HKEx plans to 300 billion yuan and the Lunjiao Li Xiaojia: connecting the new global journey for Hong Kong

The “Longang Century Marriage" was proposed, and it is planned to acquire the London Stock Exchange for 29.6 billion pounds

Li Xiaojia, Chief Executive of the Hong Kong Stock Exchange, published a blog titled “A New Journey to “Connecting the World"", which means that the two mergers are strong and strong, and the global financial market development will be re-adjusted in the next few decades. Enhance the importance of Hong Kong and London’s financial centers, create a leading international exchange group, and stand in the footsteps of global capital markets. “Marriage" will reposition Hong Kong in the global financial system and become a pivotal platform for international financial markets. It will also provide Hong Kong with new impetus and new space to connect China and the world.

After three months of riots and devastating, Hong Kong’s economy has declined, credit ratings have also been lowered, and the status of the international financial center has been tested. Coincidentally, the British hard-off Breeding is imminent. A large number of capital and financial positions have been transferred from London to the second-tier financial center in Europe. The status of London as a traditional European financial center has also changed. The two merged, while taking advantage of their respective regions and time zones. It can also consolidate its competitiveness in the international arena.

The SAR Government: Happy to move towards a more international SAR Government spokesperson said that the purchase and the HKEx’s three-year strategic planning outline are in the same direction, especially the theme of “based on China and connecting the world". According to the strategic planning direction, the Hong Kong Stock Exchange will consolidate its own foundation, grasp international opportunities and move towards more international development. According to the Exchange, the Hong Kong Stock Exchange’s plan to acquire the Stock Exchange is uninvited, preliminary, and also has a high conditional proposal. The Stock Exchange said it would consider the M&A plan and will make an announcement at an appropriate time. The share price has exceeded 16%.

Li Xiaojia said that the two mergers can consolidate London’s position as the world’s leading offshore dollar and offshore renminbi center

It also strengthens Hong Kong’s role as a bridge between China, Asia and the world, and promotes the orderly control of the mainland capital market. The channels continue to open. The merger also makes it easier for companies to conduct global financing through the IPO and secondary fundraising markets in the London, Hong Kong, Milan and Mainland markets.

The HKEx hopes to start a dialogue with the London Stock Exchange. Li Xiaojia said frankly, “At present, it may not be the best time to carry out huge cross-border transactions. The reality before us is that it is not waiting for me." It is emphasized that the merger plan has been studied for some time. The current situation in Hong Kong has nothing to do Li Xiaojia pointed out that the basic direction of the transaction is that it is expected to be market-oriented, and it is expected to increase shareholders’ profits. The relationship between the Hong Kong Stock Exchange and the Stock Exchange is like “Romeo and Juliet". It is now “Expressing Love" to the Stock Exchange. It’s a bit late and I don’t want to stay late.

The chairman of the Hong Kong Stock Exchange, Shi Meilun, also said that the merger will strengthen the largest and most important financial centers in Asia and Europe to build a global financial infrastructure group. Following initial discussions with the London Stock Exchange Group, it is expected to discuss the details with the board of the London Stock Exchange Group to reflect the best interests of all stakeholders, investors and both businesses.

Commitment to regular dividends in the UK “Second Listing" According to the purchase agreement, each share of the Stock Exchange can be exchanged for 2,045 pence of cash and 2.495 shares of the newly issued shares of the Hong Kong Stock Exchange, with a total value of 8,361 pence, which is closer than the closing price of the previous day. twenty three%. Based on the 345 million shares issued by the Stock Exchange, the total consideration is 29.6 billion pounds (a contract of 287 billion Hong Kong dollars), the cash portion is about 7.25 billion pounds (a contract of 70.3 billion Hong Kong dollars), and an additional 884 million new shares are required.

In addition to the price, the HKEx has also proposed two additional commitments

The first is that after the completion of the transaction, the shares of the Hong Kong Stock Exchange will be “second listing" on the London Stock Exchange to show the confidence of the Hong Kong Stock Exchange in the UK. The second is to continue to implement its regular dividend policy. The general target dividend payout ratio is 90% of the combined earnings. It is worth noting that the SAR Government currently holds about 6% of the equity of the Hong Kong Stock Exchange. If the Hong Kong Stock Exchange officially acquires the Stock Exchange and needs to issue new shares, the dilution effect will have the opportunity to reduce the shareholding ratio of the Hong Kong Stock Exchange. However, the shareholding ratio will remain in the future. To be further announced.

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