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The geography of equity listing and financial centre competition in mainland China and Hong Kong

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  • Bas Karreman
  • Bert van der Knaap

Abstract

This study examines the changing competitiveness of financial centres in mainland China and Hong Kong based on the geography of equity listing of mainland Chinese firms. Pre-listing firm characteristics are used to explore firms’ motives for listing on a particular exchange and whether these motives have changed over time. The results show that Hong Kong’s prominence as an international financial centre is attracting the largest and, recently, also the best performing mainland Chinese state-owned enterprises to go public. Less differentiation exists between the competitiveness of Shanghai and Shenzhen, although the renewed strategy of the Shenzhen stock exchange to attract smaller firms appears to be successful.
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  • Bas Karreman & Bert van der Knaap, 2012. "The geography of equity listing and financial centre competition in mainland China and Hong Kong," Journal of Economic Geography, Oxford University Press, vol. 12(4), pages 899-922, July.
    • Handle: RePEc:oup:jecgeo:v:12:y:2012:i:4:p:899-922
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    Cited by:

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    2. David R. Meyer, 2016. "Shenzhen in China's Financial Center Networks," Growth and Change, Wiley Blackwell, vol. 47(4), pages 572-595, December.
    3. Peter J Buckley & L Jeremy Clegg & Hinrich Voss & Adam R Cross & Xin Liu & Ping Zheng, 2018. "A retrospective and agenda for future research on Chinese outward foreign direct investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 4-23, January.
    4. Ling Zhang & Hui Zhang & Hao Yang, 2018. "Spatial Distribution Pattern of the Headquarters of Listed Firms in China," Sustainability, MDPI, vol. 10(7), pages 1-20, July.
    5. John Fan Zhang, 2022. "The Market Reaction to Cross‐border Listings: Evidence from AH Listed Firms," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(6), pages 183-218, November.
    6. Fenghua Pan & Ziyun He & Cheng Fang & Bofei Yang & Jinshe Liang, 2018. "World City Networks Shaped by the Global Financing of Chinese Firms: A Study Based on Initial Public Offerings of Chinese Firms on the Hong Kong Stock Exchange, 1999-2017," Networks and Spatial Economics, Springer, vol. 18(3), pages 751-772, September.

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    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • M - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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