This study examines the changing competitiveness of financial centres in mainland China and Hong Kong based on the geography of equity listing of mainland Chinese firms. Pre-listing firm characteristics are used to explore firms’ motives for listing on a particular exchange and whether these motives have changed over time. The results show that Hong Kong’s prominence as an international financial centre is attracting the largest and, recently, also the best performing mainland Chinese state-owned enterprises to go public. Less differentiation exists between the competitiveness of Shanghai and Shenzhen, although the renewed strategy of the Shenzhen stock exchange to attract smaller firms appears to be successful.

Additional Metadata
Keywords China, Hong Kong, financial centre competition, stock listing
JEL International Financial Markets (jel G15), Market Structure, Firm Strategy, and Market Performance: General (jel L10), Business Administration and Business Economics; Marketing; Accounting (jel M), New Firms; Startups (jel M13), Management of Technological Innovation and R&D (jel O32), Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (jel R12), Government Policies; Regulatory Policies (jel R38)
Publisher Erasmus Research Institute of Management
Persistent URL
Series ERIM Report Series Research in Management
Journal ERIM report series research in management Erasmus Research Institute of Management
Karreman, B, & van der Knaap, G.A. (2010). The Geography of Equity Listing and Financial Centre Competition in Mainland China and Hong Kong (No. ERS-2010-033-ORG). ERIM report series research in management Erasmus Research Institute of Management. Erasmus Research Institute of Management. Retrieved from