American Depositary Receipts (ADR), also known as American Depositary Receipts, refer to foreign companies other than the United States that issue to American investors in the United States and trade in the American securities market.
Hong Kong stocks refer to the stocks listed on the Hong Kong Stock Exchange of the People's Republic of China (PRC) Special Administrative Region. Hong Kong's stock market is more mature, more rational and more sensitive to the world market than the mainland. If mainland stocks are listed in both the mainland and Hong Kong at the same time, forming an "A+H" model, we can judge the trend of A shares according to their situation in the Hong Kong stock market.
The history of securities trading in Hong Kong can be traced back to 1866, but it was not until 189 1 that the first formal stock market was established in Hong Kong. From 1969 to 1972, the Far East Exchange, the Gold and Silver Stock Exchange and the Kowloon Stock Exchange were established in Hong Kong. Together with the former Hong Kong Stock Exchange, four exchanges were established. In the short two years from 1972 to 1973, there were 1 19 companies listed in Hong Kong, and by the end of 1973, there were 296 listed companies. 1On July 7th, 980, four exchanges merged into the Stock Exchange of Hong Kong. All four exchanges closed down after the market closed on March 27th, 1986, and all their businesses were transferred to the stock exchange.
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 incorporated in Hong Kong are open-end funds. For investors, they can get their money back at any time, which has good liquidity and is particularly attractive to overseas investors. According to the classification of the Hong Kong Monetary Authority, the bond market in Hong Kong can be divided into two categories: the RMB bond market issued and traded in Hong Kong and the foreign currency bond market. Among them, exchange fund bonds and bond issuance plan bonds are the most representative in the Hong Kong dollar bond market, and long 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. The scale of HKEx has expanded rapidly, and its ranking in global exchanges has been continuously improved.