A Paradigm Shift Towards a Green and Sustainable Finance Center

Structural Changes in Hong Kong’s Market 24 88% if we further narrow the time frame to between 2021 and 2023. This illustrates how international investors have gradually given up on Hong Kong as their preferred location for listing companies (Figure 16). Figure 15: Distribution of Overseas Investor Trading Value by Origin in the Cash Market (Source: Based on data from HKEX. Note: There is no update after 2020 and the data for Mainland Chinese investors was not disclosed in the years of 2019 and 2020.) Figure 16: Number of Newly Listed Companies in Hong Kong by Origin (Source: Based on data from HKEX. Note:The percentages represent newly listed companies from Mainland China as a share of the total newly listed companies in Hong Kong.) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2008/09 2009/10 2010/11 2011/12 2012/13 2014/15 2016 2018 2019 2020 2013/14 4% 36% 24% 28% 32% 28% 26% 22% 20% 23% 24% 23% 27% 29% 24% 34% 36% 39% 38% 37% 26% 27% 22% 21% 24% 29% 36% 36% 42% 42% 48% 34% 45% 41% Mainland 12% Mainland 11% Mainland 10% Mainland 9% Mainland 11% Mainland 13% Mainland 22% Mainland 22% Mainland 28% 4% 9% 9% 9% 7% 8% 8% 8% 5% 5% Europe (including UK) Other countries or territories USA Asia 69% 62% 73% 89% 83% 93% 54% 45% 32% 46% Mainland China Other countries or territories 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 200 150 100 50 0 Number of newly listed companies in Hong Kong