Photo taken on July 31, 2021 shows the statues on the square of Hong Kong Exchanges and Clearing Limited (HKEX) in south China's Hong Kong. [Photo/Xinhua]

The Hong Kong Exchanges and Clearing Limited (HKEX) held a celebration on Tuesday to mark the 30th anniversary of the listing of H-shares, marking the significant contributions made to Hong Kong's position as an international financial center through the development of mutual connectivity between the mainland and Hong Kong capital markets.

In 1993, Tsingtao Brewery became the first state-owned enterprise to list in Hong Kong, and since then Hong Kong has become the preferred international fundraising platform for mainland companies, Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said at the event.

Under the principle of "one country, two systems," Hong Kong leverages its advantages of enjoying strong support of the motherland and being closely connected to the world, having gathered top-notch international financial and professional services to open up broad financing channels for mainland companies, he said.

At a time when the country is making all-out efforts to promote high-level two-way opening up and achieve rapid high-quality development, Hong Kong's securities market needs to continue innovating, expanding and strengthening itself, Chan said, noting Hong Kong should strive to create new prospects and better serve the overall development of the country.

Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), said the listing of mainland companies in Hong Kong has opened a magnificent chapter of cooperation between the mainland and Hong Kong capital markets.

He said the CSRC will continue to promote deeper cooperation between the mainland and Hong Kong capital markets.

Currently over 1,430 mainland companies were listed in Hong Kong, accounting for over 55 percent of the total number of listed companies in the financial hub.

When considering the total market capitalization, mainland companies contribute to nearly 80 percent of the total market capitalization of Hong Kong stocks. Furthermore, their trading volume exceeds 80 percent, Li said.

Laura Cha, chairperson of the HKEX, said the first H-share listing was a foundational event in the history of Hong Kong's markets, as it marked the beginning of a journey that has redefined global capital markets and spawned three decades of connect initiatives and market development that have connected China and the world.

HKEX CEO Nicolas Aguzin said that building on 30 years of connectivity that started with the H-share, HKEX continues to be resolute in its commitment to continuously enhance the competitiveness, attractiveness, efficiency and transparency of its markets.

He noted that the recent expansions to the Stock Connect program are examples of this, helping to further cement Hong Kong's role as one of the world's leading international financial centers and bringing issuers and investors around the world together to capture opportunities.

Yin Zonghua, deputy director of the Liaison Office of the Central People's Government in the HKSAR, and Pan Yundong, acting commissioner of the Chinese Foreign Ministry in the HKSAR, attended the event.

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