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Following is the speech by the Financial Secretary, Mr John C Tsang, at the ceremony to mark the 30th anniversary of Hysan Development Company Limited's public listing this evening (November 29):
Irene (Lee), distinguished guests, ladies and gentlemen, friends of Causeway Bay,
Good evening to you all.
I am delighted to join you in celebrating the 30th anniversary of the public listing of Hysan Development Company Limited.
First of all, congratulations.
When Hysan went public in 1981, I remember the Hang Seng Index was below the 2,000-point level. Nowadays it is hovering around 20,000 points, and that is despite current uncertainty in markets worldwide.
I should also mention that, with Hysan as the biggest commercial landlord in Causeway Bay, the district has been transformed almost beyond recognition compared to 30 years ago.
The common theme here is expansion and diversification.
In terms of our stock market, not only have we seen expansion of market capitalisation, but also diversification of market infrastructure and the mix of listed companies. Today, almost 1,500 companies are listed in Hong Kong. Over 40 per cent of listed companies are from the Mainland and they contribute around 55 per cent of the market cap.
These days Hong Kong is a premier capital formation centre globally. In just the past year, the first Brazilian company, the first Swiss company and the second Russian company have listed on our stock exchange.
We have forged an alliance with other exchanges from the so-called BRICS (Brazil, Russia, India, China and South Africa) group of major emerging economies. This will give our investors greater exposure to some of the most dynamic markets in the world.
In each of the past two years, Hong Kong has led the world in funds raised through IPOs. Last year, total IPO funds raised in Hong Kong reached US$58 billion. At end-October, total IPO funds raised in Hong Kong amounted to some US$29 billion, a little less than last year but nonetheless not too bad.
All along we have placed strong emphasis on maintaining and enhancing market quality through better disclosure and corporate governance. HKEx has just completed a consultation exercise on the Review of Corporate Governance Code. The results will help ensure that the corporate governance standards of our listed companies are in line with international best practice.
I am pleased that Hysan is a staunch supporter of good corporate governance. Hysan's continuous efforts in this field are widely recognised by the industry. In 2011, Hysan received a Platinum Award for Corporate Governance Disclosure from the Hong Kong Institute of Certified Public Accountants.
I also like to commend Hysan's commitment to environmental awareness and practices in relation to the Hysan Place project design. It is pre-certified at the highest Platinum rating under both local and US standards.
Apart from its sustainable design, Hysan Place will provide 15 floors of quality office space. This will help meet the strong demand for high-quality office space among local and international firms.
Once again, I would like to congratulate Hysan on the 30th anniversary of your public listing. I also thank you for your contributions to our city's development and wish you continued success.
Have a great evening.
Ends/Tuesday, November 29, 2011
Issued at HKT 19:43
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