The ＂Hong Kong Lun merger＂ political resistances large financial international r

Ming Pao News Agency

The Hong Kong Stock Exchange proposed to acquire the London Stock Exchange for nearly 290 billion yuan (Hong Kong dollars, S $ 50.9 billion), and the UK responded cautiously.Economic globalization and business cross -border, international giant no longer takes a certain place as a place, and the stock exchange of various places in response to this trend to seek mergers and enhance competitiveness.The financial center is currently in a period of unclear politics that has not been seen before. The merger of Ganglun can inject strong support for both parties, but geopolitical factors have become a huge resistance.The more international the business of the Hong Kong Stock Exchange, the more helpful it can show the uniqueness of Hong Kong. Even if the World Bureau has deepened the western suspicion of the West, Hong Kong should still be committed to implementing its unique international positioning under the framework of one country, two systems. Even if the road is difficult.

Politics has troubled the merger of the two places to help consolidate the financial center

In the past 10 years, the M & A and acquisition of the Stock Exchange has become an international trend. Both the Hong Kong Stock Exchange and the London Stock Exchange have tried to find merging partners to cope with the challenges brought by emerging opponents and new technologies.With the total market value of the listed company of the exchange, the Hong Kong Stock Exchange and the London Stock Exchange are currently ranked sixth and seventh in the world. Once merged, it will jump to third in the world, and only ran into the US New York Stock Exchange and the Nasdaq.EssenceLi Xiaoga, Chief Executive Officer of the Hong Kong Stock Exchange, described this as a century marriage. After the merger, it will form a 18 -hour continuous global market platform. The New York Times also pointed out that if the merger of Hong Kong Lun will form a strong competition to challenge major US exchanges,opponent.

The Hong Kong Stock Exchange proposed this time, and it has been brewing for a year.The Hong Kong Stock Exchange and the Lun Stock Exchange each have their own victory and have high complementarity.The London Stock Exchange responds to the European and American transactions, and the Hong Kong Stock Exchange should respond to the Asian period; London is a offshore US dollar financial center, Hong Kong is a offshore RMB business hub; the London Stock Exchange is the goal of mature European and American markets, while the Hong Kong Stock Exchange mainly covers emerging markets in Asia.In recent years, the London Stock Exchange has intended to open up the Asian market and establishes Shanghai -London Stock Exchange with the Shanghai Stock Exchange. In Hong Kong, the current market value of the Mainland (mainland) companies accounts for more than 60 % of Hong Kong stocks. In recent years, the Hong Kong Stock Exchange has actively promoted internationalization. In addition to strengthening its own strength,It can also prevent the market from excessively relying on the mainland economy.

The status of the international financial center is not for your own, let alone eat old books.London's international financial center status, because Brexit has a thick haze in Brexit; Hong Kong, as an international financial center in China, has been impacted by anti -repair storms. Whether it will change in the long run is also unknown.The merger of Ganglun can not only play the synergy effect, but it is good for the long -term consolidation of the status of the international financial center of the two places.

The merger of Ganglun has to pass three levels, including shareholders' support of the London Stock Exchange and the Hong Kong Stock Exchange, as well as the British government approval.This time, the Hong Kong Stock Exchange proposed that the sky -high price acquisition was about 20 %, which was originally attractive to shareholders of the London Stock Exchange. Instead, some people in Hong Kong were worried that the Hong Kong Stock Exchange's profit per share was sharply diluted, which did not rule out that shareholders' opposition was.However, the biggest resistance of this merger is always geopolitical factors.The financial industry is the core of modern capitalism. Stock exchanges are not only financial foundations, but also an important strategic industry, symbolizing the capital strength of a place.The British government has never wanted to be held by outsiders by the London Stock Exchange, and the merger of Ganglun has touched Britain and Western political nerves.The Financial Times refers to the tendency to refuse to marry, one of the reasons is doubts about political risks.

Economic and financial internationalization highlights Hong Kong's uniqueness

In terms of peace, the equity distribution of the London Stock Exchange and the Hong Kong Stock Exchange is very international. The largest shareholder of the Lunchae Stock Exchange is the Qatar Investment Bureau and holds about 10 % of the shares.6 %, if it is merged, a single largest shareholder will be the Qatar Investment Bureau, and the Hong Kong government will only be second.Li Xiaoga emphasized that the Hong Kong Stock Exchange is not a Chinese company, or even a simple Hong Kong company, but a global company. However, the West is most concerned about the Chinese background. After questioning whether Beijing can affect the Hong Kong Stock Exchange through the Hong Kong Stock Exchange.Although the new Prime Minister Johnson's attitude towards China is relatively gentle, and hopes that once the hard Brexit is left, the merger of Hong Kong is important. Many British people obviously would rather spend 27 billion US dollars (S $ 37.1 billion) to purchase data.Merchant Refinitiv enhances competitiveness and is more than choosing double swords with the Hong Kong Stock Exchange.

In the era of colonial rule, Hong Kong is a bridgehead for the interests of the Britain and the West in China (and the Far East). The international positioning makes Hong Kong a source.After returning, Hong Kong pursues one country, two systems, and Hong Kong's uniqueness in economic and finance has continued. However, China's rise has affected the world's centuries -old unchanged bureau, and the positioning of Hong Kong in the West has gradually changed.In the West, Hong Kong failed to play a significant influence on the Mainland as in the past. Instead, it was seen that Hong Kong gradually strengthened the integration with the Mainland and became a bridgehead for China in the West and the world.Hong Kong capital's expansion of business territory has attracted the attention of Western countries. It is not new. More than 10 years ago, and the export of the two oceans of the Panama Canal with Huang, more than 10 years ago, have caused a great response in the United States. However, in recent yearsLeading the acquisition of the Australian natural gas giant APA Group hit the wall, and the response caused by the merger of Hong Kong this time, it reflects this trend.

The international power Libra has changed, and Hong Kong can only follow the trend.The more international the financial economy in Hong Kong can show the uniqueness and importance of Hong Kong, which not only helps enhance competitiveness, but also improves the bargaining ability of Hong Kong's facing parties in the face of all parties.The Hong Kong Stock Exchange proposes that Hong Kong's marriage. Although the resistance is heavy, as Li Xiaoga said, it is absolutely impossible to succeed without trying.The higher the elements of financial internationalization in Hong Kong, even if the international situation changes make the road more rugged, Hong Kong must persist.