Abstract
The Honk-Kong Stock Exchange (or HKEX) functions from the last reform of the Hong-Kong stock market undertaken by the Hong-Kong financial secretary in 1999. In Honk-Kong, the first trade of securities began in the middle of the 19th century. But the first formal market appeared only in 1891. It was named the Association of Stockbrokers in Hong-Kong. The organization was renamed the HKEX in 1914. The Second World War, that had particularly significant effects in Asia from the Japanese invasion of China in 1937 to Hiroshima in 1945, disorganized the Hong-Kong stock market. The Hong Kong Stock Exchange is ranked third in Asia after the TSE (Tokyo Stock Exchange) and the SSE (Shanghai Stock Exchange) in terms of capitalization.
