Regional collaboration of Global capital market. 30 November 2015

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1 Regional collaboration of Global capital market 30 November 2015

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6 Warsaw Stock WSE s dominant position in the CEE region Warsaw Stock (WSE) has the largest position in CEE in terms of market capitalization and value of trading. It accounts for 60% of all exchange trade in the region, and offers good infrastructure in line with the Western European standards. Market capitalization, December 2014 (USD bn) Value of trading in equities, EOB, 2014 (USD bn) GPW CEESEG Vienna Athens Prague Bucharest Stock Budapest Ljubljana Bulgarian Stock GPW CEESEG Vienna Athens Prague Bucharest Stock Budapest Ljubljana Bulgarian Stock Source: s website 6

7 Warsaw Stock WSE s strategy to build international position Launched New Connect to gradually increase its importance as a European market for small companies Opened WSE representative office in Kiev Launched IPO partner program Reform New Connect in response to restore investors confidence Launched WIG-Ukraine, first national index in Europe comprising companies originating from Ukraine. Launched WIG-CEE, the Central and Eastern European regional stock index Acquired shares of the Polish Power Launched new trading system UTP Acquired shares of Aquis Ltd., UK, which organizes trade in shares as the MTF. Opened talks with its former competitor, the CEE Stock Group (CEESEG), for merger plan. (in 2014, WSE withdrew its merger plans with CEESEG, citing that it wants to focus on organic growth.) CEO: Ludwik Sobolewski CEO: Adam Maciejewski CEO: Pawel Tamborski

8 Warsaw Stock Gateway to Eastern Europe Warsaw Stock (WSE) has received a lot of government support, i.e. privatization program and revamp of pension fund. This all came from their strategy at the national level, called Capital Market Development Strategy Agenda Warsaw City Highlight factors that may contribute to the success: 1) Remote brokers in the cash market (26 foreign members from 12 countries) Broadening access to the market 2) IPO Partner program (22 entities from 9 countries) WSE reaches out to partner with FAs in foreign countries so that these foreign FAs help advise WSE's prospect listings. In 2012, there were 105 total IPOs on its main market and NewConnect alternative market, accounting for 40% of all new listings in Europe. 3) Government support WSE organized a large IPO summit where high ranked officials of the Polish Government were present. Poland Privatization program 4) Foreign Listing Strategy Attract companies based in emerging markets in the region (Ukraine, Georgia, Czech Republic, Lithuania, Cyprus, etc.)

9 Shanghai Hong Kong Connect Scheme Strategic Rationale What does it mean? Mainland China Hong Kong 1 1 Facilitate the financial and capital market reform agenda with two-way opening up of China s capital market 2 2 Broader range of investors with cross-border investment and investment portfolio diversification for Mainland investors 3 3 Support RMB internationalization and a chance to be included the Special Drawing Rights (SDR) Solidifies Hong Kong s status as the gateway for Mainland to go global and enhances Hong Kong market liquidity Broaden investor base and for international investors to access Mainland by paves the way for mutual market access for other asset classes Hong Kong s position as the primary offshore RMB and international financial centre 9

10 Shanghai Hong Kong Connectivity Trading, clearing & settlement flow Connectivity Model: infrastructure and quotas base HKD 1 2 RMB RMB Northbound (to SSE) Stock connect quota RMB 300 billion (US$ 48 billion) - RMB 13 billion (~US$ 2 billion) daily quota - RMB 300 billion aggregated quota Existing (R)QFII quota - ~RMB 926 billion (US$ 145 billion) HKD 1 Northbound (to SSE) 568 Eligible names - SSE 180 Index / 380 Index - Dual-listed A&H shares listed SSE Sector composition of A shares HKD 1 Trading 1 RMB 2 Clearing RMB 1 2 RMB Southbound (to HKEx) 266 Eligible names - Hang Seng Composite LargeCap & MidCap Indices - Dual-listed A&H shares listed SSE Source: CSRC, SAFE, Bloomberg Expandable to other asset classes and other exchanges in the future Southbound (to HKEx) Stock connect quota RMB 250 billion (US$ 40 billion) - RMB 10.5 billion (~US$ 1.7 billion) daily quota - RMB 250 billion aggregated quota Existing QDII quota - ~RMB 575 billion (US$ billion) 10

11 Shanghai Hong Kong Trading Statistics 1 Shanghai Hong Kong Trading Summary The biggest trading day Average daily trading value Total trading value Northbound (to SSE) RMB 23.4 billion (USD 3.67 billion) (July 6, 2015) RMB billion (USD billion) RMB trillion (USD billion) Southbound (to HKEx) HKD 26.1 billion (USD 3.37 billion) (April 9,2015) HKD billion (USD million) HKD 742 billion (USD billion) Average daily transaction 184,582 deals 48,630 deals Aggregate quota usage RMB 121 billion (40% of quota) RMB 92 billion (37% of quota) Usage daily quota at RMB 13 billion Usage daily quota at RMB 10.5 billion Daily quota biggest usage on November 17, 2014 (first trading day) on April 8-9, 2015 Note: Summary data from November 17, 2014 (first trading day) to November 16, 2015 Source: HKEx and SSE website 2 Shanghai Hong Kong total market movement Total Listed Market Capitalisation (US$ trillion) HKEx SSE Total Market Average Daily Turnover (US$ billion) HKEx SSE Shanghai Hong Kong Connect Scheme trading period Shanghai Hong Kong Connect Scheme trading period Source: World Federation (WFE) and HKEx website, as of October

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