According to John Tsang, Hong Kong government Financial Secretary, the Special Administrative Region's (SAR's) growing stake in Hong Kong Exchanges and Clearing (HKEx) relects the government's long-term confidence in the exchange.
Tsang's comments came as the Hong Kong government announced that its shareholding in HKEx for the Exchange Fund account had grown beyond 5% to 5.88%.
"HKEx is one of Hong Kong's principal engines of growth, an important part of our financial infrastructure, and a key agent in the growth of Hong Kong as an international financial centre," Tsang stated.
"This acquisition underlines the Government's support for HKEx and enables the Government, over the longer term, to contribute as a shareholder to the promotion of HKEx's strategic development," he added.
The government made a voluntary disclosure that it had become a miniorty controller of HKEx on Septeber 10, after having notified the exchange itself on September 7.
The government revealed that the holdings in HKEx will be retained by the Exchange Fund as a strategic asset, in support of the maintenance of Hong Kong as an international financial centre.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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