(Yicai Global) Jan. 11 -- The Hong Kong stock market closed with gains for the 12th straight trading day on Jan. 10 to set a record for the longest consecutive gains since 1964.
The Hang Seng Index closed at 31073.72 points on Jan. 10, gaining 0.2 percent. The index has risen since Dec. 21, up 1839 points or 6.3 percent in total. The Hang Seng China Enterprise Index rose 0.27 percent to 12289.17 points, while the Hang Seng China-Affiliated Corporations Index was up 0.18 percent to 4612.04 points. Trading turnover in the overall market was HKD141 billion (USD18 billion).
Hong Kong has changed its financial regulatory regime and would welcome Alibaba Group Holding Ltd. [NYSE:BABA] to return to Hong Kong for listing, Carrie Lam, Hong Kong's chief executive, told the company's founder Jack Ma on Jan. 8. This indicates that the major reform plan for the listing system announced by Hong Kong Exchanges and Clearing Limited (HKEX) at the end of last year is expected to profoundly change the structure of listed companies in Hong Kong, enabling HKEX to draw in more representative new economy enterprises.
HKEX will allow such companies with weighted voting rights (WVR) and a market cap of more than HKD10 billion to list on the main board, while relaxing conditions for large mainland WVR companies that have already listed in the US to secondarily list in Hong Kong, the HKEX said in mid-December.
The current items contemplated include rebates to market makers, simplification of margin requirements across multiple positions and cancellation or reduction of stamp duties. Some adjustments will require approval from securities regulators or the government, Bloomberg.com reported on Jan.8, citing Charles Li, HKEX's chief executive.