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Connections with the mainland have enhanced the competitiveness of Hong Kong's finance market, Donald Tsang, chief executive of the special administrative region said yesterday.

"Our connections with the mainland have given us an obvious edge over our competitors in servicing the financing and investment needs of mainland enterprises," said Tsang.

He added that Hong Kong's well-regulated and highly liquid financial markets have become the venue of choice for mainland enterprises venturing into the overseas market.

By the end of last year, 335 mainland enterprises had listed in Hong Kong, accounting for about 30 percent of the total number of companies listed on the Hong Kong Exchanges and Clearing Ltd.

The turnover of these mainland enterprises accounted for 46 percent of the total equity turnover of the Hong Kong stock market in 2005.

Mainland companies also raised about HK$180 billion (US$23.22 billion) on the Hong Kong capital market, accounting for 60 percent of the market total last year.

"Together they have raised more than HK$1,100 billion (US$142 billion) and account for more than 40 percent of our total market capitalization," said Tsang.

He added Hong Kong would reinforce its role as the premier capital formation center for the mainland.

Tsang made the remarks at the opening of the newly renovated facilities of the Hong Kong Exchange and Clearing Ltd.

Over the 20 years since the Stock Exchange of Hong Kong started operation, the market capitalization of Hong Kong has grown 38 times, reaching more than HK$9,500 billion (US$1,226 billion) last month.

Hong Kong's stock market now ranks as the second largest in Asia and the eighth largest in the world.

(China Daily April 27, 2006)