in 2022
74
of the most vibrant and liquid markets in 2,743 publicly listed enterprises on the
the world. It is also one of the largest IPO Shenzhen Stock Exchange (SZSE) with a
fundraising markets in the world. total market capitalization of RMB32.42
trillion. The ChiNext index, with a total
In 2021, Hong Kong’s stock market market capitalization of RMB11.27 trillion,
capitalization was US$5.43 trillion which is was set up with the aim of enabling
8.7 times from the year 2000. Hong Kong is capital access for startups and high-
ranked first in IPO fundraising in seven out tech enterprises. Within the full year of
of the last 12 years. 2022, the total revenue for 22 Shenzhen
securities enterprises was RMB99.75
In terms of the bond market, Hong Kong billion, with a net profit of RMB38.89
is also ranked first for arranging Asian billion, both of which were the highest in
international bond issuance for six the nation.
consecutive years, with US$207 billion
in 2021.
Asset Hong Kong is Asia’s no. 1 international As of the end of May 2023, there were
management fund management hub, a premier 31 privately offered fund enterprises
international private wealth management registered in Shenzhen and 20 fund
center in Asia, a hedge fund management management subsidiaries. The privately
center and the second largest privately offered funds of the fund management
offered fund center in Asia (second only enterprises in the Shenzhen jurisdiction
to the Chinese mainland). were valued at RMB6.63 trillion.
Designated account products were
Asset under management in Hong Kong valued at RMB3.57 trillion3. As of the
was US$4.56 trillion, 24 times from the end of 2022, there were 3,871 privately
year 2000. Around 65% of China’s total offered fund management enterprises
foreign direct investments and outward overseeing a total of nearly RMB2.2
direct investments was originated and trillion worth of funds. For both figures
intermediated via Hong Kong. Shenzhen came third in the nation4.
Insurance The insurance industry has a significant As of the end of 2022, the legal insurance
contribution to Hong Kong’s position as entities in Shenzhen had a total asset of
an international financial center. In 2022, RMB6.4 trillion, coming up second in the
the total gross premiums in the Hong Kong nation. The full-year premium income for
insurance market reached HK$556 billion, the insurance industry in the Shenzhen
including HK$491.4 billion from in-force jurisdiction totaled RMB152.77 billion.
long term business5.
3) Financial and currency connect between Shenzhen and Hong Kong
Both Hong Kong and Shenzhen are the drivers of development in the GBA. The two cities can contribute
their respective strengths, deepen the cooperation and complementation of relationships, promote
joint initiatives in financial technology, green finance, cross-border financing and investments, financial
market regulations, and contribute to the development of the GBA and China’s continuous reform of its
financial markets.
3 The Shenzhen Office of the CSRC, Securities and Futures Institutions Regulation Newsletter (Issue 2, 2023)
4 The Asset Management Association of China, Monthly Report on Privately Offered Fund Manager Registra-
tion and Product Catalogue
5 The Insurance Authority, Insurance Authority releases provisional statistics of Hong Kong insurance indus-
try in 2022
74
