5/18/2011 Allotment and issues of shares How are shares issued? New companies Existing companies >Rights issues:pro-rata issues to existing s/ers >Private placements >Public offers The distribution of the corporate power to allot,issue and attach rights to shares 17 Hong Kong as an international financial centre Emergence as an international financial centre Establishment and growth of financial institutions Growth of stock market Features of an international financial centre Provision of financial intermediation services Why has HK become an international financial centre? ■Stable government Free market policies Efficient infrastructure Relatively effective regulatory framework Low and simple tax system 18 95/18/2011 9 17 Allotment and issues of shares • How are shares issued?  New companies  Existing companies Rights issues: pro-rata issues to existing s/ers Private placements Public offers • The distribution of the corporate power to allot, issue and attach rights to shares 18 Hong Kong as an international financial centre • Emergence as an international financial centre  Establishment and growth of financial institutions  Growth of stock market • Features of an international financial centre  Provision of financial intermediation services • Why has HK become an international financial centre?  Stable government  Free market policies  Efficient infrastructure  Relatively effective regulatory framework  Low and simple tax system