But the Singapore and Hong Kong exchanges remain the front-line regulators with oversight from government agencies.
The bottom line: If continued, sales of Chinese listed banks shares by foreign institutional investors could cause a major correction of the Shanghai and Hong Kong Exchanges.
Here is why: Before floated in the Shanghai and the Hong Kong Exchanges, Chinese banks operated as government departments, within a central planning environment of controlled interest rates and government mandates.
FORBES: Hong Kong Listed Chinese Banks: Do Investors Know What they are buying?
Hong Kong Exchanges fell to fourth in the world last year for IPOs and new listings after claiming the No. 1 spot from 2009 through 2011, according to data provider Dealogic.
Every business decision and action taken within ZTE serves the Company's 140, 000 public shareholders on the Shenzhen and Hong Kong Stock Exchanges, including many of the world's leading institutional investors.
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The Hong Kong and Singapore stock exchanges, two of Asia's most watched bourses, are among a handful around the world that are publicly listed companies (and listed on themselves)--a situation that arose in Asia over the last four years as the exchanges converted or "demutualized" from being nonprofit broker-owned organizations.
The fund will invest in locally traded shares on the Hong Kong, Taipei and Shenzen exchanges.
For its part, Macau says it values exchanges with Hong Kong but reserves the right to deny entry to anyone.
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Glencore will soon make its power felt as it uses the publicly traded shares and cash hoard that are the products of listing on stock exchanges in London and Hong Kong to acquire mining companies around the world, extending the commodities boom.
The Shanghai and Shenzhen exchanges still form a world apart, separated from Hong Kong by strict capital controls.
FORBES: China Still More Expensive Than Hong Kong (In Stocks)
Some of the firms listing in London and Hong Kong were unable or unwilling to meet the listing requirements of American exchanges.
In a year when stock exchanges around the world are listless, share prices in Hong Kong are up by 17%.
ECONOMIST: The booming supply of new Chinese shares is about to peak
Aside from the SARS outbreak, low trading volumes and lousy economic conditions, there are moves to strip the exchanges of basic powers: selecting companies to list and regulating them (in Hong Kong) and supervision of brokers (in Singapore).
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