Skip to main content Accessibility help
×
Hostname: page-component-586b7cd67f-2plfb Total loading time: 0 Render date: 2024-11-22T09:59:49.969Z Has data issue: false hasContentIssue false

Preface

Published online by Cambridge University Press:  05 June 2014

David C. Donald
Affiliation:
The Chinese University of Hong Kong
Jiangyu Wang
Affiliation:
National University of Singapore
Get access

Summary

Preface

This examination of Hong Kong offers multiple points of entry into its topic, which is the transformation of a former British colony into China’s international financial centre. My approach contains historical, doctrinal, comparative and empirical analyses. It is my hope that the sum of these various perspectives will be a complete picture of this complex phenomenon, without the gaps, simplifications and blind spots that can limit a legal study employing a single technique. A contribution from Wang Jiangyu, who lives and teaches in Singapore and mainland China, aims to provide insight beyond any home bias for Hong Kong that has crept into my analysis. A contribution from Jeff Vanderwolk, who has studied, practised and taught tax law for decades, ensures that this highly specialized area is addressed with due expertise, from the inside. The result, we hope, is an accurate picture of Hong Kong’s corporate, securities and tax law as it moves from being a component of the British Empire to a Special Administrative Region of China.

The first chapter uncovers the path dependence embedded within Hong Kong’s institutional framework and developmental trajectory. Hong Kong was created as a British-managed, Chinese-inhabited entrepôt to facilitate trade between the British Empire and China; it has become a Chinese international financial centre employing British-origin institutions to serve the growth of the Chinese economy. Hong Kong’s economy and institutions have always looked outward, towards a larger network of relationships into which the city, first as colony and then as Special Administrative Region, fit. Hong Kong is peopled by immigrants steeped in both English ideals of government and Chinese notions of family and community. Thanks to this, the Region can serve as a social experiment for the larger transition of China. The second chapter examines the structure of corporate holdings in the Hong Kong equity market to better understand the risks and hazards that relationships of power pose to investors. Hong Kong is marked by two primary characteristics: controlling shareholders dominate its largest companies and most of its listed companies are incorporated abroad, beyond the control of Hong Kong company law. Two trends accompany these characteristics: controlling shareholdings are increasing, not dissipating, and the mainland Chinese government is replacing Hong Kong families as the controlling shareholder most present on the market.

Type
Chapter
Information
A Financial Centre for Two Empires
Hong Kong's Corporate, Securities and Tax Laws in its Transition from Britain to China
, pp. xi - xiv
Publisher: Cambridge University Press
Print publication year: 2014

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×