What are Hong Kong stocks? Hong Kong stocks refer to stocks listed on the Hong Kong Stock Exchange. The advantages of editing this paragraph of Hong Kong stocks The stock market in Hong Kong is more mature and rational than that in China, and it is sensitive to the world market. If some domestic stocks are listed in China and Hong Kong at the same time, forming an "A+H" model, we can judge the trend of A shares according to its situation in Hong Kong stock market. The history of Hong Kong's stock market can be traced back to 1866, but it was not until the establishment of the Hong Kong Brokerage Association in 1891 that the first formal stock market was established in Hong Kong. From 1969 to 1972, the Far East Exchange, the Gold and Silver Exchange and the Kowloon Stock Exchange were established in Hong Kong. Together with the original Hong Kong Stock Exchange, four exchanges were established. In the short two years from 1972 to 1973, 119 companies went public in Hong Kong, and the number of listed companies reached 296 by the end of 1973. On July 7, 198, four exchanges merged into the Stock Exchange of Hong Kong. After the closing of the market on March 27, 1986, all four exchanges closed down and all their business was transferred to the Stock Exchange. Stage of Modernization and Internationalization The Hong Kong market from 1986 to 2 In 1986, the Hong Kong market began its brand-new stage of modernization and internationalization. China's guarantee for Hong Kong's future has enhanced investors' confidence in Hong Kong's economy, and the company's profits and real estate prices have rebounded. Since then, the Hong Kong market has entered a new period of development: diversified trading varieties, increasingly internationalized market participants, constantly improved trading methods, and the securities market has entered a long-term and prosperous bull market. Since 2, Hong Kong's securities market has been one of the most important financial centers in the Asia-Pacific region. Since 2, Hong Kong's securities market is growing into a global securities market. The composition of Hong Kong's securities market The Hong Kong market includes stock market, derivative market, fund market and bond market in terms of its trading varieties. The main component of Hong Kong's securities market is the stock market, which is divided into the main board market and the growth enterprise market. By the end of 2, the combined market value of Main Board and Growth Enterprise Market reached HK$ 4,862 billion, ranking 11th among the major stock exchanges in the world and second in Asia. Derivatives There are many kinds of derivatives in Hong Kong market, which can be divided into five categories: stock index derivatives, stock derivatives, foreign exchange derivatives, interest rate derivatives and warrants. Almost all funds registered and established in Hong Kong are open-end funds. For investors, they can get their funds back at any time, which has good liquidity and is particularly attractive to overseas investors. According to the Hong Kong Monetary Authority, the bond market in Hong Kong is currently divided into two categories: the Hong Kong dollar bond market and the foreign currency bond market issued and traded in Hong Kong. Among them, exchange fund bonds and bond issuance plan bonds are the most representative in the Hong Kong dollar bond market, and dragon bonds are the most representative in the foreign currency bond market. Relying on the rapid development of the mainland economy, Hong Kong has become the fastest-growing international financial center in Asia. In recent years, the scale of the Hong Kong Stock Exchange has expanded rapidly, and its ranking in global exchanges has been continuously improved. Edit this paragraph. What is "blue chip"? The definition of Blue Chip refers to the constituent stocks of the Hang Seng Index. The common characteristics of such shares are industry representativeness, high liquidity, good financial position, stable profit and fixed dividend. At present, the fixed number of blue-chip stocks is 43. Due to the strong profitability of these stocks, most of them belong to the fund's preference for individual stocks (that is, stocks held by the fund for a long time or bought at a higher price), so they are less affected by human factors (such as banker's activities) and their stock prices are relatively stable, which is suitable for medium and long-term investment. Origin The word "blue chip" comes from the English word "blue chip", which is a term of Wall Street. In the previous American casinos, the chips used were represented by different colors, and the largest silver chip was represented by blue. Therefore, people use this to call the shares of some large listed companies blue chips, which means that the stock prices of these companies are high enough, the market value is large enough, trading is active, and trading is easy. In addition, due to the high share price of blue-chip stocks, the trading amount of each lot is large. For example, HSBC (5) has 4 shares per lot, and if the share price is 1 yuan, it will cost 4, yuan per lot. Therefore, the trading of blue-chip stocks is mainly based on funds (institutional investors), and the investment strategies of funds are mostly in the medium and long term. Generally speaking, if the fund is optimistic about the prospect of a blue-chip stock, they will invest in the medium and long term and will not sell the shares easily, thus forming a stock price that is supported and often grows and grows. Edit this paragraph. What is "state-owned shares"? State-owned shares are defined as those state-owned enterprises in Chinese mainland approved by China Securities Regulatory Commission to be listed in Hong Kong. It can also be called H shares, which means state-owned shares listed in Hong Kong. There are also N shares and S shares in the Mainland, which are short for state-owned enterprises listed in new york and Singapore respectively. In this way, state-owned enterprises and red chips are both mainland enterprises listed in Hong Kong. What is the difference between them? It can be said that because the state-owned shares and red-chip shares have the same strong mainland color, they are both mainland listed companies in Hong Kong, and their main business is also very close to the mainland, so novices who do not have a deep understanding of the Hong Kong stock market are very easily confused. However, it is not so difficult to distinguish the two. To put it simply, those registered in Hong Kong will be classified as red chips, while those registered in the Mainland will naturally be state-owned shares. As a matter of fact, red chips are mostly window enterprises registered in Hongkong by China's provinces, cities and central authorities, while state-owned enterprises are generally state-owned enterprises rooted in China. Development Since July, 1993, Tsingtao Brewery (168) became the first state-owned enterprise to be listed in Hong Kong, and it has been 1 years. In the past 1 years, more than 8 state-owned enterprises have been listed on Hong Kong's main board market and growth enterprise market, and the total amount of funds raised is closer to HK$ 15 billion. Some state-owned enterprises will issue two kinds of circulating shares, A and H, in the two places at the same time. However, due to the different liquidity of funds in the two places, the share price of the same share and H share is generally several times lower than that of A share. Therefore, there is a considerable gap in the overall P/E ratio of the two stock markets. Compared with the P/E ratio of mainland A stock market, which is 5 or 6 times, the P/E ratio of Hong Kong state-owned shares is less than 2 times, so its investment value is self-evident. With the acceleration of the reform and opening up of state-owned enterprises, the continuous improvement of the macro-economy in the Mainland, and the imminent implementation of QDII, CEPA and other policies beneficial to China and Hong Kong, it can be expected that state-owned shares will replace the leading position of conventional blue-chip stocks in the Hong Kong stock market in the foreseeable future.